Use this glossary to find the meaning of terms and acronyms used as part of the Renewable Energy Target. Please see the Clean Energy Regulator glossary for more general terms used across the agency.
A
Act: the Renewable Energy (Electricity) Act 2000
AEAS: Annual Energy Acquisition Statement
AEMO: Australian energy market operator
Agents: Agents are registered persons who are able to create certificates on behalf of owners of eligible small-scale installations
Assessment year: Assessment year refers to the period annual target(s) must be achieved, represents a full calendar year, and relates to the surrender of certificates by liable entities.
Assessment year’s reduced acquisitions: Assessment year’s required acquisitions has the meaning given by section 38AA (2) of the Act
B
Baseline: Baselines are determined by the Clean Energy Regulator for accredited Renewable Energy Target power stations. Only renewable electricity generated above the annual baseline is eligible for certificates. A baseline for a RET power station that first generated electricity on or after 1 January 1997 is zero
C
CEC accreditation: The Clean Energy Council manages the accreditation of installers of small generation units and is the peak body representing Australia's clean energy sector
Certificate: Certificate refers to both large-scale generation certificates (LGCs) and small-scale technology certificates (STCs), and is connected to the previously used term renewable energy certificate (REC). Amendments to the Act, which took effect from 1 January 2011, split RECs into two types: LGCs and STCs
Charge Act: the Renewable Energy (Electricity) (Charge) Act 2000
Compliance period: The compliance period refers to the period over which an annual target must be achieved, and represents a full calendar year.
D
DLF: Distributional loss factor
E
EC: Exemption Certificate
EGR: Electricity generation return
EITE: Emissions-Intensive Trade-Exposed
Electricity market: The Australian electricity market is a virtual market which facilitates the purchase, sale and trade of all types of power and energy (including renewable energy) for consumption by businesses and householders.
I
IMO: Independent market operator
K
kW: Kilowatt-one thousand watts
kWh: Kilowatt-hour-a measure of electricity generation or use.
L
Liability: The liability to surrender certificates or pay a renewable energy shortfall charge by liable entities
Liable entity: A wholesale purchaser of electricity who is liable under the RET
LGC: Large-scale generation certificate
LGSC: Large-scale Generation Shortfall Charge
LGSS: Large-scale Generation Shortfall Statement
LRET: Large-scale Renewable Energy Target
M
MDA: Meter Data Agent
N
NEM: National Electricity Market
P
Power Station: Power stations on the Renewable Energy Target website refer to power stations who generate electricity from at least one of the eligible renewable energy sources under Section 17 (1) of the Act. Individuals and companies must be registered before they can seek accreditation to become a renewable energy power station under the RET, and create certificates above the renewable energy power station’s baseline. Application for accreditation can be made to the Clean Energy Regulator.
PYRA: Previous year’s reduced acquisitions. This is used to determine a liable entity's required surrender amount for quarters 1 to 3 and has the meaning given by section 38AA (3) and (4) of the Act. Note, see also sections 38AF, 38AG and 38AH of the Act. This definition is part of the requirement mentioned in definition 'RSA - required surrender amount'.
R
RA: Relevant acquisition. RA's are a wholesale or notional wholesale acquisition of electricity.
Registered Person: A person registered under section 11 of the Act and listed in the Register of Registered Persons. Only a Registered Person is able to create large-scale generation certificates (LGCs) and small-scale technology certificates (STCs)
Regulator created STCs (RCTCs): The Clean Energy Regulator can create small-scale technology certificates if there are no STCs listed on the STC Clearing House
REC: Renewable energy certificate. In 2011, amendments to the Act divided RECs into two certificate types and reclassified as large-scale generation certificates (LGCs) and small-scale technology certificates (STCs)
REC Registry: The REC Registry is an online registry system where you can create, buy, sell, trade and surrender large-scale generation certificates (LGCs) and small-scale technology certificates (STCs).
Required surrender amount (RSA): Required surrender amount has the meaning given by section 38AE of the Act. Liable entities use RSA to determine the number of STCs they are required to surrender for quarters 1 to 3.
Regulations: the Renewable Energy (Electricity) Regulations 2001
RESC: Renewable Energy Shortfall Charge
RESS: Renewable Energy Shortfall Statement
RPP: Renewable Power Percentage
S
SGU: Small Generation Unit. SGU is the term used when referring to small-scale solar panel, wind and hydro systems
Small-scale systems: Small-scale systems are solar hot water, heat pumps and small-scale solar panels, wind and hydro systems
SRES: Small-scale Renewable Energy Scheme
STC: Small-scale technology certificate
STC clearing house: The STC clearing house facilitates the exchange of small-scale technology certificates (STCs) between buyers and sellers at the fixed price of $40 (excl. GST)
STP: Small-scale Technology Percentage
STSC: Small-scale Technology Shortfall Charge
STSS: Small-scale Technology Shortfall Statement
SWH: Solar water heater. A solar water heater is a system that heats water from solar energy
SWIS: South west interconnection system
T
The amendment Acts: The Renewable Energy (Electricity) Amendment Act 2009 or the Renewable Energy (Electricity) Amendment Act 2010
The Charge Acts: The Renewable Energy (Electricity) (Large-scale Generation Shortfall Charge) Act 2000 or the Renewable Energy (Electricity) (Small-scale Technology Shortfall Charge) Act 2010
The Regulations: The Renewable Energy (Electricity) Regulations 2001
V
Voluntary surrender: Section 28A allows a registered owner to offer certificates for surrender for any reason other than to comply with mandatory liabilities under section 44 or 95. A certificate that is accepted for surrender under section 28A is permanently removed from the certificate market