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Retrieving Data

Note 33: Emission Rights

Kyoto Carbon Credits

The Group has received carbon emission rights from the New Zealand Government issued pursuant to the Kyoto protocol in relation to completed generation facilities. These rights were based upon the levels of generation output from the new facilities for the period 1 January 2008 to 31 December 2012 and are reliant on the ongoing support of the Kyoto protocol and emission rights within the international community.

       
GROUP PARENT
2013 2012 2013 2012
Kyoto Carbon Credits (Tonnes CO2-e)
Balance at beginning of year 187,000 157,000 187,000 157,000
Rights earned during the year 174,000 222,000 174,000 222,000
Rights sold during the year (45,000) (192,000) (45,000) (192,000)
Rights unsold at end of year 316,000 187,000 316,000 187,000
           
Included in other receivables (note 19) is $2,723,000 relating to Kyoto Carbon Credits generated and pre-sold (2012: $7,360,000). In addition $647,000 is included in other receivables relating to Kyoto Carbon Credits generated but unsold at the end of the reporting period (2012: $1,178,000).

Renewable Energy Credits

The Group also earns Renewable Energy Credits (RECs) from renewable electricity generation in South Australia. Included in other receivables (note 19) is $1,377,000 relating to RECs generated and pre-sold (2012: $1,438,000). In addition $1,493,000 is included relating to RECs generated but unsold at the end of the reporting period (2012: $1,734,000). This potential revenue source is taken into consideration in the evaluation of generation development projects and in the valuation of the generation assets.