Electric Service Providers will make transfers to the REC Portfolio Sub-Account to mirror and support their annual Portfolio filing with the Commission. Credits in this sub-account will remain in Active status until the Portfolio Sub-Account has been reviewed and approved by the Commission.
A Michigan Electric Service Provider (ERP) Account is the only type of Account that can Retire Credits for PA295. However, other account types can make Voluntary Retirements
REC Portfolio Sub-Account
Portfolio Sub-Accounts are automatically created annually in MIRECS and a separate Portfolio Sub-Account will be created for each filing year.
Following the creation of the Portfolio Sub-Account, Electric Service Providers can proceed to transfer Credits to the Portfolio Sub-Account(s). Credits can be transferred into the Portfolio Sub-Account and from the Portfolio Sub-Account to other Sub-Accounts until the Account is ‘submitted’ to the Commission (see #4 below).
The exception to this is for Credits for which PA 295 eligibility expires prior to submission of the REC Portfolio Sub-Account. For these Credits, the following applies:
- The Credits must be transferred to the Portfolio Sub-Account prior to the expiration of the PA 295 eligibility.
- The Credits can only be transferred to a Portfolio Sub-Account for the Filing Year that is equal to or prior to the year in which the PA 295 eligibility will expire.
- If the Credits are in the Portfolio Sub-Account before the PA 295 eligibility expires, they will retain the eligibility for the specific filing Year.
- After the expiration date has been passed the Credits can no longer be transferred to or from a Portfolio Sub-Account.
Transferring Credits to a Portfolio Sub-Account
To transfer active Renewable Energy Credits (RECs) to a Sub-Account, please take the following steps:
- In the Account Dashboard, locate the Account Status module.
- Under the Account Status module, Click on an ‘Active’ RECs link.
Note: The user can also Click other Credit positions to access the transfer screen.
- In the Active credit screen, select the batch(es) of Credits that you wish to retire.
- Clicking the top box in column A will select all Credits on the visible page.
- Adjust transfer quantity as needed for each row selected.
- Review the “Total Quantity” to transfer and Click [Batch Transfer].
Summary of Steps in Credit’s Transfer Screen (Steps 3, 4, and 5):
- The user is then taken to the “Transfer Credits” screen to finalize where the Credits will be transferred.
- Click the “REC Compliance” radio button and choose the Portfolio sub-account for the appropriate filing year.
- Verify all details of the transfer are accurate and Click [Submit] to complete the portfolio retirement of Credits.
Note: User may need to continue transferring Credits until the annual REC Portfolio Amount is met.
Submit Annual Portfolio Filing to the Michigan Public Services Commission (MPSC)
To satisfy PA 295, Michigan Electronic Service Providers are required to transfer eligible credits into their Annual Annual REC Portfolio Sub-Account and submit, through MIRECS, the completed Sub-Account to the Michigan Public Service Commission for approval.
Note: Submitting the REC Portfolio Sub-account for Commission review will lock the Credits in place.
To submit the Annual Portfolio filing for approval, please complete the following steps:
- Log into MIRECS.
- Locate the “Open Sub-Account” module and select the hyperlinked ‘Sub-Account Name’ to access the relevant REC Portfolio (Active) Sub-Account.
- From the Edit Sub-Account screen, Click on the link to ‘Portfolio Report’
- In the REC Portfolio Report, Click on the [Submit] button.
Note: The REC Portfolio Report featured above, will display the quantity achieved and the quantity still needed to meet the annual requirement. The report will also show how many of the Credits are Renewable Energy Credits (RECs), Incentive Renewable Energy Credits (IRECs), Energy Waste Reduction Credits (EWRs), and whether the Credits are from projects owned by the Electric Service Provider.
MPSC Review of Annual Portfolio Filing
The Commission will receive an automatic notification that a report has been submitted for their review. After their review, the Commission can elect to either ‘approve’ or ‘reject’ the REC Portfolio Sub-account. Approval will result in the Credits being Retired permanently in the REC Portfolio Sub-account associated with the given filing year. Rejection will reopen the applicable REC Portfolio Sub-Account to allow the Account Holder to amend their filing which they can resubmit the Sub-account for Commission review. Status of the Poftolio Sub-Account can be accessed via the Portfolio Report.
Please reference the Annual REC Portfolio Filling and EWR Compliance for more information on Annual Portfolio Filings, including:
- Portfolio (Formally Compliance) Overview
- Portfolio Report
- MIRECS Annual Reporting and Transferring Certificates to a REC Portfolio Sub-Account
Information on Compliance for Energy Waste Reduction can be found in the Energy Waste Reduction (EWR) section of the MIRECS Help Center.
Note - There is a different process for Voluntary Retirments and more detailed information can be found through Voluntary Retirements (link here)