Post globe andrew livingston
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The document summarizes Australia's Renewable Energy Target (RET) scheme. The RET aims to increase renewable energy generation through the creation of Renewable Energy Certificates (RECs) that are traded in a REC Market. RECs represent 1 MWh of renewable electricity and are created by eligible renewable power generators. The RET has increased investment in renewables to $8 billion and over 11,000 gigawatt hours of renewable generation, meeting the needs of over 1.7 million households. Since starting, 291 power stations and over 552,000 small generation units have been accredited under the RET.
![2 Objectives of the RET ,[object Object]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Post globe andrew livingston
- 1. The changing face of Australian renewable energy regulation Andrew Livingston Renewable Energy Regulator March 2010
- 4. RECs are created by eligible parties and sold to liable parties via the REC Registry to meet their liability under the RET.
- 5. Exist in the REC Registry
- 7. 5 Information contained in the REC Registry
- 9. Model
- 11. kW capacity
- 15. Total investment approximately $8 billion
- 16. Generating capability is over11,000gigawatt hours (GWh)
- 18. Voluntary surrender > 2 mil RECs in 2009
- 19. Scheme participants > 220,000 in 2009
- 20. Number of RECs created 7 mil > than 2008
- 22. 11
- 23. 12 Number of RECs and Annual Targets
- 24. 13
- 25. 14 Further Information 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
Editor's Notes
- 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.
- 2010 125002011 144002012 163002013 182002014 201002015 220002016 266002017 312002018 358002019 404002020 450002021 450002022 450002023 450002024 450002025 450002026 450002027 450002028 450002029 450002030 45000
- Range of new fact sheets available including Owners Guide for Solar Water HeatersOwners Guide for Small Generation UnitsNew and Current Agents Guides