Asia Pacific Renewable Energy Markets
In 2000 the Australian Commonwealth enacted the Renewable Energy (Electricity) Act 2000. From 2001 until 2020, the legislation requires electricity retailers and other large users of electricity to proportionately contribute to the generation of additional energy from accredited renewable sources. To meet the requirement, electricity retailers and other large users must purchase 'Renewable Energy Certificates' (RECs).
As at September of 2003, it became clear that the additional 9500 GWh required by the Scheme from 2010 to 2020 would be readily met, several of the State Governments began lobbying the Commonwealth to increase the overall target, in the absence of this the State Governments introduced their own renewable electricity targets above and beyond MRET.
The existing Commonwealth and State based schemes are:
- Mandatory Renewable Energy Target - Renewable Energy Certificates (RECs) – Clth scheme
- New South Wales Greenhouse Gas Abatement Scheme - New South Wales Greenhouse Gas Certificates (NGACs)
- Queensland Gas Scheme – Gas Electricity Certificates (GECs)
- Victorian Renewable Energy Target Scheme - Victorian Renewable Energy Certificates (VRECs)
- Green Power Rights (GPRs)
- Greenhouse Friendly – Greenhouse Friendly Certificates (VERs) - Clth
- Victorian Energy Efficiency Target – Victorian Energy Efficiency Certificates (VEECs)
- NSW Energy Efficiency Target – NSW Energy Efficiency Certificates (NEECs)
Tullett Prebon Australia operates in all these markets, providing broking services to those market participants.