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Glossary

Accreditation
A process of determining if a power station is eligible to participate in the LRET and contribute to the achievement of annual targets
AEAS
Annual Energy Acquisition Statement
Agents
Agents are registered persons that are able to create certificates on behalf of owners of eligible small-scale installations who have assigned their right to create certificates to the Agent
Assessment year
The period, over which each annual target must be achieved, which, except for 2001, is a full calendar year and relates to the surrender of certificates by liable entities
Baseline
Baselines are determined by the Regulator for accredited power stations. Only renewable electricity generated above the annual baseline is eligible for certificates. A baseline for a power station that first generated electricity on or after 1 January 1997 is zero
Certificate
Certificate refers to both large-scale generation certificates (LGCs) and small-scale technology certificates (STCs)
Compliance period
The period, over which each annual target must be achieved, which, except the 2001 year, is a full calendar year
DCCEE
Department of Climate Change and Energy Efficiency
EGR
Electricity Generation Return
EITE
Emissions-intensive trade-exposed
Eligibility
The eligibility to create certificates
Eligible entities
Parties that are eligible to create certificates for renewable electricity generated by accredited power stations or small-scale systems
Generation year
The period is a full calendar year and relates to the creation of certificates from eligible renewable energy power stations or small-scale system installations
kW
Kilowatt—one thousand watts
kWh
Kilowatt hour—a measure of electricity generation or use (one thousand watt hours)
LGC
Large-scale generation certificate (LGC) is an electronic certificate that may be created in the REC Registry by eligible entities for each megawatt hour of eligible renewable electricity generated from renewable energy power stations. LGCs may be traded separately from the physical electricity in the LGC market
LGSC
Large-scale Generation Shortfall Charge
Liability
The liability to surrender certificates or pay a renewable energy shortfall charge
Liable entities
Entities that make wholesale acquisitions of electricity
LRET
Large-scale Renewable Energy Target
Mandatory surrender
Section 29, 44, 44A, 45, 45C, 45D or 95 allows liable entities to mandatory surrender certificates to meet their compliance obligations under the Act. A certificate that is accepted for mandatory surrender is permanently removed from the certificate market
Minister
Minister for Climate Change, Industry and Innovation
MWh
Megawatt hour—a measure of electricity generation or use (one thousand kilowatt hours)
Nominated person
A nominated person is able to apply for accreditation of a power station under the Act. The nominated person can be the owner, operator or a stakeholder of the power station
ORER
Office of the Renewable Energy Regulator. ORER was amalgamated with the Clean Energy Regulator on 2 April 2012
PEC
Partial Exemption Certificate
Prescribed Persons
Emissions-intensive trade-exposed entity eligible to apply for Partial Exemption Certificates
REC
Renewable Energy Certificate. Due to amendments to the Act, RECs were divided into two certificate types and reclassified as large-scale generation certificates (LGCs) and small-scale technology certificates (STCs) effective from 1 January 2011
REC Registry
Internet-based registry system, which is referred to as the REC Registry.
Registered person
A person registered under Section 11 of the Act and listed in the Register of Registered Persons. Only registered persons are able to create certificates
Registration of certificates
The change in status required for a certificate to be traded and/or surrendered against a liability, which results from providing sufficient information to support the creation of certificates for validation and payment of a specified fee
Regulator
The Clean Energy Regulator appointed under Section 143 of the Act
RESC
Renewable Energy Shortfall Charge. Due to amendments to the Act, the RESC was divided into two: the Large-scale Generation Shortfall Charge and the Small-scale Technology Shortfall Charge
RESS
Renewable Energy Shortfall Statement
RET
Renewable Energy Target
RPP
Renewable power percentage
SGU
A small generation unit is a device that generates electricity using either hydro, solar or wind energy and can be a deemed unit under the Regulations
Shortfall Charge
Is the amount of charge payable under the appropriate Act for a LGC or STC shortfall were certificates were not surrendered by the annual reporting date or quarterly surrender period. A LGC shortfall, if calculated payable, relates to the Large-scale Generation Shortfall Charge under the Renewable Energy (Electricity) (Large-scale Generation Shortfall Charge) Act 2000. An STC shortfall relates to the Small-scale Technology Shortfall Charge under the Renewable Energy (Electricity) (Small-scale Technology Shortfall Charge) Act 2010
Small-scale system
A solar water heater or small generation unit installation that is eligible for REC creation. The eligibility requirements for small-scale systems are set out in the Regulations
SRES
Small-scale Renewable Energy Scheme
STC Clearing House
The STC Clearing House facilitates the exchange of small-scale technology certificates (STCs) between buyers and sellers at the fixed price of $40 (excl. GST).
STP
Small-scale technology percentage
STSC
Small-scale Technology Shortfall Charge
SWH
A solar water heater is a device that heats water from solar energy and can only create STCs as a deemed unit under the Regulations. Solar water heaters that are eligible to create STCs are listed in the Register of Solar Water Heaters
SWH/SGUR
Solar Water Heater and Small Generation Unit Return
The Act
The Renewable Energy (Electricity) Act 2000
The Amendment Acts
The Renewable Energy (Electricity) Amendment Act 2009 or the Renewable Energy (Electricity) Amendment Act 2010
The Charge Acts
The Renewable Energy (Electricity) (Large-scale Generation Shortfall Charge) Act 2000 or the Renewable Energy (Electricity) (Small-scale Technology Shortfall Charge) Act 2010
The Regulations
The Renewable Energy (Electricity) Regulations 2001
Voluntary surrender
Section 28A allows a registered owner to offer certificates for surrender for any reason other than to comply with mandatory liabilities under Section 44 or 95. A certificate that is accepted for surrender under Section 28A is permanently removed from the certificate market
 

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