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The Parliament of the
Commonwealth of Australia
THE SENATE
Presented and read a first time
National Market Driven Energy Efficiency Target Bill 2007
No. , 2007
(Senator Allison)
A Bill for an Act to create incentives and a market for energy savings, which are additional to energy efficiency activities set by minimum energy performance regulation, through energy efficiency certificate trading, and for related purposes
Contents
1............ Short Title........................................................................................... 1
2............ Purpose............................................................................................... 1
3............ Commencement................................................................................... 2
4............ Schedules............................................................................................ 2
Schedule 1—Amendment of the Renewable Energy (Electricity) Act 2000 3
A Bill for an Act to create incentives and a market for energy savings, which are additional to energy efficiency activities set by minimum energy performance regulation, through energy efficiency certificate trading, and for related purposes
The Parliament of Australia enacts:
1 Short Title
This Act may be cited as the National Market Driven Energy Efficiency Target Act 2007
2 Purpose
The purpose of this Act is to promote the adoption of greater energy efficiencies and cost effective greenhouse gas abatement by:
(a) recognising large energy efficiency improvement opportunities;
(b) facilitating investment in energy efficiency activities;
(c) addressing the failure of the energy market to deliver cost effective energy efficiency activities;
(d) completing the energy market through the establishment of a market for energy efficiency and energy savings activities;
(e) introducing a mandated National Market Driven Energy Efficiency Target (NMDEET);
(f) providing for the creation, acquisition and trading of Energy Efficiency Certificates (EECs) which represent accredited eligible energy savings;
(g) establishing accreditation methodologies to result in only high quality energy efficiency activities while minimising administration costs and burdens;
(h) creating a demand for energy efficiency activities by requiring certain purchasers (called liable entities) to surrender a specified number of certificates for the electricity that they acquire during a year.
This Act commences on 1 January 2008.
Note: In accordance with section 4 of the Renewable Energy (Electricity) Act 2000, no liabilities will accrue under this Act after 1 January 2021.
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.