Brumbypat - just did some more investigation and it seems that...

Brumbypat - just did some more investigation and it seems that the compliance rate for 2016 is 12.75% for LRECS by themselves. From last years half yearly and annual, it shows that EPW's load for the first half of calendar year 2016 was 9.1 Twh, and they said that FY2017 would be about 18.5 Twh - so that means say 9.2Twh for the second half of calendar year 2016 which means a total of 18.3 Twh for 2016. If we apply the 12.75% then we get approximately 2.33m LRECs required. EPW have said they are paying a penalty on 1.9m so I assume that means they will surrender the difference of 433,000 - which is surrender of about 18.5% leaving a penalty on 81.5% of their obligation - so obviously they are surrendering some - hence why I don't get it - if they are so valuable whatever you believe why not pay the penalty on all of them, why surrender some and pay the penalty on others.... that's what I don't get - seems they are slightly hedging their bets are they?