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Market Update | 5 July

  • National Greenhouse and Energy Reporting legislative amendments for the 2024-25 reporting year
  • Expanded energy bill relief for consumers

Amendments to the NGER Scheme Legislation

Recent amendments have been made to the National Greenhouse and Energy Reporting (NGER) Scheme Legislation. These changes will not impact reports due by 31 October 2024 for the 2023-24 reporting year. Key amendments include:

  • Phase-out of Method 1: A staggered phase-out of Method 1 for estimating fugitive methane emissions from coal extraction in open-cut mines covered by the safeguard mechanism will begin in July 2025.
  • Introduction of Method 2B: A new method for 2B for estimating fugitive methane and carbon dioxide emissions from gas flaring in natural gas production, using a mass balance approach.
  • Updates to Method 2:
    • Estimating fugitive methane emissions from produced formation water in oil or gas operations, focusing on onsite operations where methane is captured and recycled.
    • Correcting categorisation of specified instances of Method 1 for natural gas venting activities to align with Method 2 requirements
    • Aligning the estimation of fugitive emissions of greenhouse gases from the injection into geological formations with Method 2 for onshore natural gas production.
  • Reinstatement and Reporting Enhancements:
    • Reinstating a method for estimating methane emissions from mud degassing during oil or gas exploration and development
    • Enabling Market-based reporting of scope 1 emissions from renewable liquid fuels when co-mingled with fossil fuels.
    • Identifying overlap between reported scope 1 and scope 2 emissions.
    • Introducing reporting requirements for landfills emitting over 100 kilotons of CO2 equivalent from non-legacy waste.

These updates, except for the phased-out Method 1 for open-cut coal mines, commence 1 July 2024, applying to the 2024-25 financial year and subsequent years, affecting reports due by 31 October 2025. The phase-out of Method 1 for open-cut coal mines starts progressively from 1 July 2025.

Extension and Expansion of the Energy Bill Relief Fund

The Australian Government is extending and expanding the Energy Relief Bill Fund, committing $3.5 billion to provide electricity bill relief to all Australian households and eligible small businesses in the 2024-25 financial year. Households can expect to receive a $300 rebate on their electricity bill and eligible small businesses will receive a $325 rebate. The rebates will be distributed in quarterly installments throughout the 2024-25 financial year, further supporting Australian households and businesses in managing their electricity costs.

At Ecovantage, we consistently analyse market activity, policy changes, consultation releases, and creation rates in conjunction with wider landscape activity. This allows us to keep our clients at the forefront of all relevant changes, and to leverage the advantage that this presents. Thank you for your continued support, and please reach out if you have any general or project-specific questions.

Bianca Gustini

Bianca Gustini | Business Development Manager, Energy & Carbon Services
Bianca specialises in Retailer Energy Productivity Scheme (REPS) and the NSW Energy Savings Scheme (ESS).

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