Channel Infrastructure NZ Limited announces that, following a formal market tendering process, it has now entered into a long-term fixed price variable volume contract for the supply of renewable electricity from 1 January 2024. The electricity supply arrangements under this new contract include Energy Attribute Certificates, certifying that electricity has been generated from renewable sources, and is for a period of 6 years with the right to
extend for a further 2.25 years to 31 March 2032 at the option of Channel. The electricity price is fixed1 over the contract term and implies an annual electricity supply cost of CAD 6 million per annum (based on estimated electricity consumption) over the initial 6-year contract term, and, if the option
to extend is exercised, CAD 5.5 million per annum over the subsequent 2.25-year period. This represents a saving of over $2 million per annum over the initial contract term against the 2023 contracted supply price.