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Deliverable: Discharge of annual liabilities.

Snapshot

Liable entities under the carbon pricing mechanism and the Renewable Energy Target were required to discharge annual liability in 2012–13. The Clean Energy Regulator supported liable entities to meet their obligations, by providing systems and processes and by delivering relevant information through its communication channels.

Carbon pricing mechanism

During 2012–13, the Clean Energy Regulator developed the systems and processes required to enable liable entities to seamlessly report their interim emissions numbers and discharge their liabilities under the carbon pricing mechanism.

The Clean Energy Regulator provided information and support to entities that were likely to be liable under the carbon pricing mechanism, to enable them to meet their obligations and acquit their liabilities. The graphs presented in Figure 3.2 summarise the discharge of carbon pricing mechanism liability for the first progressive surrender deadline on 17 June 2013.

Figure 3.2: Summary of carbon pricing mechanism liability acquitted for the first progressive surrender deadline, 17 June 2013

Number and types of units surrendered:  ACCUs: 1703125;  Carbon Units: 52872225;  Purchased carbon units: 157837171 
Total value of ACCUs $39,171,875
Total value of carbon units $1,216,061,175
Total value of purchased units $3,630,254,933
Method of acquittal:  Surrender: 13%;  Purchased: 68%;  Combination of purchased and surrender: 19% 

Renewable Energy Target

Renewable Energy Target liable entities are required to discharge their annual liability by 14 February each year, surrendering large-scale generation certificates annually and small-scale technology certificates quarterly. If liable entities fail to surrender certificates, they must discharge liabilities by paying the renewable energy shortfall charge, set at $65 per certificate.

During 2012–13, the Clean Energy Regulator supported liable entities to discharge annual liabilities for the 2011 and 2012 liability years. Table 3.11 shows the total liability and the surrendered liability during 2012–13.

Table 3.11: Renewable Energy Target liabilities discharged in 2012–13 for the 2011 and 2012 liability years
Description 2011 2012
Number of liable entities 90 86
Percentage of large-scale generation certificate liability discharged 99.97 99.00
Percentage of small-scale technology certificate liability discharged 99.93 99.45

Note: Liability is assessed progressively. The reported values are based on liability assessments completed up to 30 June 2013 and may be revised once liability assessments for 2011 and 2012 have been completed.

The amount of large-scale generation certificate and small-scale technology certificate liability that entities must discharge is determined by the renewable power percentage and the small-scale technology percentage respectively. The Clean Energy Regulator published the 2013 percentages on 15 March 2013, in advance of the legislated publishing date of 31 March. The 2013 renewable power percentage was set at 10.65 per cent and the 2013 small-scale technology percentage was set at 19.70 per cent.

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