Where Australia's renewable energy certificates are trading, and the Clean Energy Regulator's figures on how many are being created, who holds them and who is buying them outside the Renewable Energy Target.

Latest reported prices

LGC spot
$8.50/LGC
Up from $2.90 at 31 March 2026
STC spot
$39.85/STC
Close to the clearing house price all year
STC clearing house
$40.00/STC
Fixed by law, before GST

As at 14 August 2026. Spot prices as reported in the Clean Energy Regulator's Quarterly Carbon Market Report, June quarter 2026, compiled from trades reported by CORE Markets. Indicative only. Trades are bilateral and prices vary by vintage and volume.

LGC prices fell to about $3 in early 2026 as supply ran far ahead of what liable entities must surrender, then recovered to $7 at the end of June and $8.50 by mid-August. Forward prices for every year to 2030 have converged on the spot price. STCs stayed close to the $40 clearing house price.

LGCs created, Q3 2026
15.3m
down 2% on a year earlier
LGCs held, end of Q3 2026
49.0m
across all REC Registry accounts
Voluntary LGC cancellations, Q3 2026
8.0m
outside the RET
STCs created, Q3 2026
6.7m
excluding home batteries

Clean Energy Regulator data to 30 September 2026.

LGCs created each quarter, by technology

  • Wind
  • Solar
  • Hydroelectricity
  • Biomass

Large-scale generation certificates validated in the REC Registry, millions. One LGC is one megawatt-hour of eligible renewable electricity.

0 5 10 15 20 Q4 2021: Wind 8.24, Solar 3.04, Hydroelectricity 0.31, Biomass 0.98, total 12.56 million LGCs Q1 2022: Wind 5.28, Solar 3.47, Hydroelectricity 0.82, Biomass 0.62, total 10.18 million LGCs2022 Q2 2022: Wind 6.36, Solar 2.73, Hydroelectricity 0.09, Biomass 0.35, total 9.53 million LGCs Q3 2022: Wind 8.08, Solar 2.30, Hydroelectricity 0.21, Biomass 0.60, total 11.18 million LGCs Q4 2022: Wind 6.75, Solar 3.28, Hydroelectricity 0.56, Biomass 0.61, total 11.21 million LGCs Q1 2023: Wind 6.81, Solar 4.52, Hydroelectricity 0.89, Biomass 0.84, total 13.07 million LGCs2023 Q2 2023: Wind 7.29, Solar 3.46, Hydroelectricity 0.14, Biomass 0.40, total 11.29 million LGCs Q3 2023: Wind 8.50, Solar 3.09, Hydroelectricity 0.14, Biomass 0.39, total 12.12 million LGCs Q4 2023: Wind 7.66, Solar 4.42, Hydroelectricity 0.27, Biomass 0.78, total 13.13 million LGCs Q1 2024: Wind 7.04, Solar 5.11, Hydroelectricity 1.04, Biomass 0.66, total 13.84 million LGCs2024 Q2 2024: Wind 6.69, Solar 4.03, Hydroelectricity 0.06, Biomass 0.27, total 11.06 million LGCs Q3 2024: Wind 8.54, Solar 3.41, Hydroelectricity 0.11, Biomass 0.51, total 12.57 million LGCs Q4 2024: Wind 8.39, Solar 4.51, Hydroelectricity 0.37, Biomass 0.74, total 14.01 million LGCs Q1 2025: Wind 7.39, Solar 5.89, Hydroelectricity 0.22, Biomass 0.69, total 14.20 million LGCs2025 Q2 2025: Wind 7.61, Solar 4.67, Hydroelectricity 0.09, Biomass 0.59, total 12.96 million LGCs Q3 2025: Wind 10.95, Solar 3.92, Hydroelectricity 0.16, Biomass 0.62, total 15.66 million LGCs Q4 2025: Wind 10.19, Solar 5.63, Hydroelectricity 0.15, Biomass 0.87, total 16.85 million LGCs Q1 2026: Wind 9.62, Solar 6.81, Hydroelectricity 0.22, Biomass 0.57, total 17.23 million LGCs2026 Q2 2026: Wind 9.26, Solar 5.41, Hydroelectricity 0.05, Biomass 0.50, total 15.21 million LGCs Q3 2026: Wind 10.38, Solar 4.48, Hydroelectricity 0.13, Biomass 0.34, total 15.32 million LGCs million LGCs
Show the numbers
LGCs validated per quarter, millions
QuarterWindSolarHydroelectricityBiomassTotal
Q3 202610.384.480.130.3415.32
Q2 20269.265.410.050.5015.21
Q1 20269.626.810.220.5717.23
Q4 202510.195.630.150.8716.85
Q3 202510.953.920.160.6215.66
Q2 20257.614.670.090.5912.96
Q1 20257.395.890.220.6914.20
Q4 20248.394.510.370.7414.01
Q3 20248.543.410.110.5112.57
Q2 20246.694.030.060.2711.06
Q1 20247.045.111.040.6613.84
Q4 20237.664.420.270.7813.13
Q3 20238.503.090.140.3912.12
Q2 20237.293.460.140.4011.29
Q1 20236.814.520.890.8413.07
Q4 20226.753.280.560.6111.21
Q3 20228.082.300.210.6011.18
Q2 20226.362.730.090.359.53
Q1 20225.283.470.820.6210.18
Q4 20218.243.040.310.9812.56

