Australia’s clean energy regulatory framework has been strengthened with the announcement today of the establishment of a new, independent body to represent businesses and individuals (Agents) that create and trade in Renewable Energy Certificates (RECs).
The REC Agents Association (RAA) has been established to represent and self-regulate the activities of businesses creating and trading RECs, the trading system that underpins Australia’s Renewable Energy Target and facilitates the installation of solar panels and solar hot water systems.
The RAA will work closely with the Australian Government and the new Clean Energy Regulator to monitor and improve compliance by Agents with relevant Acts, and to provide advice to the statutory review of the RET. RAA will work with members of Federal Parliament and key stakeholders on issues affecting Agents.
The RAA will be a strong, public advocate for the Renewable Energy Target and other market based schemes. The RAA will also address some of the misinformation around the cost and effectiveness of these schemes, in particular that the Renewable Energy Target is a major driver of rising electricity prices. In fact, the Australian Energy Market Commission has shown renewable energy schemes are only responsible for 3% of the likely rise in power prices over the next few years.
RAA provides for varying levels of membership, to accommodate large and small Agents. RAA will be developing and administering a code of conduct, which all members will be required to sign, to ensure Agents act ethically, comply with all relevant laws and act according to agreed industry standards. This will reinforce confidence in the activities of Agents creating and trading RECs.
The inaugural Board of the RAA includes four of the leading REC Agents in Australia: Ric Brazzale, President (CEO of Green Energy Trading); Fiona O’Hehir, Vice President (Greenbank Environmental); Geoffrey Alexander, Treasurer (COZero) and Stephen Coleman (RET Australia).
The REC Agents Association will not represent householders, but the “registered” Agents to whom RECs have been assigned by the owners of eligible renewable energy systems. Initially, RAA will focus on the small scale renewable energy market and the creation and trading of small scale technology certificates. RAA believes that the experience and expertise of the inaugural board will provide strong guidance to its members on both compliance and policy perspectives.
The REC Agents Association is a national not-for-profit association, registered with ASIC, initially funded by membership fees, tendered government grants and donations.
More information on RAA can be found at www.recagents.org.au
For further information, please contact Ric Brazzale on 0419 522 659 or Fiona O’Hehir on 0409 176 167