The CPC Board completed a review of the company’s FY24 performance at its recent Board meeting and has determined to rebate a total of $500,000 to customers by way of an account credit.
In implementing this decision, the Board has determined to apply a credit to each customer’s CPC account. The rebate will be calculated by reference to your total contracted peak volume in CPC (which is based on the number of CPC shares you hold) as at 30 June 2024.
The higher-than-expected EOY result has arisen from:
- Under expenditure on electricity costs due to negotiation of a more favourable network tariff terms with South Australia Power Network (SAPN) at pump station two.
- Savings on funding consultants to assist CPC in the negotiations of the Solar Farm engineering, procurement and construct phases. These tasks were largely completed in house by CPC staff.
- Lower water delivery volumes during December and January due to high rainfall event in these months resulted in reduced electricity costs for the period.
- Additional interest receipts during the year.
Collectively, these one-off factors have contributed to a higher operating surplus than planned which will be rebated to customers.
Your rebate credit will be applied to your CPC account before 30 June 2024. The credit will be applied against any outstanding amounts for both water delivered and non-take charges applicable for F24. Any remaining credit will remain in your account and be used for future charges.
The value of the rebate credit to your CPC account is $36.77 for every 1ML of Peak Volume contracted on 30th June 2024.
For example, if you hold 10ML Peak Volume your rebate credit would equal $367.67 and if you held 100ML the credit would be $3,676.74 and so forth.
If you have any enquiries regarding these matters, please do not hesitate to contact the CPC office on 85 373 266.
