Skip to content

Files

Latest commit

 

History

History
170 lines (129 loc) · 7.47 KB

fullsection4.6.md

File metadata and controls

170 lines (129 loc) · 7.47 KB

Section 4.6: Transactions

Section 4.6.1: Transferring Certificates between Organizations

M-RETS Users may transfer active Certificates to:

  1. Another Organization

  2. Another active Account

  3. To a compatible tracking system

After a User initiates a transfer ("Transferor"), the transferred Certificates enter a 'Pending' state. This effectively "freezes" the Certificates and the System will prevent the Transferor from making additional transfers of Certificates in Pending status.

The Pending Transactions table lists all Pending Transactions for both the Transferor and Transferee. Once the Transferee confirm the transfer, both the Transferor and Transferee receive an email if their notifications are enabled.

The Transferor may cancel any transfer before a Transferee confirms the transfer by withdrawing the transfer in the Pending Transactions table. The Transferee may reject a transfer prior to acceptance. M-RETS will notify both the Transferor and Transferee should either party withdraw or reject a transfer.

Section 4.6.2: Certificate Imports

A Compatible Certificate Tracking System is a generation tracking system that has an operating agreement with M-RETS. Only a Compatible Certificate Tracking System may import Certificates into M-RETS. Similarly, M-RETS can only export Certificates to a Compatible Certificate Tracking System. M-RETS supports open and transparent markets.

Using the M-RETS API, M-RETS supports allowing imports and exports between all Certificate tracking systems in North America, including allowing for the import/export of imported/exported Certificates. If a current system does not have import/export with M-RETS, please contact them and ask them to establish a connection.

Certificates may be imported into M-RETS by a process of conversion. Conversion entails retiring the Certificate from the exporting tracking system and creation of a corresponding M-RETS Certificate. When the new M-RETS Certificate is issued, all data fields will remain with the imported Certificate, and the Certificate serial number will be structured in a way to identify it as a Certificate that originated in a Compatible Tracking System.

To import Certificates into M-RETS, the M-RETS User must arrange for the transfer of Certificates from the counterparty privately. In general, as with all transfers, the party in possession of the Certificates must initiate the transfer. Therefore, the transferor will notify their system administrator of the desire to export Certificate(s) from their system into M-RETS, along with the information about the transferee, such as name and M-RETS Account number. The administrator of the transferor's tracking system will then communicate with M-RETS of the Certificate pending Certificate conversion. M-RETS will then notify the M-RETS User of the transfer and ask them to accept or reject the transfer. If the User accepts the transfer, the conversion of Certificates will ensue. Such a conversion will involve the export of the Certificate from the exporting system, and the issuance of a new Certificate by M-RETS. The converted Certificate will designate the system of origin and M-RETS will maintain a record of the serial number that was assigned in the exporting system. Through a coding system, the M-RETS serial number will identify the Certificate as imported and the tracking system of origin.

If the User rejects the import, M-RETS will notify the administrator of the other system, and no Certificate conversion will take place.

Section 4.6.3: Automatic Recurring Transfers

Users may request Automatic Recurring Transfers of Certificates from any Generator Fuel Type to the following:

  1. One internal Account

  2. Multiple internal Accounts

  3. An external Organization within M-RETS

  4. A Compatible Certificate Tracking System (Export)

In the registration of Automatic Recurring Transfer, the transferor must indicate:

  1. Generator

  2. Generator Fuel

  3. Vintage Dates

  4. Destination (Account, Multiple Accounts, External Organization, Compatible Tracking System)

  5. Percentage or Maximum Number of Certificates

After a User initiates an Automatic Recurring Transfer ("Transferor"), the Automatic Recurring Transfer enters a 'Pending' state. The receiving Organization ("Transferee") then receives an email detailing the pending Automatic Recurring Transfer.

The Transferee must accept each transfer in the System prior to the deposit of the Certificates in the Transferee's Account. Please note: An acceptance of an Automatic Recurring Transfer does not automatically accept subsequent transfers. The System requires a manual acceptance by the Transferee in case of an unwanted or incorrect Automatic Recurring Transfer.

A User may set up multiple Automatic Recurring Transfers. However, each Generator Fuel Type may only be associated with one Automatic Recurring Transfer. For example, if your Generator uses both Biomass and Liquid Biomass, you will be able to create an Automatic Recurring Transfer for the Biomass and a separate Automatic Recurring Transfer for the Liquid Biomass. Single-fuel Generators may only set one Automatic Recurring Transfer at a time.

Each Automatic Recurring Transfer will be set up based on percentage of Certificates or a maximum number of Certificates. If less Certificates are issued than the maximum number specified, the total number of Certificates issued will transfer. If the Certificates are transferring to multiple Accounts, Users may prioritize the receiving Accounts. If there is a remainder, the User-set priority determines where to deposit the remaining Certificates.

Section 4.6.4: Irrevocable Automatic Recurring Transfers

From a technical standpoint, Irrevocable Automatic Recurring Transfers are like Automatic Recurring Transfers. However, only M-RETS can edit an Irrevocable Automatic Recurring Transfer. A change requires written electronic consent from the Transferor and Transferee. During the creation of an Automatic Recurring Transfers, Users can select an option to apply Irrevocable status to the Automatic Recurring Transfer.

Section 4.6.5: Export of Certificates

M-RETS can only export Certificates to a Compatible Certificate Tracking System. For Certificates that are exported, the cooperative agreements between the tracking systems handle how to prevent double counting.

To export Certificates from M-RETS to a Compatible Tracking System, the M-RETS User must select the batch of Certificates to export from an active Account and initiate a transfer using the Export Transfer option. The User must identify the following information:

a. Compatible Certificate Tracking System

b. The name of the intended recipient of the exported RECs

c. System ID of the party receiving the transfer (if available)

After initiation, the designated Certificate is placed in a "pending" status to ensure that the Certificates cannot be inadvertently transferred or sold. M-RETS will communicate with the Administrator of the Compatible Certificate Tracking System and arrange for the transfer of Certificates. If the Compatible Certificate Tracking System accepts the transfer, the Certificates will be removed from the M-RETS User's active Account. The status of the Certificates will be changed from "export pending" to "exported."

Section 4.6.6: Re-Import of Exported Certificates

M-RETS allows imports of previously exported Certificates. If any data fields were lost when the Certificate was originally exported, these fields will be repopulated with the original data when the Certificate is re-imported.