What is an SPS IOU?
The SPS IOU agreement is offered to customers who want to keep their existing connection, but are uncertain of what their long-term energy needs will be at their property. You still have a Synergy account and pay your daily supply charge.
The IOU agreement expires after five years but can be extended at your request for a further five years. If/when you contact us to advise that you need power, we’ll progress the work and install SPS within an agreed timeframe.
If you don’t request a SPS or an extension to the SPS IOU agreement within the five-year period, we’ll contact you to discuss your options and permanently remove your connection if you no longer require power.
The SPS IOU is only redeemable at the IOU connection location specified in the SPS IOU agreement and can’t be transferred to another site on the property.
You can contact us at any time to remove your connection if you decide you don’t want power at the IOU location. The costs for this will be covered by us.