Division 3 Energy savings scheme targets

103   Energy savings scheme targets

(1)  The energy savings scheme targets are to be used as the basis for the calculation of each scheme participant’s individual energy savings target.

(2)  The energy savings scheme targets are set out in Schedule 5.

(3)  The energy savings scheme target for a year specified in column 1 of Schedule 5 is the amount specified for that year in column 2 of that Schedule.

Note. The energy savings scheme target is applied to the liable acquisitions made by a scheme participant to calculate an individual energy savings target for the scheme participant. This is explained in Division 4.

104   Changes to energy savings scheme targets

(1)  The Governor may, by regulation made on the recommendation of the Minister, amend Schedule 5 to change the energy savings scheme target for a specified year or years.

(2)  Accordingly, any such regulation may omit an amount specified in column 2 of Schedule 5 and substitute a new amount.

(3)  Any such regulation does not affect the energy savings scheme target for any year that commences on or before the date the regulation is made or within 12 months after the date the regulation is made.

Note. For example, a regulation to change the energy savings scheme target for the year 2011 would have to be made on or before 31 December 2009.

105   Conditions under which energy savings scheme targets may be changed

The Minister may recommend the making of a regulation to change the energy savings scheme target for a year or years only if the Minister has certified in writing to the Governor that, in the Minister’s opinion:

(a)  the change to the energy savings scheme target is appropriate to achieve greater uniformity or harmonisation with a scheme in another jurisdiction with similar objectives to the energy savings scheme, or for the purposes of implementing a national scheme with similar objectives to the energy savings scheme, or

(b)  the change to the energy savings scheme target is appropriate because of a sustained under supply of energy savings certificates, as evidenced by scheme participants being required to pay a substantial energy savings shortfall penalty for 2 or more consecutive years, or

(c)  the change to the energy savings scheme target is appropriate because of a sustained over supply of energy savings certificates, as evidenced by the total number of certificates created substantially exceeding the total number of certificates required to meet all individual energy savings targets for 2 or more consecutive years, or

(d)  the change to the energy savings scheme target is appropriate because of significant changes to the rules governing the creation of energy savings certificates, or

(e)  the change to the energy savings scheme target is otherwise appropriate because of significant changes to the policy or regulatory framework, or the market conditions, in which the energy savings scheme operates.