Ensure that your AWS EC2 Reserved Instances are renewed before expiration in order to get a significant discount (up to 75% depending on the commitment term) on the hourly charges. The renewal process consists of purchasing another EC2 Reserved Instance so that Amazon can keep charging you based on the chosen reservation term.
With Reserved Instances (RIs) you can optimize your Amazon EC2 costs based on your expected usage. Since RIs are not renewed automatically, purchasing another reserved EC2 instances before expiration will guarantee their billing at a discounted hourly rate. Note: You can change the default threshold (seven) for the number of days before expiration on the Cloud Conformity console and set your own value (days) based on your requirements.
To determine the expiration date for your Amazon EC2 Reserved Instances, perform the following:
To renew the EC2 Reserved Instances before their reservation expire, you need to repurchase them using the same configuration attributes (region, instance type, OS platform, etc). To renew your existing EC2 RIs in order to avoid On-Demand rates charges when the current reservation expires, perform the following: