Large-scale generation certificates surrendered

In 2015, 19 287 514 large-scale generation certificates were surrendered to meet Large-scale Renewable Energy Target liability. This number is higher than the target surrender amount of 18.9 million large-scale generation certificates set under the renewable power percentage — due to higher than expected reported electricity acquisitions. Other factors, such as the introduction of full exemption from liability for emissions-intensive trade exposed activities, also contributed to this higher certificate surrender.

Liable entities had a 99.4 per cent compliance rate for surrendering these certificates. Based on submitted reports, 40 liable entities had an accumulated carried-forward surplus of 101 901²¹ large-scale generation certificates (which can be used to acquit future large-scale generation certificate liabilities).

A total of 10 liable entities were found to have a total shortfall of 115 658 large-scale generation certificates. Three liable entities had shortfalls within 10 per cent of their total large-scale generation certificate liability, totalling 47 201 certificates. The Renewable Energy Target allows some flexibility for liable entities to manage their obligations across years. If they surrender certificates within a range of 10 per cent of the required number, the amount not yet surrendered is carried forward and added to their 2016 large-scale generation certificate liability.

Seven liable entities reported a shortfall greater than 10 per cent, which resulted in total shortfall of 115 658 large-scale generation certificates. As at 15 February 2016, not all liable entities had paid their 2015 shortfall charges.

Graph 8: Large-scale renewable energy certificates surrendered and required since 2011

Note: see further information at Appendix C.

Footnotes

21 This does not include a surplus of 443 large-scale generation certificates attributed to five liable entities that are no longer liable.