avatar CertiQ B.V. Services
  • Location: GELDERLAND 
  • Founded: 2001-07-23
  • Website:

Pages

  • Page 1

    2011 Annual Report


  • Page 2

    CertiQ BV 2011 Annual Report 1 Foreword 3 2 Results for 2011 4 2.1 Key figures 4 2.2 Guarantees of Origin imported and exported 5 2.3 Financial results 6 3 Financial statements for 2011 8 Appendix: Our partners 20 Publication details 22 (table of content clickable) 2 CertiQ BV 2011 Annual Report


  • Page 3

    Foreword Demand for sustainably generated electricity continues to rise. In 2011 almost 22% Another interesting development in 2011 is that the Netherlands has decided to more certificates were cancelled than in the previous year. Certificates are cancelled stimulate sustainable heat production. The Ministry of Economic Affairs, Agriculture when end-users purchase sustainably generated electricity. So the rise in cancellations and Innovation has announced a subsidy scheme and asked CertiQ to certify indicates that demand for sustainable electricity, from companies or private consumers, sustainably generated heat. We are happy to participate in this, because it is in line has increased considerably. The number of certificates issued – representing sustainable with our goal of certifying all sustainably generated energy. In fact, we want to go electricity produced in the Netherlands – also rose in comparison to 2010. Yet there a step further: our goal is to certify both grey and green energy, to make the major was also a large increase in the number of certificates imported in 2011, showing that, challenges that the energy sector will face in the coming decades more transparent. as demand increases, the international market is becoming more important. CertiQ provides clarity. Clarity is in the interests of consumers, large and small, These and other developments are reflected in our results for 2011, presented in this because it enables them to have more influence on how the energy we use annual report. CertiQ has decided to publish the annual report digitally, as we did is generated. last year. The digital age offers us a way to communicate that is in line with our customers’ wishes. It is designed to be clear and accessible, and to meet the needs J. van der Lee, MSc B.G.M. Voorhorst, MSc of our wide range of customers. That is also the idea behind the new CertiQ website, Manager CertiQ BV Operational Director TenneT TSO BV which was launched in 2011. The sustainable energy sector is changing in several respects. We are increasingly becoming prosumers rather than consumers. Because at one moment we may generate electricity for our own use and at another time supply electricity to or draw it from the grid, the system is getting more and more dynamic. Another aspect is that the high-volume market is no longer only nationally oriented. In 2011 we began to create a new certification system which will ensure that our services continue to meet the needs of users. Soon it will be possible for producers to see their measured production volumes, and the status of their registration, online using the ‘My CertiQ’ application. Our new system will also connect to the European hub, the platform for European certificate trading. The finishing touches will be put on this application in the coming months, so in 2012 there will be a platform on which certificates – including those issued in other European countries – can be traded simply and quickly. The goal is to strengthen the national and European market for certificates, while guaranteeing the quality and reliability of Guarantees of Origin. 3 CertiQ BV 2011 Annual Report


  • Page 4

    Results for 2011 2.1 Key figures Certificate production in 2011 was four percent higher than in 2010. The volume of biomass production declined by 1.2 percent in comparison to 2010, while wind At the end of 2011, CertiQ had registered a total of 10,371 production plants production increased by 13.1 percent. This is because 2011 was a relatively windy year. for sustainable electricity. This is 36 percent more than in 2010. Table 1 provides an overview of the number of participants in our certification system. Figure 1 shows the number of certificates issued per month for each energy source. Table 1 Participants in the Guarantee of Origin system Figure 1 Certificates issued for Dutch sustainable electricity x 1,000 MWh 31 December 2011 31 December 2010 1,600 Number of production plants 10,371 7,599 1,500 Number of traders 50 53 1,400 Number of aggregators 2 2 1,300 1,200 1,100 In 2011, CertiQ issued Guarantees of Origin for 11,127,420 megawatt-hours of sustainable 1,000 electricity generated in the Netherlands. These certificates relate mainly to generation 900 in 2011, with a small contribution from generation in previous years. Table 2 breaks 800 this total down for the various sources of energy. 700 600 Table 2 Guarantees of Origin issued in 2010 and 2011 500 400 Guarantees of Origin (MWh) issued in 2011 2010 300 Wind Biomass 6,420,707 6,499,822 200 Solar Wind 4,621,012 4,086,331 100 Hydro-electric Hydro-electric 63,560 104,437 0 Biomass 2009 2010 2011 Solar 22,141 10,704 Total 11,127,420 10,701,294 4 CertiQ BV 2011 Annual Report