Who holds the LGCs

  • Liable entity
  • Power station
  • Intermediary
  • Non-RET (voluntary)
  • Non-RET (compliance)
  • Non-RET (government)
  • Other

LGCs held in REC Registry accounts at the end of each quarter, millions, grouped by the account holder’s role. Liable entities are the electricity retailers and large users that must surrender LGCs each year.

0 20 40 60 Q4 2023: Liable entity 21.6, Power station 11.9, Intermediary 1.9, Non-RET (voluntary) 4.7, Non-RET (compliance) 1.5, Non-RET (government) 0.9, Other 0.4, total 42.9 million LGCs Q1 2024: Liable entity 5.3, Power station 6.1, Intermediary 0.3, Non-RET (voluntary) 5.0, Non-RET (compliance) 1.7, Non-RET (government) 2.5, Other 0.2, total 21.1 million LGCs2024 Q2 2024: Liable entity 11.3, Power station 7.8, Intermediary 0.9, Non-RET (voluntary) 5.8, Non-RET (compliance) 1.8, Non-RET (government) 0.7, Other 0.3, total 28.6 million LGCs Q3 2024: Liable entity 12.6, Power station 11.9, Intermediary 0.7, Non-RET (voluntary) 7.0, Non-RET (compliance) 1.9, Non-RET (government) 0.8, Other 0.4, total 35.3 million LGCs Q4 2024: Liable entity 18.3, Power station 15.1, Intermediary 1.3, Non-RET (voluntary) 8.2, Non-RET (compliance) 2.0, Non-RET (government) 0.9, Other 0.5, total 46.3 million LGCs Q1 2025: Liable entity 5.2, Power station 8.4, Intermediary 0.6, Non-RET (voluntary) 7.8, Non-RET (compliance) 2.1, Non-RET (government) 2.0, Other 0.3, total 26.4 million LGCs2025 Q2 2025: Liable entity 10.0, Power station 11.0, Intermediary 1.8, Non-RET (voluntary) 9.2, Non-RET (compliance) 2.2, Non-RET (government) 0.9, Other 0.3, total 35.4 million LGCs Q3 2025: Liable entity 13.1, Power station 15.0, Intermediary 2.4, Non-RET (voluntary) 9.3, Non-RET (compliance) 2.3, Non-RET (government) 1.3, Other 0.5, total 43.9 million LGCs Q4 2025: Liable entity 19.1, Power station 19.6, Intermediary 3.8, Non-RET (voluntary) 9.2, Non-RET (compliance) 2.4, Non-RET (government) 1.4, Other 0.6, total 56.1 million LGCs Q1 2026: Liable entity 8.3, Power station 13.5, Intermediary 0.9, Non-RET (voluntary) 9.3, Non-RET (compliance) 2.5, Non-RET (government) 1.2, Other 0.2, total 35.9 million LGCs2026 Q2 2026: Liable entity 11.8, Power station 15.0, Intermediary 2.8, Non-RET (voluntary) 10.7, Non-RET (compliance) 2.6, Non-RET (government) 1.3, Other 0.1, total 44.3 million LGCs Q3 2026: Liable entity 15.1, Power station 17.6, Intermediary 3.8, Non-RET (voluntary) 8.7, Non-RET (compliance) 2.5, Non-RET (government) 1.2, Other 0.1, total 49.0 million LGCs million LGCs
Show the numbers
LGC holdings at quarter end, millions
QuarterLiable entityPower stationIntermediaryNon-RET (voluntary)Non-RET (compliance)Non-RET (government)Other
Q3 202615.117.63.88.72.51.20.1
Q2 202611.815.02.810.72.61.30.1
Q1 20268.313.50.99.32.51.20.2
Q4 202519.119.63.89.22.41.40.6
Q3 202513.115.02.49.32.31.30.5
Q2 202510.011.01.89.22.20.90.3
Q1 20255.28.40.67.82.12.00.3
Q4 202418.315.11.38.22.00.90.5
Q3 202412.611.90.77.01.90.80.4
Q2 202411.37.80.95.81.80.70.3
Q1 20245.36.10.35.01.72.50.2
Q4 202321.611.91.94.71.50.90.4

