Office of the Renewable Energy Regulator Financial Annual Report 2007-08
Office of the Renewable Energy Regulator, 2008
ISSN 1832-1429
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About the document
The Office of the Renewable Energy Regulator (ORER) is a statutory agency in the Department of Climate Change (DCC) that is a part of the Prime Minister and Cabinet (PM&C) portfolio. ORER was established to administer the Australian government’s Renewable Energy (Electricity) Act 2000 (the Act), Renewable Energy (Electricity) (Charge) Act 2000 and associated Regulations. In combination the legislation and Regulations, establish the framework for the Mandatory Renewable Energy Target (MRET).
The MRET encourages the additional generation of electricity from renewable energy sources and achieves reductions in greenhouse gas emissions.
The legislation sets the framework for both the supply and demand of Renewable Energy Certificates (RECs) via a REC market. The legislation places a legal liability on wholesale purchasers of electricity defined as liable parties under the Act to proportionally contribute towards the generation of an additional 9,500 gwh of renewable electricity by 2010.
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 for deemed units. RECs that become registered are a tradable commodity in the REC market.
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 mainly responsible for contributing towards increasing the amount of renewable electricity generation.
ORER administers the legislation by administering the ‘entry’ and ‘exit’ from the scheme. The ‘entry’ requirements include registering participants and assessing eligibility for RECs. The ‘exit’ requirements relate to enforcing compliance with the Act, particularly assessing the surrender of RECs by liable parties to discharge liabilities. This in turn initiates the arrangements surrounding the transfer of registered RECs in the REC market. The REC market is a marketplace separate to ORER.
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