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Glossary

Bagasse

Bagasse is the fibrous waste left from the crushing of sugar cane, which is used as a fuel source to generate renewable energy under the Renewable Energy Target.

Baseline

The amount of electricity above which an accredited power station can begin to create large-scale generation certificates, which we determine under the Regulations for each power station.

Biomass

Biomass includes landfill gas, food waste, food processing waste, agricultural waste, wood waste, sewage gas and biomass based components of sewage, energy crops, waste from processing of agricultural products and biomass based components of municipal solid waste, bagasse, bagasse co-generation, biomass-based components of municipal solid waste, energy crops, wood waste and black liquor.

Carbon abatement

Carbon abatement refers to both reducing carbon emissions released into the atmosphere and reducing carbon already in the atmosphere through carbon sequestration.

Certificate spot price

Large-scale generation certificates are traded through the wholesale market with minimum parcel sizes of 5 000 certificates. Certificate spot price refers to the current market price for a single parcel of certificates.

Committed generation

Committed generation refers to large-scale renewable energy projects that have been committed by developers, or investors, to commence renewable energy generation in the future.

Direct current isolator switch

Direct current isolators are switches that are used to stop electrical currents from being supplied to certain equipment, such as solar panels, during installation and repairs.

Displacement

The estimated reduction in demand for electricity from the grid that results from the installation of a solar water heater.

Energy acquisition statement

Entities liable under the Renewable Energy Target are required to report to us all relevant acquisitions of energy they have made throughout the previous calendar year to the Clean Energy Regulator. These energy acquisition statements are due between 1 January and 14 February each year.

Enforceable undertaking

An enforceable undertaking is a voluntary binding agreement that allows an individual or organisation to settle a contravention of the law, without going through a legal prosecution.

Gigawatt

A gigawatt is a measurement of power and is one thousand megawatts.

Gigawatt hour

A gigawatt hour is a measurement of energy and is one thousand megawatt hours.

Greenhouse gas emissions

Naturally occurring gases such as water vapour (H2O) insulate the Earth, preventing the sun's heat from escaping and keep the Earth at liveable temperatures. This is called the greenhouse effect.

When emitted into the atmosphere, gases produced from human activity, such as carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O) alter the natural greenhouse effect and encourage atmospheric warming.

GreenPower

GreenPower is the only voluntary state and territory government accredited program that enables electricity providers to purchase renewable energy on behalf of households or businesses. A joint initiative of the governments of the Australian Capital Territory, New South Wales, South Australia, Victoria and Tasmania, GreenPower guarantees that the renewable electricity consumers buy from energy suppliers meets stringent environmental standards. GreenPower relies on the voluntary surrender of large-scale generation certificates to the Clean Energy Regulator and requires new generation additional to the Renewable Energy Target.

Kilowatt

A kilowatt is a measurement of power (the rate at which the energy is generated or used), and is one thousand watts.

Kilowatt hour

A kilowatt hour is a measurement of energy and is one thousand watt hours.

Megawatt

A megawatt is a measurement of power (the rate at which the energy is generated or used), and is one thousand kilowatts.

Megawatt hour

A megawatt hour is a measurement of energy and is one thousand kilowatt hours.

Offtake agreement

See Power purchase agreement.

Power purchase agreement

A power purchase agreement is a contract between two parties, one which generates electricity (the seller) and one which is looking to purchase electricity (the buyer). Under the Renewable Energy Target the seller is often the operator of a renewable power station, and the buyer is a power retailer.

REC Registry

The REC Registry is an online system that facilitates transactions for renewable energy certificates.

Reduced acquisitions

Relevant acquisitions of electricity minus exemption certificates. This is used to calculate how many certificates they need to surrender to acquit their liability.

Registered person

To create renewable energy certificates, apply for accreditation of a power station, or apply to be an agent, individuals and companies must apply to us to become a registered person.

Registered agent

Retailers, traders and installers who wish to help individuals and small businesses install a small-scale renewable energy system at their premises must first apply to us to become a registered agent.

Renewable energy certificate

Renewable energy certificates refer to both large-scale generation certificates and small-scale technology certificates.

Renewable power percentage

The basis, set out in the Regulations, for calculating the number of large-scale generation certificates that a liable entity must purchase in a given year.

Shortfall charge

Liable entities who fail to meet their compliance obligations under the Renewable Energy Target are required to pay a shortfall charge. This charge is non-tax deductible, and must be paid at the rate of $65 per megawatt hour of the shortfall amount.

Small-scale technology percentage

The basis, set out in the Regulations, for calculating the number of small-scale technology certificates that a liable entity must purchase in a given year.

Solar credits multiplier

A mechanism that provided an additional financial incentive for solar panel installations by multiplying the number of certificates the systems could create. It operated between 9 June 2009 and 30 June 2013.

Solar panels

A photovoltaic system, also known as a solar PV power system or PV system, is a power system designed to supply usable solar power by means of photovoltaics.

Substandard

A substandard small-scale system does not meet key clauses in the standards and requirements for installation and may lead to premature equipment failure or other issues. The inspector advises the relevant state or territory regulatory authority of the nature and extent of the identified issues. The installation work and or equipment should be improved. The system owner should contact the installation company or a qualified installer to rectify the items listed for improvement.

Unsafe

An unsafe system has a safety hazard which poses an imminent risk to a person or property. The inspector shuts down the system or renders it safe. The inspector also advises the relevant state or territory regulatory authority of the nature and extent of the safety risk. The system owner should contact the installation company or a qualified installer to rectify the items listed for improvement.

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