Voluntary demand: LGCs cancelled outside the RET

  • Voluntary
  • Government
  • Compliance

LGCs cancelled each quarter for reasons other than the Renewable Energy Target, millions: corporate renewable claims and Climate Active, government purchases, and compliance with state rules and approvals. This demand continues after the RET ends.

0.0 2.5 5.0 7.5 10.0 Q4 2021: Voluntary 0.26, Government 0.05, Compliance 1.20, total 1.51 million LGCs Q1 2022: Voluntary 0.62, Government 0.56, Compliance 0.04, total 1.22 million LGCs2022 Q2 2022: Voluntary 0.31, Government 0.04, Compliance 0.00, total 0.36 million LGCs Q3 2022: Voluntary 1.38, Government 2.84, Compliance 0.43, total 4.65 million LGCs Q4 2022: Voluntary 1.07, Government 0.12, Compliance 0.00, total 1.18 million LGCs Q1 2023: Voluntary 1.34, Government 0.64, Compliance 0.10, total 2.09 million LGCs2023 Q2 2023: Voluntary 0.91, Government 2.24, Compliance 0.00, total 3.14 million LGCs Q3 2023: Voluntary 2.28, Government 0.43, Compliance 0.03, total 2.73 million LGCs Q4 2023: Voluntary 0.66, Government 0.10, Compliance 0.00, total 0.75 million LGCs Q1 2024: Voluntary 1.61, Government 0.55, Compliance 0.12, total 2.28 million LGCs2024 Q2 2024: Voluntary 1.28, Government 2.25, Compliance 0.00, total 3.53 million LGCs Q3 2024: Voluntary 1.10, Government 0.35, Compliance 0.13, total 1.57 million LGCs Q4 2024: Voluntary 2.83, Government 0.23, Compliance 0.00, total 3.06 million LGCs Q1 2025: Voluntary 1.92, Government 0.72, Compliance 0.06, total 2.70 million LGCs2025 Q2 2025: Voluntary 1.90, Government 2.50, Compliance 0.11, total 4.50 million LGCs Q3 2025: Voluntary 3.14, Government 0.50, Compliance 0.01, total 3.65 million LGCs Q4 2025: Voluntary 3.92, Government 0.50, Compliance 0.00, total 4.42 million LGCs Q1 2026: Voluntary 3.40, Government 0.62, Compliance 0.05, total 4.08 million LGCs2026 Q2 2026: Voluntary 3.61, Government 1.46, Compliance 0.40, total 5.47 million LGCs Q3 2026: Voluntary 4.23, Government 3.56, Compliance 0.21, total 8.00 million LGCs million LGCs
Show the numbers
Non-RET LGC cancellations per quarter, millions
QuarterVoluntaryGovernmentCompliance
Q3 20264.233.560.21
Q2 20263.611.460.40
Q1 20263.400.620.05
Q4 20253.920.500.00
Q3 20253.140.500.01
Q2 20251.902.500.11
Q1 20251.920.720.06
Q4 20242.830.230.00
Q3 20241.100.350.13
Q2 20241.282.250.00
Q1 20241.610.550.12
Q4 20230.660.100.00
Q3 20232.280.430.03
Q2 20230.912.240.00
Q1 20231.340.640.10
Q4 20221.070.120.00
Q3 20221.382.840.43
Q2 20220.310.040.00
Q1 20220.620.560.04
Q4 20210.260.051.20

New wind and solar farms approved to create LGCs

  • Wind
  • Solar

Capacity of large-scale wind and solar power stations accredited by the Clean Energy Regulator each year, gigawatts. Wind and solar hybrids count as wind. *2026 is to the end of Q3.

