The following Energy practice note produced in partnership with James Stanier of Gowling WLG provides comprehensive and up to date legal information covering:
Renewables Obligation Certificates (ROCs) (see Practice Note: Renewables Obligation (RO)—key features) in the UK are traded through a bilateral market. There is no prescribed form regarding trades. However, the ROC Trading Master Agreement (ROCTMA) has established itself as a standard form of ROC trading document, and is widely used by renewable electricity generators, electricity suppliers and ROC traders to document a bilateral agreement regarding the sale and purchase of ROCs.
A copy of the ROCTMA, published in March 2005 by the Futures and Options Association (now known as the FIA (which originally stood for Futures Industry Association)), is publicly available on the FIA website: Renewables Obligation Certificate Trading Master Agreement.
While the Renewables Obligation is now closed to new projects, ROCs will continue to be issued until the introduction of a ‘fixed price certificate scheme’, which is expected to launch in 1 April 2027 (see government consultation: Transition from the Renewables Obligation to Contracts for Difference).
As noted above, there is no prescribed form regarding ROC trades in Great Britain, so bespoke forms of contract can be used. The ROCTMA is the only publicly available form of contract.
Trades pursuant to ROCTMAs are for specific quantities of ROCs. This is of course distinguishable from the position under a typical power purchase agreement (see: Power purchase
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