Oakley Greenwood has been accredited by the I-REC Standard Foundation to be the Issuer for I-RECs for electricity (I-REC(E)) in Australia. An Issuer is responsible for verifying and approving the registration of production devices and requests for certificates for their output.

The International REC Standard Foundation (I-REC Standard) is a non-profit organisation that has developed and published robust standards for developing attribute tracking systems. The I-REC Standard is acknowledged by major reporting frameworks such as the Greenhouse Gas Protocol (GHGP), Carbon Disclosure Project (CDP), and 100% Renewable Electricity (RE100) as a reliable backbone for credible and auditable tracking instruments. It ensures the highest quality systems and adherence to best practices designed to avoid double counting, double certificate issuance, and double attribute claims.

The global I-REC registry, operated by Evident, provides a fully auditable chain of custody record to support the trading of energy attribute certificates and uniquely verifiable claims of ownership by the end-users to provide the single source of truth for the I-REC certificates.

 

 

Further information about the I-REC Standard is available on their website: www.irecstandard.org

Registry information and guidelines are available at: evident.global

Key application and registration forms are available at: gcc.re

Organisations interested in becoming Registrants or Participants of the I-REC process in Australia will be required to sign a standard contract with Oakley Greenwood available at: Standard Issuer Agreement

The fees for our services are available at: Fee Schedule

As an independent issuer, Oakley Greenwood is not involved with the trade or redemption of I-REC(E) certificates. Organisations can find the contact details of people that provide this service on the participants contact list.

Oakley Greenwood can provide further information on the process, forms and required documentation. Feel free to contact us with any questions you might have.

An I-REC(E) is an ex-post certificate that provides independent, factual, and auditable verification of where, when and how a specific volume of electricity has been generated. Electricity consumers can use I-RECs(E) to prove their electricity has come from a specific source (e.g., wind, hydro or solar), a specific location, or even from a specific generator in a format that is auditable and in line with international best practices. I-REC(E) allows market transparency regarding who consumes what and provides an additional income stream for producers of certificated renewable electricity.

The I-REC Standard provides a methodology for documenting the environmental attributes of electricity generation. For example, generators that want to issue certificates to document that their electricity is generated from a renewable energy resource register with I-REC Standard. Once registered they submit information about their generation plant(s) energy sources and generation output. A local entity, accredited by I-REC Standard, reviews the information provided by the generator (or the party authorised to issue certificates on behalf of the generator) to ensure conformance with I-REC Standard’s requirements for documentation.

There are two types of market players on the I-REC(E) registry:
• The party representing the device owner is known as the Registrant and must register with the Issuer that is responsible for issuance in their geographic area. Oakley Greenwood is the accredited Issuer for Australia.
• Parties that can hold, trade, and redeem (also known as retire or cancel) I-RECs(E) are known as Participants.
Organisations can become a Registrant, a Participant, or both. Any organisation can become a Participant – a Participant does not need to own or represent a generation device. However, end-users generally interact with the I-REC market through a third-party. Participants must register through the Evident I-REC Registry.

More information about the roles of these parties can be found on the I-REC Standard and Evident websites. See Important Links.

There are three steps in this process:

  1. Becoming a Registrant in the I-REC Scheme requires the following:
    • Download and sign the Registrant/Issuer contract. This is a Standard Issuer Agreement for all Australian Registrants with Oakley Greenwood.
    • Filling in the I-REC Registry Application Form and provide the requested documentation for the due diligence. Guidelines are available from the Evident website.
  2. Registering the devices
    Once you are accredited as a Registrant, you will be able to register your device(s) for approval on the Registry and by completing the Production Device Registration form.
    The request and supporting documentation materials is submitted to the Registry, once reviewed and approved by Oakley Greenwood, the device(s) will be able to create certificates for their generation output.
  3. Requesting certificates
    The request for certificates is made on the Registry and must be supported by specific documentation and by completing the Issuing Request Form.
    Oakley Greenwood will review the request and supporting documentation for completeness and conformance with requirements.
    Once approved, the certificates will be issued through the Registry into the account of a Participant. This can be the Participant account of the Registrant or any other registered Participant.

See Important Links for access to relevant documentation.

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