Irrigators will be able to buy allocation from G-MW this year.January 15, 2013 4:15am
Water allocations totalling about 20
The water shares have been generated by the water corporation through modernisation and reconfiguration agreements with irrigators.
G-MW will be engaging a panel of water brokers to handle the allocation sales to ensure an ‘‘open and transparent process’’.
G-MW managing director Gavin Hanlon said in recent years G-MW has assumed ownership of water shares as a transitional step in finalising modernisation and reconfiguration projects and customers’ connection agreements.
‘‘This means we receive seasonal allocations and pay the storage fees,’’ Mr Hanlon said.
G-MW is currently finalising operating rules for the panel of water brokers and from experienced water brokers through a Victorian Government website.
‘‘We are putting processes in place to ensure we minimise any impact on local water markets and we will use the revenue to offset our annual water charges,’’ Mr Hanlon said.
Across G-MW’s service region there are more than two million water shares owned by farmers, water authorities and the environment.
Allocation trade has exceeded one million megalitres in each of the past two seasons. The project currently holds about 20
‘‘We believe our approach will provide opportunities for all potential buyers including our local irrigators,’’ Mr Hanlon said.
At completion of the Connections Project in 2018, G-MW does not expect to hold water shares or allocation.
Through to 2018, the volume of water shares will reduce because Commonwealth Funding for the Project does not allow G-MW to purchase water entitlements, and the Project was progressively transferring water shares to other project investors in line with the project’s funding agreements, Mr Hanlon said.
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