AEAS and RESS assessments for 2001–2010 compliance years were analysed by the former Office of Renewable Energy Regulator (ORER) and the 2011 compliance year by ORER and the current Clean Energy Regulator.
From 1 January 2011, the RET was split into the LRET and SRES. For liable entities this means that there are two targets to meet LRET and SRES. As a requirement of the split the:
2011 is the first assessed compliance year that represents the LRET and SRES. Graph 10 represents the number of STCs that have been accepted to discharge a mandatory liability for LRET under the Act for the given compliance year against the legislated target. Graph 11 represents the number of LGCs that have been accepted to discharge a mandatory liability for SRES under the Act for the given compliance year against the legislated target. For more information about the LRET and SRES targets see the RPP and STP pages.
By 31 December 2012, a total of 56,950,592 LGCs were accepted for surrender against the 2001 to 2011 compliance periods and banked against future liabilities. LGCs which have been accepted for surrender against future liabilities are carried forward surplus LGCs. The carried forward surplus LGCs can be used by relevant liable entities to discharge their liability for future compliance periods.
For the 2011 compliance year, there were 86 liable entities that lodged an AEAS and RESS by 14 February 2012. This represents six liable entities with a total shortfall of 3,231 LGCs. One of which was required to pay the LGSC representing 2,537 LGCs.3
Overall, liable entities had a 99.97 per cent LGC compliance surrender rate.
For the 2011 compliance year, there was 214,208,303.1 MWh of relevant acquisitions of electricity and 27,187,757.4 MWh of partial exemptions had been reported resulting in a reduced relevant acquisition amount of 187,020,545.7 MWh. This resulted in a LGC liability of 10,510,555.4 For LGC surrender details see Table 9.
Table 9: Summary of certificate surrender for the 2011 compliance period as at 31 December 2012 compared to the targets
1 LRET annual interim targets.
2 SRES annual interim targets.
3 List of LGC shortfalls.
4 The sum of individual MWh liability may produce a total liability greater or lesser than the liability calculated by multiplying total reduced relevant acquisitions by the 2011 Renewable Power Percentage (RPP). This is due to the rounding of individual LGC liabilities to whole LGC liabilities.
5 This includes certificates surrendered against future liability.
6 Not all LGC shortfalls resulted in the payment of the penalty of $40 per MWh for 2001 to 2009 and $65 per MWh for 2010, as shortfalls within 10 per cent of the total requirement are carried forward to next year’s LGC liability.
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