Quarterly surrender
To meet the Q3 liability on 28 October 2021, 123 liable entities cancelled 12.5 million STCs. This was the third
surrender period of the 2021 assessment year, representing 25% of total liability. A balance of 5 million STCs
remained in the market after the Q3 2021 surrender (see Figure 3.7).
To meet the Q4 surrender obligations on 14 February 2022, liable entities are required to cancel 7.6 million STCs.
Based on current creation trends, there will be sufficient liquidity in the market with a surplus of 11.3 million
STCs expected after the Q4 2021 surrender.
Figure 3.7 STC surplus after quarterly surrender (millions of STCs), 2021
