Australia leads world with national renewable energy market
Sunday 01 April 2001
Media release
A new world-leading renewable energy market began across Australia today, announced the Renewable Energy Regulator, Mr David Rossiter.
"Under the Renewable Energy (Electricity) Act 2000 renewable energy generated from accredited power stations will be eligible to create Renewable Energy Certificates (RECs)," Mr Rossiter said
"Australia is the first country in the world to create a national renewable energy market using tradeable certificates.
"RECs are a new form of "currency' used to demonstrate compliance with the Government's new mandatory renewable energy targets.
"Additional renewable electricity generation will now be directly rewarded for the environmental benefits of using renewable fuel sources.
Solar water heaters and small generators using solar photovoltaic, wind and hydro as power sources installed on or after 1 April 2001 can be eligible under the new Act as well.
"The market will ensure 9500 GWh of additional renewable energy is generated each year by 2010. This is equivalent to a 60% increase above levels of renewable energy generation in 1997, or enough energy to supply the residential electricity needs of a city of four million people."
"The Act is the advent of a new way of thinking about electricity. It places a separate value on the environmental quality associated with the method of generation of the electricity."
Renewable energy generators are encouraged to apply for accreditation from the Office of the Renewable Energy Regulator as soon as possible to take full advantage of this new system.
Wholesale electricity purchases are now liable under the legislation with compliance reporting for the 2001 year due on 14 February 2002.
Further information is available at www.greenhouse.gov.au/markets/2percent_ren.
Ends
Contact: Tonya Beeton 0411 130 561 or Carol Bartley 0412 994 800
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