Renewable Energy Target or RET is national scheme and objectives of the scheme are
REC Supply - Eligible Parties Eligible parties create, sell and transfer RECs in the REC Registry to liable parties for a negotiated price. Eligible parties include:renewable energy sourced power stations such as wind, hydro, landfill gas, solar and bagasseowners of solar water heaters and small generation units agents of solar water heaters and small generation units. Eligible parties can create RECs for eligible renewable electricity generated above the accredited renewable energy power station’s baseline or for eligible solar water heaters and small generation units. RECs that become registered are a tradable commodity in the REC market.The MRET places a legal liability on wholesale purchasers of electricity, defined as liable entities (liable parties) under the Renewable Energy Electricity Act 2000 (the Act), to proportionately contribute towards the generation of additional renewable electricity.
REC Registry provides various levels of functionality to registered users and also detailed information to public usersORER users have administrative access to various functions in the REC Registry
Note that the above eligibility criteria for SWH and SGUs is Generation above the baselineRenewable energy power stations details include:Renewable energy sourceMetering REC MethodologyApprovalsGeneration Generation Projections
REC Demand - Liable Parties Liable parties support additional generation of electricity from renewable energy power stations, solar water heaters and small generation units through the purchase of RECs in the REC Registry. This process is market driven with the price of RECs determined by demand. Liable parties are required to annually surrender the number of registered RECs equal to their liability for the previous calendar year. RECs are marked as ‘invalid due to surrender’ and are no longer available to reuse during the life of the MRET.Renewable Power Percentage The Renewable Power Percentage (RPP) establishes the annual rate of liability and is the mechanism that liable parties use to determine how many renewable energy certificates (RECs) need to be surrendered to discharge their liability that year.The REC MarketThe Act allows for RECs to be electronically transferred between REC Registry account holders (typically between eligible and liable parties) listed in the REC Registry. REC transfer transactions are reported automatically to the Regulator in the REC Registry under section 28 of the Act. This process is market driven with the price of RECs determined by demand. The sale of RECs by eligible parties to liable parties is not a rebate but a financial transaction. The REC price is not regulated by the ORER.
Where are the renewable options? Where is the load? Transmission issues Mention NQ Mnt Isa example
Note - Decline of Hydro Wind up Steady growth in bioenergy
Note the influence of voluntary surrender. Target for 2009 is 8,100 GWhTarget for 2010 is 9,500 GWh2009 figures are provided as at 14 July 2009 and do not include over 57,000 RECs that are pending voluntary surrender. Additionally there are 11.4 million RECs available for 2009 liabilities.** 2008 Surrender figures are not finalised as liability for the 2008 compliance year is still being assessed. As a result, RECs Surrendered for this year may change as liable entities are assessed.*** The Voluntary Surrender was available from September 2007. For the 2007 year the ORER accepted 1,502 RECs for Voluntary Surrender.
Generating capability is over11,000gigawatt hours (GWh)
This is equivalent of the residential electricity needs of over1.7million households</li></li></ul><li>9<br />Outcomes of MRET/RET<br /><ul><li> 291 power stations accredited and over 552,000 deemed small generation units since inception
14<br />Further Information<br />Two websites:www.orer.gov.au website provides information on Act and participation. Detailed Information, forms and fact sheets about the scheme are available from ORER websitewww.rec-registry.gov.au details of four registries Register of RECsRegister of accredited power stationsRegister of applications for power stations and Register of registered persons<br />