Emission Reduction Fund – Auction Qualification due Friday 13 March 2015!
Time is creeping up on the first Emissions Reduction Fund (ERF) auction (15-16 April 2015). If you are thinking about submitting a bid you need to get your Auction Qualification Form in by next Friday 13 March at the latest (20 business days before the auction- don’t forget Easter break!). Note that applying for auction qualification does not mean you have to bid but failure to do so will render you ineligible if you did want to.
There are a number of steps and requirements in the ERF process. We have prepared a checklist to help potential participants get organised in preparing to participate in the ERF. Please contact us if you would like a copy.
The Auction Qualification is the offer to enter into a Carbon Abatement Contract – the commercial terms, which requires information about your project registration, an indication of the total quantity of units the project will provide through the contract, and information on your bank account for payment of ACCUs.
Following this, if you decide to bid you will be eligible to register for the auction. This provides the delivery terms for your carbon abatement contract, including the total abatement proposed to be delivered, the delivery schedule (dates and amounts), and the duration of the contract proposed. Note the Auction Registration closes five business days before the auction and requires your project to have already been registered as an eligible project and qualified for auction.
For those who have not yet registered a project (which is a step prior to auction qualification) the Clean Energy Regulator has indicated they will be willing to streamline the process due to late methodology finalisation and allow project registration and auction qualification to be jointly submitted – but you will need to get a move on!