Customer Update - WaterWell announcement and new product release

Murray Irrigation’s Board of Directors has approved the company’s 2024/25 Resource Management Strategy at a Board meeting held on Monday, 20 May 2024. The company’s Resource Management Strategy outlines how water is distributed to customers through its suite of WaterWell products throughout the 2024/25 season.
 
As explained during last year’s customer information sessions in September, the Resource Management Strategy has set an annual water sales target of $10.8 million to achieve the goals set through the Business Modernisation review. Following a positive financial result this year, the Board of Directors has reduced the revenue target to $7 million. The reduction in water sales for the coming financial year will still allow the company to achieve its investment fund growth of $54M over five years.
 
Following a consultation period in December 2023 and Board approval, Murray Irrigation has added a Forward Allocation Product to the suite of WaterWell products. Further details on the Forward Allocation Product will be provided at a later date.

2024/25 WaterWell Products
 
Allocation Advance         
Murray Irrigation will provide eligible customers a five percent Allocation Advance for the 2024/25 Irrigation season. This volume will be made available upon reaching the trigger point of one percent General Security allocation as announced by DPIE, expected in July.
             
Sustainability Product   
Murray Irrigation will announce what proportion of the 80GL (capped) volume of commercialised water will be made available to customers via the Sustainability product. These details will be made available early in the irrigation season.
 
Further Water Sales
Murray Irrigation will commercialise any volume remaining from the capped 80GL of commercialised water throughout the 2024/25 season. This volume will be offered to Murray Irrigation customers through other mechanisms. Total water sales will be capped at 80GL, which includes the Sustainability Product volume.

Further information on how you can participate in these water sales will be provided at a later date.
 
Water Users Credit         
Murray Irrigation will again provide an incentive to eligible water using customers. A five percent credit will be applied to every megalitre used on farm through a compliant outlet.
 
Resource Distribution   
Further information about this product will be provided at a later date.


Further information 

If you have any questions or would like further information on the abovementioned WaterWell products, please contact our Customer Operations Team on 1300 138 265.             
 
Alternatively all other WaterWell resources can be found on our website here.