Victorian Numbered Acts Victorian Numbered ActsThe following steps and result show how to determine whether a relevant entity has a renewable energy certificate shortfall for a year—
Step 1. Calculate the total amount, in MWh, of electricity acquired by the relevant entity during the year under a scheme acquisition.
Note: Section 59 provides that the amount of electricity acquired under a scheme acquisition is to be determined in accordance with the ESC rules.
Step 2. Multiply the total electricity acquired by the renewable power percentage for the year and round down to the nearest MWh (assuming there is more than 1 MWh). Subtract any carried forward surplus for the previous year. The result is the relevant entity's "required renewable energy" for the year.
Step 3. Subtract the total value, in MWh, of certificates surrendered to the ESC under section 67 for that year by the relevant entity from the required renewable energy for the year.
Result: If the result is greater than zero, the relevant entity has a "renewable energy certificate shortfall" for the year equal to the result.
If the result is zero or less than zero, the relevant entity does not have a renewable energy certificate shortfall for the year.
If the result is less than zero, the relevant entity has a "carried forward surplus" for the year.