How do I redeem I-REC(E)s?

Step by step instructions on how to redeem I-RECs can be found in the Participant User Guide which you can download from the documents page. Please note that the redemption of an I-REC marks the end of its transferrable lifecycle. Once redeemed, an I-REC can no longer be transferred. Therefore, please check the details carefully when making redemption requests as the process is irreversible.
Is the redemption fee paid on cancellation of the I-REC?
 Yes, when a redemption request is completed (approved) the I-RECs are taken out of circulation and the redemption fee applies. The redeemer will receive an invoice for redemptions of the previous month.
Is the redemption fee paid by the party using / cancelling the I-REC i.e. if an I-REC transferred from Party A to Party B, and Party B used it, would they pay the fee?

Yes, the redemption charge is only paid by the Participant who redeems the I-REC (Party B in this example).  Note that it is possible for a Participant to redeem a I-REC into any other Participant's redemption account.

  • The Participant on whose account the I-REC is redeemed always pays the redemption fee to Evident.
  • Part of the process of a redemption includes filling in the name of the beneficiary. This can be the participant itself or their client. In all cases, the beneficiary is the only entity that can claim the usage of that specific MWh in perpetuity and the Participant always pays the fee to Evident. Any payment between the Participant and its client is just between them.
  • It is possible to transfer an I-REC into another Participant’s trade account. There are no fees attached to this action and the receiver of the I-REC can decide to transfer it further or redeem it on behalf of a beneficiary. The entity who redeems the I-REC will forever have this redeemed I-REC in their redemption account and will always have paid the fee for this action.
Is there a fee to transfer I-RECs?

There is no fee to transfering I-RECs, only when issuing them (NZD 4c /MWH paid by the Registrant) or redeeming them (EUR 6c paid by the Participant).
If I want to buy I-RECs, do I need to become a Participant?
 
 You can use a specialist origination company that is an existing Participant if you wish. Alternatively, you can become a Participant and buy direct from the market.
Can future I-RECs be issued in advance of production?
 
 An I-REC is a statement of an historic fact and is issued against proof of generation from a specific source at a specific time. A future delivery cannot be guaranteed by any Issuer.
Is there a timescale on selling my I-RECs?
 
 Once you have redeemed your I-RECs and they have been credited to your account there is no timescale on when they must be sold by. A number of organisations, such as RE100, publish best practice guidance on the use of I-RECs and these may recommend or mandate a time period for their redemption.
Do I have to claim for a full month’s production?
 
 No, but please be aware that if you submit an Issuing Request which is dated for a full month, but you only want to claim for half of the month, you will not be able to claim the balance at a later date. For example, if you had eligible production of 1000MWh for 1 May – 31 May but you only wanted to claim 600MWh, you could submit an issue request for 1 May to 19 May. You would then have the option to claim the remaining 400MWh using the date range 20 May - 31 May.
How far back can I date an Issue Request?
 
 Issue requests for January-June must be submitted by 31 May the following year.
Issue requests for July-December must be submitted by 30 September the following year.
Can I request I-RECs if I have the right to the obtain emissions reductions or carbon offsets?
 
 It is not possible for you to retain the right to obtain emissions reduction certificates or carbon offsets as well as claim I-RECs for the energy nominated in an Issue Request. An I-REC is a factual statement of an electricity production event. Such events may also contribute to a reduction in global emissions against a business-as-usual case. An I-REC cannot be issued without inclusion of any avoided emissions, carbon offsets or similar market instrument that might be available to the registrant or device owner. When submitting an Issue Request for an I-REC, you must confirm that you hold the right to any such avoided emissions, carbon offsets or similar market instruments and irrevocably assign such rights within each issued I-REC. Each I-REC will carry an identifier throughout its life that it includes the right to any such avoided emissions, carbon offsets or similar market instruments, which will be visible to I-REC Participants.
Are the I-REC Standard Terms and Conditions negotiable?
 
 
 The I-REC market operates on a non-discriminatory basis so that all Registrants and Participants trade on equal terms.
What dates can I use for the reporting period?
 
 You may choose any reporting dates on a Redemption Statement. For example, it is possible to report from 1 December 2021 to 31 December 2022. However, it is up to the Beneficiary and any organisation to which they may report to determine which certificates may be acceptable for any given time period.
Is it possible to amend the Beneficiary details?
 
 Once created (i.e. by selecting ‘Submit’ on the ‘Add new Beneficiary’ screen of the Evident Registry) it cannot be modified. If a Beneficiary is no longer required, it should be marked as Inactive. Further details on how to add beneficiaries or mark them as inactive can be found in the Participant User Guide which you can download from the documents page.
 
Can I submit an Issue Request for a period that crosses a calendar year (e.g., from 31 December 2021 to 15 January 2022)?
 It is not possible to submit Issue Requests that cross years.
Can I submit an Issue Request for a fraction of a MWh?
 
 Yes, Evident now supports issuing, transfer, and redemption to the Wh level, (3 decimal places of MWh).