*Since the date of this news item’s publication, the organization ‘The International REC Standard Foundation’ has changed to ‘The International Tracking Standard Foundation: Founder of I-REC (I-TRACK Foundation).’
The I-REC Standard Foundation Board has recently approved New Zealand for I-REC(E) issuance and Transpower New Zealand to be the local I-REC(E) Issuer.
Transpower will perform the role of local Issuer in New Zealand through its commercial services division, Energy Market Services.
Transpower is a state-owned enterprise with a dual role – grid owner and system operator. It builds, maintains, and owns the national high-voltage electricity transmission grid that connects generators of electricity with users (directly and via local lines companies) around New Zealand.
Transpower is playing a key role in New Zealand’s electrification, with an expected 70% increase in electricity demand by 2050. In its mission to empower New Zealand’s energy future, it worked the I-REC Standard to explore the implementation of the I-REC(E) to meet the emerging needs of its customers across New Zealand.
New Zealand’s energy market
New Zealand’s electricity market was deregulated in 1996 with full retail competition beginning in 1999. The market is regulated by the national Electricity Authority and there are currently more than 200 electricity generation plants that supply electricity to the national grid.
New Zealand is moving toward a fully renewable power system, with commitments to the Paris Agreement, domestic ‘net zero’ plans, and the implementation of both existing and upcoming legislation such as the Emissions Reduction Plan 2022. New technologies and improving economics are expected to allow for renewables to make up 95% of New Zealand’s electricity generation mix by 2035 and 100% by 2050, up from ~80% today.
With a growing demand for I-REC(E) in New Zealand, the I-REC Standard Foundation is positive that implementing the I-REC(E) certificate system will support New Zealand’s climate change ambitions and bring international standardization of scope 2 emissions accounting into domestic reporting practices.
To read more about New Zealand, you can visit this country page and view the country report prepared by Transpower.