2022 Evident_I-REC Code for Electricity

Briefing Document: I-REC Code for Electricity (Version 1.11)

Overview

The I-REC Code for Electricity outlines the operational framework for the International Renewable Energy Certificate (I-REC) system, specifically for electricity. Released by Evident Ev Limited on October 10, 2022, this document serves as a comprehensive guide for stakeholders involved in the issuance, transfer, and redemption of Energy Attribute Certificates (EACs).

1. Introduction

1.1 The I-REC(E) Product

The I-REC(E) is an exchangeable EAC that provides evidence of electricity production, enabling users to make informed choices about their electricity sources. It adheres to international standards for reporting and accountability.

1.2 Regulatory Scope

The code operates primarily in a voluntary market setting, with adherence to local regulations where applicable.

2. Definitions

Key terms are defined to ensure clarity throughout the document, including:

• Account: A data store within a registry.
• Accredited Entity: An entity compliant with the I-REC standards.
• Issuer: An entity responsible for processing registration and issuance of I-REC certificates.

3. Purpose and Principles

3.1 Purpose

The I-REC(E) aims to provide clarity in electricity procurement by ensuring reliable reporting consistent with international best practices.

3.2 Organisational Principles

Evident operates independently from the electricity market, focusing solely on the provision of services without engaging in the trading of I-RECs.

4. Market and Service Structure

4.1 Overview of Responsibilities

The document delineates roles including:

• Code Manager: Evident, responsible for defining product codes and coordinating services.
• Registry Operator: Manages the registry where I-REC data is stored.
• Issuers and Registrants: Entities that register production facilities and request certificates.

5. Lifecycle Overview

The lifecycle of an I-REC involves registration, issuance, transfer, and redemption, with specific processes outlined for each stage to ensure accountability and transparency.

6. Market Entity Entry and Exit

6.1 Context and General Provisions

Entities must undergo a thorough application process that includes Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.

7. Production Facility Registration

7.1 Context and General Provisions

Facilities must be registered in the registry with evidence of their production capabilities and ownership rights.

8. Certificate Issuing

8.1 Context and General Provisions

Issuers must verify evidence of production before issuing I-REC(E) certificates.

9. Certificate Ownership and Transfer

9.1 Account Types

Different account types allow for the management and transfer of I-REC(E) certificates among participants and registrants.

10. Redemption and Assignment

10.1 Context and General Provisions

Redemption allows entities to claim ownership of the attributes associated with an I-REC(E), which must then be reported accurately.

11. Error Management

11.1 Context and General Provisions

Evident has established processes for managing errors that may arise during the certificate lifecycle, ensuring integrity in reporting.

12. Complaint Management

12.1 Context and General Provisions

Entities may submit complaints regarding service performance or regulatory interpretations, with a structured process for resolution.

13. Authorisation of Countries for Issuing

13.1 Context and General Provisions

Only countries authorised by the I-REC Foundation may issue I-REC(E)s, with clear procedures for adding new countries.

14. Support for Platforms

14.1 Context and General Provisions

The code supports the integration of various platforms that facilitate the transfer and management of I-REC(E) certificates.

15. Accredited Entity Entry and Exit

15.1 Context and General Provisions

Accredited entities must follow stringent entry processes, including compliance with KYC and AML regulations.

16. Issuers

16.1 Issuer Service Provision

Issuers are responsible for the registration and issuance processes, ensuring adherence to the established standards.

17. Change Management

17.1 Context and General Provisions

The code outlines a structured process for managing changes to the product code, ensuring stakeholder engagement.

18. Quality Assurance

18.1 Context and General Provisions

Quality assurance processes ensure that services provided under the code meet high standards of reliability and integrity.

19. General Regulations

19.1 Information Submission and Effect

Entities must ensure that all submitted information is complete and accurate to facilitate smooth processing.

20. Associated Documents

20.1 User Guides

Comprehensive user guides and standard forms are provided to support the various processes outlined in the code.

Conclusion

The I-REC Code for Electricity is a vital document for stakeholders in the energy sector, ensuring robust management of electricity attribute tracking. By adhering to these guidelines, entities can effectively engage in the I-REC market, contributing to clearer and more accountable electricity procurement practices.

This briefing document serves as an overview of the key elements of the I-REC code, highlighting its purpose, structure, and operational guidelines for stakeholders involved in the electricity market.