Azure Reserved VM Instances (RIs) are generally available for customers worldwide, effective today. Azure RIs enable you to reserve Virtual Machines on a one- or three-year term, and provide up to 72% cost savings versus pay-as-you-go prices.
Azure RIs give you price predictability and help improve your budgeting and forecasting. Azure RIs also provide unprecedented flexibility should your business needs change. We’ve made it easy to exchange your RIs and make changes such as region or VM family, and unlike other cloud providers, you can cancel Azure RIs at any time and get a refund.
Read about it in the Azure blog.