Waimea Irrigators Ltd (WIL) says the organisation is disappointed that the Waimea Community Dam’s construction costs have increased.
Waimea Water Ltd (WWL) today announced that the forecast cost for the build of the Waimea Community Dam has increased on its last year forecast, primarily due to COVID-19, design changes that have been made due to geology and improved resilience, and elements that were underbudgeted.
“This cost increase is very disappointing and we are extremely mindful of the impact of this cost increase to our shareholders and the region’s ratepayers,” King said. “However, the importance of this project to the region has not changed, and it is still the best solution for the region’s long-term water supply. The entire region of Nelson Tasman will see significant benefits from the dam in just two years, and we shouldn’t lose sight of that.”
Murray King notes that the Waimea Dam construction cost adjustment has no impact on the current WIL share price. WIL will be consulting with its shareholders on the proposed targeted rates and charges in mid-March.
ENDS