The second Emissions Reduction Fund (ERF) auction is approaching – if you’re preparing an ERF project, be sure to note the following dates in your diaries:
- The auction guidelines will be published this Friday 21 August 2015.
- Applications for new projects that wish to enter the auction need to be submitted in full by 18 September 2015 (note that there can be some back and forth with the Regulator, so try to get your application in as early as possible – incomplete submissions will not qualify).
- The second ERF auction for carbon abatement contracts will be on Wednesday 4 November and Thursday 5 November 2015.
The following table provides an overview of the three key steps for participating in the ERF auction. We are currently going through this process with a number of clients, so feel free to give us a call if you have any queries.
|Auction Qualification||By submitting the auction qualification form (form), you will be making an offer to enter into a carbon abatement contract covering the project based on the Regulator’s code of common terms and the commercial terms provided in the form.The commercial terms will include:information about your project registrationan indication of the total quantity of units you would agree to provide as part of the contractinformation about your bank account for receiving payments.||must be received at least 20 business days before the auction date|
|Auction Registration||Submit the auction registration form.The delivery terms will comprise:the total volume of abatement that you are proposing to deliverthe delivery schedule based on the volume that will be delivered (dates and amounts)the duration of the contract (that is, the period over which you will deliver the abatement).||auction registration form must be received at least 5 business days before the date of the auction|
|Auction participation||To participate in the auction you must submit bids via Austender, the online bidding platform.||Within 5 business days of the closing time of the auction you will be notified of the auction results and, if you were successful, the contract will be established.|
For more information see the Regulator Website http://www.cleanenergyregulator.gov.au/ERF/Want-to-participate-in-the-Emissions-Reduction-Fund/Step-2-Contracts-and-auctions/Auctions or contact us.
Also, keep an eye out for the auction guidelines to be published this Friday!
Matt is the Managing Director and provides strategic carbon emissions and energy advice for some of Australia’s largest and most well-respected corporations.