3 Brokers downgraded, page-26

I just see it as EPW saw the loophole, took advantage and now others have sour grapes.
I'm assuming EPW plan is to take the franked divs now, holding the certificates and selling once the price is over their target mark.

From the Origin energy website: (https://www.originenergy.com.au/business/commercial-and-industrial/context/lrec.html)

"The LRET creates a financial incentive for large businesses investing in the growth of renewable energy through Large-scale Generation Certificates (LGC or LREC). These certificates are traded through the wholesale market and as with other commodities, demand and supply impact price levels. “Liable entities” are incentivised to acquire and surrender a certain amount of LRECs in order to avoid paying a large-scale generation shortfall charge."

So if the govt changes the rules because of this move by EPW (as in your example above) that will mean there is less supply available to be traded, and therefore a higher price on the certificates in circulation?

I think EPW are backing themselves in that the certificates are going to be worth significantly more in a couple of years than they are now.