Office of the Renewable Energy Regulator Annual Report 2006
Office of the Renewable Energy Regulator, June 2007
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About the document
The Australian Government's Mandatory Renewable Energy Target (MRET) has been introduced to encourage the additional generation of electricity from renewable energy sources and achieve reductions in greenhouse gas emissions. The MRET legislation sets the framework for both the supply and demand of RECs via a REC market.
The MRET places a legal liability on wholesale purchasers of electricity, defined as liable parties under the Renewable Energy Electricity Act 2000 (the Act), to proportionately contribute towards the generation of an additional 9,500 GWh of renewable electricity per year by 2010.
The demand for RECs is generated by liable parties that acquire electricity directly from generators or from the wholesale electricity market. The demand for RECs, by liable parties, is responsible for contributing towards increasing the amount of renewable electricity generation.
Eligible parties supply RECs to the market. Eligible parties include nominated persons, agents or individuals who can create RECs for eligible renewable electricity generated above the accredited renewable energy power station’s baseline or deemed units. RECs that become registered are a tradable commodity in the REC market.
The Act requires the Regulator to give the Minister a report on the working of the Act during the year, for presentation to Parliament. This report is provided to meet that requirement.
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