Each MIRECS account holder will be able to organize its Credits into different types of Sub-Accounts to allow users to perform a number of specific functions.
The following Sub-Account types are available in MIRECS:
- Active Sub-Account
- REC Portfolio and EWR Compliance Sub-Account
- Retirement (Voluntary) Sub-Account
- Bulletin Board Sub-Account
1. Active Sub-Account
The Active Sub-account is a sub-account of an Account Holder’s
Account and is the holding place for all Active Credits. If the Account Holder is the
owner of a Generating Unit, or is the Responsible Party of a Generating Unit, their Active
Sub-account will be the first point of deposit for any Credits created that are associated
with the Project ID number, unless the Credit is subject to a Forward Credit Transfer. An
Active Sub-account may be associated with one or more Projects.
3.1 Deposits to Active Sub-Accounts
There are three ways that Credits are deposited in an Active Sub-account.
(a) Within an Account, Credits can be transferred from one Active Sub-account
or Bulletin Board Sub-account to another.
(b) An Account Holder can accept a transfer of Credits from another Account
(c) Credits can be generated by a Project and deposited by the MIRECS
3.2 Transfers from Active Sub-Accounts
There are two ways to withdraw or remove Credits from Active Sub-accounts:
(a) Transfer the Credits to the Account of another Account Holder.
(b) Transfer the Credits to another of the Account Holder’s own Sub-accounts
2. REC Portfolio and EWR Compliance Sub-Accounts
REC Portfolio and EWR Compliance Sub-Accounts are automatically created annually in MIRECS and a separate Sub-Accounts will be created for each filling year.
Following the creation of the REC Portfolio and EWR Compliance Sub-Accounts, Utility Service Providers can proceed to transfer Credits to the applicable Sub-Account(s). Credits can be transferred into and out of REC Portfolio and EWR Compliance Sub-Accounts until ‘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 and EWR Compliance Sub-Accounts . For these Credits, the following applies:
- The Credits must be transferred to the REC Portfolio and EWR Compliance Sub-Accounts prior to the expiration of the PA 295 eligibility.
- The Credits can only be transferred to a REC Portfolio and EWR Compliance Sub-Accounts 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 REC Portfolio and EWR Compliance Sub-Accounts before the PA 295 eligibility expires, they will retain the eligibility for the specific Compliance Year.
- After the expiration date has been passed the Credits can no longer be transferred to or from a REC Portfolio and EWR Compliance Sub-Accounts.
3. Retirement Sub-Account
Retirement Sub-account is used as a repository for Credits that the Account Holder wants to retire for voluntary purposes. Once a Credit has been transferred into a Retirement Sub-account, it cannot be transferred again to any other Account
Note: An Account Holder may want to Retire Credits for any number of reasons, including, but not limited to, Retiring on behalf of the Indirect Owners of the Credits or making claims about the environmental quality benefits of the Credits.
There are three ways that Credits are deposited in a Retirement sub-account:
(a) Within an Account, Credits can be transferred from an Active Sub-account or a Bulletin Board Sub-account to a Retirement Sub-account.
(b) An Account Holder can accept a transfer of Credits from another Account Holder directly into a Retirement Sub-account.
(c) A Forward Transfer can be set up by the Account Holder to automatically deposit Credits into a Retirement Sub-account. Credit Retirement can only be initiated by an Account Holder in respect of the Credits in its Account.
4. Bulletin Board
The Bulletin Board Sub-account is a sub-account of an Account Holder’s Account and is the holding place for all Active Credits that the Account Holder has posted for sale on the Bulletin Board.