Procedure for Preferential Allocation of the i-RECs to Eligible Companies under Dubai D33 Industry Friendly Policy

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Procedure for Preferential Allocation of the i-RECs to Eligible Companies under Dubai D33 Industry Friendly Policy

Introduction

The i-REC (International Renewable Energy Certificates) system represents an internationally applicable I-REC tracking framework allowing end-users to express demand for specific types of renewable generation and enable credible demonstration of renewable energy consumption.

International Renewable Certificates (i-RECs) represent the attributes of electricity generated from renewable energy source. These attributes are unbounded from physical electricity and can be sold or traded separately.

i-RECs are particularly useful to the companies with a target to source 100% renewable energy for compliance purposes by using offsetting mechanisms.

Procedure for Preferential Allocation of the i-RECs to Eligible Companies under Dubai Industry Friendly Policy

How to apply

Procedure for Preferential Allocation of the i-RECs to Eligible Companies under Dubai Industry Friendly Policy

In November and May of each year, DEWA will issue formal notification on the i-RECs sale to Eligible Companies for the coming 6 months, starting from January for Term 1 and from July for Term 2.

Eligible Companies will be given the opportunity twice a year to submit offers for buying DEWA’s i-RECs for two Terms (Term 1: January – June and Term 2: July – December) before any i-RECs are offered to other parties.

The notification will include applicable prices (as per the approved DEWA pricing slab) and approved minimum lot.

Eligible Companies will be given a window of 3 weeks to submit their firm bids, signed by authorised signatory, for the purchase of the entire i-RECs volume they expressed their interest in, for the specific Term.

DEWA will consolidate the requests received and reserve the total volume of i-RECs that will be delivered to the Eligible Companies once the 6-month period (Term 1 or Term 2) has elapsed.

DEWA will confirm the approved allocation to the Eligible Companies and proceed with contractual arrangements via a Single Delivery Agreement.

Once the 6 – month period has elapsed (for both Term 1 or Term 2), DEWA will deliver the i-RECs in the Registry upon receiving prior payment as per the Single Delivery Agreement. 

 

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