Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Renewable Energy (Certificates and Other Matters) Amendment Bill 2009

Schedule 1 Value of renewable energy certificates

Renewable Energy (Electricity) Act 2000

1  Subsection 5(1)

Insert:

adjusted value has the meaning given by subsection 23H(4).

2  Subsection 5(1)

Insert:

market share multiplier has the meaning given by subsection 23H(1) and (2).

3  After paragraph 20(2)(ca)

Insert:

                   (cb)  the number of certificates created during the year in relation to each particular eligible renewable energy source for electricity generated by the power station during the year; and

                    (cc)  the number of certificates created during the year in relation to each particular eligible renewable energy source for electricity generated by the power station during the previous year; and

4  After paragraph 23F(2)(a)

Insert:

                    (aa)  the number of certificates the person created in relation to each particular eligible renewable energy source during the year; and

5  After Subdivision BB of Division 4 of Part 2

Insert:

Subdivision BC—Creation of certificates —other matters

23G   Publication of information received in returns

             (1)  As soon as practicable after the final day for giving a return for a year under sections 20 and 23F, the Regulator must prepare a report showing how many certificates were created in total during the year for each type of eligible renewable energy source.

             (2)  The report must also include a market share multiplier for each type of eligible renewable energy source.

Note:          Section 23H provides for market share multipliers.

             (3)  As soon as practicable after completing the report, the Regulator must publish the report on his or her website.

23H   Calculation of market share multiplier

             (1)  If, on the basis of returns received under sections 20 and 23F, the total value represented by the certificates created in relation to a particular eligible renewable energy source is equal to or less than 20,000 GWh, then the market share multiplier of that source is 1.

             (2)  If, on the basis of returns received under sections 20 and 23F, the total value represented by the certificates created in relation to a particular eligible renewable energy source is greater than 20,000 GWh, then the market share multiplier of that source is 20,000 divided by that total value.

             (3)  The value of certificates created in relation to a particular eligible renewable energy source and surrendered by a liable entity under section 44 must be adjusted in accordance with subsection (4).

             (4)  The adjusted value of a certificate is 1 MWh multiplied by the market share multiplier for the relevant eligible renewable energy source for that year.

6  Section 38 (method statement, step 3)

Omit step 3, insert:

Step 3.   Subtract the total adjusted value, in MWh, of the renewable energy certificates surrendered to the Regulator for that year by the liable entity from the required renewable energy for the year.

7  Application

The amendments made by this Schedule do not apply to the years after 2030.