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Glossary

Accredited power station

Power stations that generate electricity from an eligible renewable energy source can apply to participate in the Large-scale Renewable Energy Target byapplying to become an accredited power station. Accredited power stations can create Large-scale generation certificates for electricity generated from their renewable energy sources.

Baseline

The baseline is the amount of eligible electricity that an accredited power station must generate during a year before Large-scale generation certificates can be created for that electricity. We determine baselines for power stations that operated before 1997 as prescribed by the Renewable Energy (Electricity) Regulations 2001.

Certificate spot price

Certificate spot price refers to the current market price for Large-scale generation certificates and Small-scale technologycertificates.

Committed projects

Committed projects are 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 reduction in demand for electricity from the grid attributed to the installation of a solar water heater or air source heat pump.

Generation from accredited renewable energy power stations

Accredited power stations can create Large-scale generation certificates up until the end of the calendar year after the year in which they generated the electricity.

The number of Large-scale generation certificates reported for 2018 may be adjusted in future.

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.

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 1000 watts being used for 1 hour.

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.

Megawatt

A megawatt is a measurement of power. Power is the rate at which electrical energy is generated or used. One megawatt is equal to 1 million watts or 1000 kilowatts.

Megawatt hour

A megawatt hour is a measure of electrical energy equivalent to 1000 kilowatts being used for 1 hour.

Nominated person

A nominated person is the owner or operator of a power station applying for accreditation. The nominated person for an accredited power station may create a certificate for each whole megawatt hour of electricity generated by the power station during a year that is in excess of the power station’s baseline.

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, theseller is often the operator of a Large-scale renewable energy power station, andthe buyer is often an electricity retailer (liable entity).

Probable 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 agent/person

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

Renewable power percentage

The basis for calculating the number of Large-scale generation certificates that a liable entity must surrender for a given year. The calculation is set out in the Renewable Energy (Electricity) Regulations 2001.

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 $65per megawatt hour of shortfall and is not tax deductible.

Small-scale technology percentage

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

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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