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Glossary

Air source heat pumps

Air source heat pump water heaters transfer heat from air outside the unit to water stored inside the unit. The air heats a special type of refrigerant (not a CFC) and the energy is used to heat the water.

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 baseline is the amount of electricity above which an accredited large-scale renewable energy power station can begin to create large-scale generation certificates. We determine baselines under the Renewable Energy (Electricity) Regulations 2001.

Biomass

Biomass is a consolidation of a number of fuel types including agricultural waste, bagasse, biomass-based components of municipal solid waste, black liquor, energy crops, food processing waste, food waste, landfill gas, sewage gas and biomass-based components of sewage, waste from processing agricultural products and wood waste.

Capacity factor

Capacity factor of a power station is the ratio of actual electricity generated (output) over a given period of time to the maximum possible electricity generation over the same period of time.

Certificate spot price

Certificate spot price refers to the current market price for certificates. Large-scale generation certificates are traded through the wholesale market in parcels, with a minimum parcel size of 5000 certificates.

Committed projects

Committed projects refers to large-scale renewable energy projects that have received all development approvals and reached a final investment decision according to the commercial understanding of the term.

Displaced/displacement

The estimated reduction in demand for electricity from the grid that results from the installation of a solar water heater or air source heat pump.

Electricity retailers

See liable entity.

Enforceable undertaking

An enforceable undertaking is a voluntary binding agreement that allows an individual or organisation to mitigate, avoid or compensate for a contravention of the law, without going through litigation.

Generation from accredited renewable energy power stations

Accredited renewable energy power stations can report their renewable energy generation and create large-scale generation certificates no later than 12 months after the calendar year in which the generation occurred. The above baseline generation number published in this report refers to generation for the calendar year that has had large-scale generation certificates validated against it. This number will continue to rise due to the 12 month creation rule.

Greenhouse gas emissions

Greenhouse gas emissions refers to gases produced from human activity, such as carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O). These emissions alter the natural greenhouse effect and encourage atmospheric warming.

The greenhouse effect is created by naturally occurring gases such as water vapour (H2O) that insulate the Earth, preventing the sun’s heat from escaping and keep the Earth at liveable temperatures.

GreenPower

GreenPower is the only voluntary state and territory government accredited program that enables electricity providers to purchase renewable source electricity 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 the renewable source that electricity consumers buy from energy suppliers meets stringent environmental standards.

Kilowatt

A kilowatt is a measurement of power. Power is the rate at which the energy is generated or used. One kilowatt is equal to 1000 watts.

Kilowatt hour

A kilowatt hour is a measure of electrical energy equivalent to a power consumption of 1000 watts for one hour.

Large-scale generation certificates validated

This represents the number of certificates we assess and approve in a relevant period. This does not account for when certificates were created or when the renewable energy generation (above baseline) occurred. This is used to track progress towards the 33,000 gigawatt target, as validated certificates can then be used by electricity retailers to meet their obligations against the target.

Liable entity

A person who, during a year, makes a relevant acquisition of electricity is called a liable entity. Liable entities are mainly electricity retailers, so are referred to as such throughout this report.

Megawatt

A megawatt is a measurement of power. Power is the rate at which the energy is generated or used. One megawatt is equal to 1000 kilowatts.

Megawatt hour

A megawatt hour is a measure of electrical energy equivalent to a power consumption of 1000 kilowatts for one hour.

Photovoltaic system

A photovoltaic system, also known as a solar PV power system or PV system, is a power system designed to convert sunlight into usable electrical power by means of photovoltaic cells.

Power purchase agreement

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

Probable construction/projects

Probable construction or probable projects have a high degree of confidence that they will proceed following a public announcement of a power purchase agreement with a strong counterparty or other evidence of funding.

Registered person

Individuals and companies must apply to us to become a registered person in order to create renewable energy certificates, apply for accreditation of a large-scale renewable energy power station, or apply to be a registered agent.

Registered agent

Retailers, traders and installers who wish to help individuals and small businesses install a small-scale system at their premises and claim the small-scale technology certificates must apply to us to become a registered agent.

Renewable energy certificate

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

Renewable power percentage

The basis, set out in the Renewable Energy (Electricity) Regulations 2001, 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 Renewable Energy (Electricity) Regulations 2001, for calculating the number of small-scale technology certificates that a liable entity must purchase in a given year.

Solar panel

A panel designed to absorb the sun’s rays as a source of energy for generating electricity or heating.

STC Clearing House

Market participants can buy and sell small-scale technology certificates through the small-scale technology certificate (STC) Clearing House at a fixed price of $40 (ex GST). We operate the STC Clearing House, which is available through the REC Registry.

Substandard

A substandard small-scale system does not meet key clauses in the Clean Energy Council standards and requirements for installation, or relevant Australian Standards, and may lead to premature equipment failure or other 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 and 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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