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  • Graham Harris

ALBERT gets an upgrade...and now includes EPCs

Since we introduced ALBERT back in January, our little bot has been faithfully crunching the numbers on Offset Credit activity in the Alberta carbon market, providing weekly snapshots of new credit registrations, retirements, transactions and so on.

We've decided it was time ALBERT got his first upgrade - which, you'll be glad to hear, is more than just the fresh coat of paint, couple of new, red buttons and a hastily scrawled graffiti 'II' on his carapace - and so ALBERT now includes tracking of both Offset Credits AND Emission Performance Credits (EPCs).

Adding in EPCs gives a more complete picture of the supply of compliance credits in the Alberta marketplace, as OCs and EPCs are essentially interchangeable once they are created.

An important contextual note to understand the volumes of EPCs vs OCs, however, is with regards to how they are created and, therefore, when they show up in the registry.

OCs are created by voluntary greenhouse gas emissions reduction projects and can be verified and registered as often as a project developer likes. Thus, as ALBERT shows, there are already vintage year 2022 OCs on the market (and there have been for several months).

By contrast, EPCs are created as part of the compliance reporting cycle for large final emitters. Compliance reporting is done in June each year, for the preceding calendar year. Thus, 2021 compliance reporting was only done a couple of months ago, and any requests for EPCs from this time must be processed and approved by Alberta Environment and Parks. So you'll see on ALBERT that there are currently no vintage year 2022 EPCs (and there won't be until sometime after June 2023) and also currently very few vintage year 2021 EPCs (a number that will probably increase over the coming months as EPC requests are approved and issued by AEP). In other words, there is a significant lag between when EPCs are generated and when they are approved and registered.

For now...ALBERT would appreciate you checking out his new handiwork. Thoughts/comments on his update and/or suggestions for further improvements are most welcome.

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