0 2 4 6 2018: Wind 0.9, Solar 2.5, total 3.4 GW2018 2019: Wind 1.6, Solar 2.3, total 3.9 GW2019 2020: Wind 2.4, Solar 1.9, total 4.3 GW2020 2021: Wind 0.4, Solar 1.9, total 2.3 GW2021 2022: Wind 1.1, Solar 1.4, total 2.5 GW2022 2023: Wind 0.7, Solar 1.5, total 2.2 GW2023 2024: Wind 2.4, Solar 1.9, total 4.3 GW2024 2025: Wind 1.0, Solar 3.0, total 4.0 GW2025 2026 to Q3: Wind 0.9, Solar 1.2, total 2.1 GW2026* GW
Show the numbers
Approved capacity per year, GW
YearWindSolarTotal
2026 to Q30.91.22.1
20251.03.04.0
20242.41.94.3
20230.71.52.2
20221.11.42.5
20210.41.92.3
20202.41.94.3
20191.62.33.9
20180.92.53.4

STCs created each week in 2026

  • STCs created
  • Required each week

Small-scale technology certificates created per week, thousands, against the 462 thousand a week needed to meet the 2026 small-scale technology percentage (24.1 million for the year). 20.7 million created to the end of Sep. Part weeks at the start and end of a quarter read low.

0 250 500 750 1,000 Week 1 (Jan): STCs created 179 thousand STCsJan Week 2 (Jan): STCs created 401 thousand STCs Week 3 (Jan): STCs created 435 thousand STCs Week 4 (Jan): STCs created 456 thousand STCs Week 5 (Jan): STCs created 355 thousand STCs Week 6 (Feb): STCs created 523 thousand STCsFeb Week 7 (Feb): STCs created 536 thousand STCs Week 8 (Feb): STCs created 458 thousand STCs Week 9 (Feb): STCs created 576 thousand STCs Week 10 (Mar): STCs created 508 thousand STCsMar Week 11 (Mar): STCs created 491 thousand STCs Week 12 (Mar): STCs created 532 thousand STCs Week 13 (Mar): STCs created 520 thousand STCs Week 14 (Apr): STCs created 591 thousand STCsApr Week 15 (Apr): STCs created 605 thousand STCs Week 16 (Apr): STCs created 618 thousand STCs Week 17 (Apr): STCs created 696 thousand STCs Week 18 (May): STCs created 706 thousand STCsMay Week 19 (May): STCs created 843 thousand STCs Week 20 (May): STCs created 610 thousand STCs Week 21 (May): STCs created 513 thousand STCs Week 22 (May): STCs created 535 thousand STCs Week 23 (Jun): STCs created 485 thousand STCsJun Week 24 (Jun): STCs created 474 thousand STCs Week 25 (Jun): STCs created 585 thousand STCs Week 26 (Jun): STCs created 512 thousand STCs Week 27 (Jul): STCs created 365 thousand STCsJul Week 28 (Jul): STCs created 724 thousand STCs Week 29 (Jul): STCs created 446 thousand STCs Week 30 (Jul): STCs created 577 thousand STCs Week 31 (Aug): STCs created 508 thousand STCsAug Week 32 (Aug): STCs created 543 thousand STCs Week 33 (Aug): STCs created 501 thousand STCs Week 34 (Aug): STCs created 476 thousand STCs Week 35 (Aug): STCs created 578 thousand STCs Week 36 (Sep): STCs created 505 thousand STCsSep Week 37 (Sep): STCs created 470 thousand STCs Week 38 (Sep): STCs created 560 thousand STCs Week 39 (Sep): STCs created 467 thousand STCs Week 40 (Sep): STCs created 253 thousand STCs Required each week: 462 thousand STCs thousand STCs
Show the numbers
STCs created per week in 2026, thousands
WeekSTCs created
Week 40 (Sep)253
Week 39 (Sep)467
Week 38 (Sep)560
Week 37 (Sep)470
Week 36 (Sep)505
Week 35 (Aug)578
Week 34 (Aug)476
Week 33 (Aug)501
Week 32 (Aug)543
Week 31 (Aug)508
Week 30 (Jul)577
Week 29 (Jul)446
Week 28 (Jul)724
Week 27 (Jul)365
Week 26 (Jun)512
Week 25 (Jun)585
Week 24 (Jun)474
Week 23 (Jun)485
Week 22 (May)535
Week 21 (May)513
Week 20 (May)610
Week 19 (May)843
Week 18 (May)706
Week 17 (Apr)696
Week 16 (Apr)618
Week 15 (Apr)605
Week 14 (Apr)591
Week 13 (Mar)520
Week 12 (Mar)532
Week 11 (Mar)491
Week 10 (Mar)508
Week 9 (Feb)576
Week 8 (Feb)458
Week 7 (Feb)536
Week 6 (Feb)523
Week 5 (Jan)355
Week 4 (Jan)456
Week 3 (Jan)435
Week 2 (Jan)401
Week 1 (Jan)179

Based on Clean Energy Regulator material licensed under a Creative Commons Attribution 4.0 licence. Source: Clean Energy Regulator, Quarterly Carbon Market Report data workbook, data to 30 September 2026. Prices are not from this dataset. Processed by ElectraGlobe. Informational only, not financial advice.

