A total of 212,558,023 certificates had been created in the Renewable Energy Certificate (REC) Registry as at 31 December 2012. In accordance with the Act:

• only registered large-scale generation certificates (LGCs) created between 2001– 2011 can be used to acquit a liable entity’s 2011 LGC liability
• only registered small-scale technology certificates (STCs) created by 31 December 2011 or directly purchased from the STC Clearing House between 1 January 2011 to 14 February 2012 and surrendered can be used to acquit a liable entity’s 2011 STC liability, and
• only parties that applied to transfer STCs to LGCs were allowed in the REC Registry to convert STCs to LGCs. As at 31 December 2012, a total of 599,564 STCs were converted to LGCs.

Details of the 2012 liability compliance year will be provided in the Renewable Energy Target 2013 Administrative Report.

As shown in the following graphs, a wide range of eligible renewable energy sources were used to create certificates in 2012. Not all accredited renewable energy power stations, Agents or individuals created certificates in 2012.

As was the case in previous years, the Clean Energy Regulator recommended that registered persons create their eligible certificates by 31 December 2012 to ensure certificates could be validated by the Clean Energy Regulator in January 2013 and be available for trading to liable entities prior to the compliance date of 14 February 2013.

Graph 1: LGCs validly created by 31 December 2012 for eligible/renewable energy sources under the LRET

Graph 2: STCs validly created by 31 December 2012 by eligible small-scale systems under the SRES

Certificates created by power stations

Under Section 19 of the Act, accredited renewable energy power stations were allowed to create certificates for eligible renewable electricity generated above the renewable energy power station’s baseline for the 2011 generation year by the 31 December 2012 deadline. Renewable energy power stations that did not create certificates within the allowed timeframe are no longer eligible to create certificates for eligible renewable electricity generated in the 2011 generation year.

Certificates created by small-scale systems

Under Section 21 of the Act, eligible solar water heater and heat pump water heater certificates must be created within 12 months of the installation date.

Under Regulation 19D of the Regulations for Section 23A of the Act, eligible small-scale solar panel, wind and hydro (referred to as SGUs) installed on or after 6 October 2007 must create certificates:

• within 12 months of the installation date for a one year or five year period
• at the end of the period that the right was exercised to create certificates. For example, a person created certificates for an installation for one year. At the end of that period the person may create certificates for another year until the end of the scheme, and
• within 12 months of the installation date for a 15 year period. If this option is chosen no further certificates can be created for the installation.

SGUs installed between 1 April 2001 and 5 October 2007 are eligible to create certificates at any time for a one or five year period. At the end of each period owners or Agents (if the certificates have been assigned) can create certificates for the next deeming period.

If Agents or individuals do not create certificates within the allowed timeframe they are no longer eligible to create certificates for their small-scale installation.

Graph 3: Number of certificate (LGCs and STCs) transactions by month for 2012