The Australian National Audit Office is seeking stakeholder comments in relation to the Administration of the Renewable Energy Target by the Clean Energy Regulator. See the
Audit of the Renewable Energy Target news item for further information.
The Large-scale Renewable Energy Target creates a financial incentive for the establishment and growth of
renewable energy power stations, such as wind and solar farms, or hydro-electric power stations. It does this through the creation of
large-scale generation certificates.
Large-scale generation certificates are created based on the amount of eligible renewable electricity produced by the power stations, and can be sold or traded to
Renewable Energy Target liable entities, in addition to their sale of electricity to the grid. Liable entities have a legal obligation to buy and surrender large-scale generation certificates to the Clean Energy Regulator on an annual basis.
The number of large-scale generation certificates required to be submitted by electricity retailers is set each year by the
renewable power percentage.
To participate under the Large-scale Renewable Energy Target, power stations must generate their electricity from
eligible renewable energy sources such as solar energy, wind, ocean waves and the tide.
Electricity generated from fossil fuels, or waste products derived from fossil fuels, is not eligible for large-scale generation certificates.
Investment in the renewables industry is dependent on the long-term economics of specific projects and is influenced by a range of market factors. Investors make informed decisions by analysing the available market data.
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.
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