Modelling the Price of Renewable Energy Certificates under the Mandatory Renewable Energy Target - An update
Report to Office of the Renewable Energy Regulator
Intelligent Energy Systems, August 2007
PDF file
Introduction
The Office of the Renewable Energy Regulator (ORER) contracted IES to update our previous study for ORER on the REC market. The original study was undertaken in 2002 when the market had had only one full year of operation. This study has been undertaken with five full years of the market’s operation to draw from. Since then there have been some changes to the Renewable Energy (Electricty) Act that came into force in September 2006.
The main changes to the Act, which are likely to impact the operations of the MRET and consequently REC prices, are the following:
- setting time limits for the creation of renewable energy certificates;
- providing the opportunity to voluntarily surrender certificates;
- allowing for the publication of additional data on baselines and renewable electricity generation;
- clarifying the provisions and definitions in the Act for Eligible Renewable Energy Sources and providing increased opportunities for bioenergy; and
- allowing renewable energy certificates to be claimed for solar water heater replacements of gas water heaters, oil water heaters, wood-fired water heaters or gas-boosted solar water heaters.
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