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What LGCs and STCs are

Australia's Renewable Energy Target works through two kinds of certificate, both created in the Clean Energy Regulator's REC Registry.

A large-scale generation certificate (LGC) represents one megawatt-hour of electricity from an accredited renewable power station, such as a solar farm, wind farm or hydro station. Power stations create LGCs as they generate and sell them, usually under a power purchase agreement or on the spot market.

A small-scale technology certificate (STC) is created up front when a rooftop solar system, solar water heater, heat pump or, since July 2025, a home battery is installed. Installers usually take the STCs in exchange for a discount on the price, so most households never see them.

Who has to buy them

Electricity retailers and other liable entities must surrender certificates every year for a share of the electricity they buy. For LGCs that share is the renewable power percentage (RPP). For STCs it is the small-scale technology percentage (STP), set so that the year's STC supply is absorbed. A liable entity that falls short pays a shortfall charge of $65 per MWh, which is not tax deductible. That charge acts as a ceiling on what liable entities will pay for a certificate.

Companies, governments and GreenPower customers also buy LGCs voluntarily and cancel them to back renewable electricity claims. That demand is shown in the chart above and does not depend on the Renewable Energy Target.

Why STCs sit near $40

The STC clearing house buys STCs at a fixed $40 (before GST), but sellers can wait weeks or months to be paid when it has a queue. Most STCs therefore trade on the open market just under $40, and the spread tells you how much supply is waiting.

Why LGC prices fell

The large-scale target of 33,000 GWh a year was met years ago, and renewable generation has kept growing. Far more LGCs are now created each year than liable entities need to surrender, so the surplus held in registry accounts has grown and prices have fallen. The scheme ends in 2030, which limits how long any surplus can be used.

After 2030: Guarantees of Origin

The Renewable Energy Target ends on 31 December 2030. The Guarantee of Origin scheme, which started in late 2025, runs alongside it and continues after it. It issues certificates for renewable electricity that buyers can use to back their claims, and it is expected to take over the voluntary demand that LGCs serve today.

Related

Frequently asked questions

What is an LGC?

A large-scale generation certificate. One LGC represents one megawatt-hour of electricity generated by an accredited renewable power station. Retailers and other liable entities buy them to meet their obligations under the Renewable Energy Target, and companies buy them voluntarily to back renewable electricity claims.

What is the current LGC price?

The latest price on this page is the spot price reported in the Clean Energy Regulator's most recent Quarterly Carbon Market Report, with the date it applies to. LGCs trade bilaterally through brokers, so the price on a given day depends on the trade, the vintage and the volume.

Why did LGC prices fall so far in 2026?

Supply is far ahead of demand. The large-scale target was met years ago, renewable generation keeps growing, and the surplus of LGCs held in registry accounts has kept rising. With the scheme ending in 2030, there is little time left to use that surplus.

What is an STC, and why is its price close to $40?

A small-scale technology certificate, created when rooftop solar, a solar water heater, a heat pump or a home battery is installed. The government clearing house buys STCs at a fixed $40 before GST, so the open-market price stays just below $40, lower when there is a queue to be paid.

Who has to buy LGCs and STCs?

Electricity retailers and other liable entities that buy electricity from the grid. Each year they surrender LGCs for the renewable power percentage of their purchases and STCs for the small-scale technology percentage, or pay a shortfall charge of $65 per MWh.

What happens to LGCs after 2030?

The Renewable Energy Target ends on 31 December 2030, and no LGCs are created after that. Renewable electricity is then certified under the Guarantee of Origin scheme, which already runs alongside the Renewable Energy Target.

How does a solar or wind farm create LGCs?

The power station is accredited by the Clean Energy Regulator, then creates LGCs in the REC Registry for each megawatt-hour of eligible generation, net of its own use and any baseline. Revenue from LGCs is usually sold with the electricity under a power purchase agreement.

Where does the data on this page come from?

The charts are drawn from the Clean Energy Regulator's Quarterly Carbon Market Report data workbook, licensed under Creative Commons Attribution 4.0, and are refreshed automatically each quarter. The prices are as reported in the same report, compiled from trades reported by CORE Markets.

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