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Key certification phases

 

The certification year matches the New Zealand company and personal financial year, with a number of key processes performed immediately after year-end. 

Key phases are explained in the diagram and text below.

Description of phases

Production year X (1 April - 31 March)

Certificates can be issued against generation which occurs within a production year, and can be traded and redeemed against consumption that occurs within the same production year. 

All certificates that have been issued but not redeemed at the end of the production year will be cancelled.

Throughout the production year, set-up activities such as user registration, production device audits etc, can and will be performed.

End of year final actions (1 April - 30 April, Production year X+1)

At the end of the production year X, registrants and participants receive one month to complete final transactions that pertain to this year.

 

This grace period is to account for lag in the provision of generation or consumption data, and ensures that all transactions are completed before system reconciliation begins. 

Individual user calculations (1 May - 31 May, Production year X+1)

Once all transactions relating to production year X have been performed, the process of individual reconciliation and verification can begin. 

 

In this process, explicit certification (purchase and redemption of certificates) is calculated for each individual energy user and a final statement provided detailing the nature and volume of certificates procured.

Calculation of residual supply mix (1 June - 31 June, Production year X+1)

The final step in the system reconciliation process for production year X is the calculation of the residual supply mix, performed by netting off all explicitly certified generation volumes from the total volume of generated electricity. 

The adjusted residual supply mix is then made publicly available for all system users.

Note: the final two steps are independently audited to ensure accuracy.