Amazon is at it again — with another enhancement to provide customers greater flexibility! Their recent announcement includes the ability to purchase Amazon EC2 Convertible Reserved Instances (RIs) for a 1-year term. Previously, these were only available for 3-year terms.
Just over a year ago, Amazon first introduced Convertible RIs for organizations who wanted the flexibility to change instance family, OS, tenancy, and more, thereby exchange their reservations, in order to optimize costs. This enables you to take advantage of new instance generations and instance price drops. While these convertibles provided the flexibility to exchange, they were only available with a 3-year commitment. Now you can choose the term commitment that best meets your needs, and purchase a mix of 1- and 3-year term Convertible RIs.
The news gets even better because Amazon is also allowing you to exchange portions of your Convertible RIs and merge the value from multiple Convertible RIs for a bulk exchange. With more options for purchasing and more options for exchanging, it’s a win-win!
You may have already heard about the ability to purchase 1-year Convertible RIs. But did you know that CloudHealth now supports this new term option?!
Helping you manage the entire lifecycle of your reservations is a top priority for our team at CloudHealth Tech, and a key part of that is staying aligned with Amazon’s latest enhancements. We’re happy to announce that you will see these 1-year Convertible RIs reflected throughout the CloudHealth platform. These will also be included in amortization reporting and recommendations. At this time we do not support the segmenting or merging of Convertible RIs for exchange, but stay tuned for more details in the coming weeks.