  • Page 5

    The number of certificates cancelled in our system (that is, the total consumption Figure 2 Imports of sustainable electricity of sustainable electricity in the Netherlands) again grew considerably last year, x 1,000 MWh from 27,450,124 megawatt hours in 2010 to 33,478,114 megawatt hours in 2011. 3,500 This is an increase of 22.0 percent. 3,250 3,000 2,750 2.2 Guarantees of Origin imported and exported 2,500 2,250 Imports of sustainable electricity increased by almost 10 terawatt hours last year 2,000 (to 25,533,863 megawatt hours). This increase is related to the larger number 1,750 of cancellations: while more Guarantees of Origin were issued in the Netherlands, 1,500 this was not sufficient to satisfy the higher demand. 1,250 1,000 Exports grew strongly in 2011, to 3,293,122 megawatt hours. It is unclear whether 750 there is a single cause for this. In contrast to imports, we cannot see when and 500 Wind whether exported Guarantees of Origin are cancelled in the destination country, 250 Hydro-electric or whether they are traded to another country. 0 Biomass 2009 2010 2011 Table 3 Overview of imports and exports Figure 3 Imports of Guarantees of Origin by country of origin Imports and Exports in MWh 2011 2010 Imports 25,533,863 15,987,028 Exports 3,293,122 416,963 Figure 2 shows that the certificates imported in 2011 again related mainly to hydro- 8% Denmark electric power, which is by far the most important source of sustainably generated 7% Finland 4% The Netherlands electricity in Europe. 67 % Norway 1% Austria 13 % Sweden 5 CertiQ BV 2011 Annual Report


  • Page 6

    Guarantees of Origin can be traded within Europe. Figure 3 shows the countries 2.3 Financial results of origin of the GOs imported by the Netherlands in 2011. The 4 percent of GOs whose origin is the Netherlands have been first exported and then imported again. Table 5 summarises the costs and revenues for 2011 (in euros). Table 4 Changes in the stock of certificates in MWh Table 5 Financial result 2011 2010 Invoiced revenue 2,091,377 2,507,955 Changes in the stock of certificates 2011 2010 To adjust in tariffs - 436,803 - 425,577 Certificates issued 11,127,420 10,701,294 Revenue as per the annual accounts 1,654,574 2,082,378 Imports 25,533,863 15,987,028 Increase in the stock of certificates 36,661,283 26,688,322 Operating costs 1,669,248 2,089,490 Domestic transfers 9,255,721 7,653,900 Trading results - 14,674 - 7,112 Financial costs and income 14,674 7,112 Cancellations 33,478,114 27,450,124 Result - - Certificates for electricity generated 589,044 572,784 for the producer’s own use Exports 3,293,122 416,963 Invoiced revenue in 2011 was 16.6 percent less than in 2010. This is because we Expired 408,439 653,335 reduced our tariffs for issuing and cancelling certificates by 35 percent compared Decrease in the stock of certificates 37,768,719 29,093,206 to 2010 (in addition to the 2009 tariff cut of 25 percent for issuing and cancelling Changes in the stock of certificates -1,107,436 -2,404,884 certificates and the 20 percent cut in the tariff for domestic transfers). If the tariffs had not been reduced, our revenue in 2011 would have increased, because of increases in the number of participants and the volume of certificates issued and traded. 6 CertiQ BV 2011 Annual Report


  • Page 7

    Operating costs fell by 20.1 percent in comparison to 2010 for three reasons: - Lower depreciation charges (the fixed assets from the period up to 2011 have been fully written off, and there was no depreciation on Source in 2011 since this was not yet being used). - Lower costs for process automation (fewer hours were required for the management and maintenance of the existing certification system). - Lower personnel costs (because some personnel costs, relating to the development of Source, have been capitalised and because the costs of general management were lower). CertiQ sets its tariffs on a cost-recovery basis. Any difference between invoiced revenues and operating costs is cleared by adjusting tariffs in later years (see the annual accounts, under the heading ‘Rights and obligations not evident on the balance sheet.’) The difference for 2011 is € 436,803. At the end of 2011 the balance to be adjusted in tariffs was -€ 2,510,536. In 2010 it was decided, in consultation with the Participants’ Council, to reserve € 750,000 of this for Source. Chapter 3 provides more detailed explanations of the financial results. 7 CertiQ BV 2011 Annual Report


  • Page 8

    Financial statements for 2011 Balance at 31 December 2011, after appropriation of profits 9 Profit and loss account for 2011 9 Cash flow statement for 2011 10 General notes 10 Notes to the balance sheet at 31 December 2011 after appropriation of profits 13 Notes to the profit and loss account for 2011 15 Other information 18 Auditor’s opinion 18 8 CertiQ BV 2011 Annual Report


  • Page 9

    Balance at 31 December 2011, after appropriation of profits (in euros) Profit and loss account for 2011 (in euros) Assets Ref. 31 December 2011 31 December 2010 Ref. 2011 2010 Fixed assets 1 Revenue 6 1,654,574 2,082,378 Intangible fixed assets 1,576,517 - Operating costs 7 Tangible fixed assets - 127,844 Systems for process automation 391,379 485,785 1,576,517 127,844 Hiring of personnel 574,180 719,404 Liquid assets Depreciation on tangible and intangible fixed assets 132,888 265,849 Claims 2 Costs of general management 570,801 618,452 Receivables 299,498 399,151 1,669,248 2,089,490 Associated companies 783,716 1,822,459 Operating result -14,674 -7,112 1,083,214 2,221,610 Financial costs and income 8 Interest received 14,674 7,112 Liquid funds 3 - - 2,659,731 2,349,454 Pre-tax profit - - Tax - - Liabilities Ref. 31 December 2011 31 December 2010 Result after tax - - Equity 4 Share capital 18,000 18,000 18,000 18,000 Current liabilities 5 Accounts payable 10,060 54,071 Accrued liabilities 121,135 203,650 Prepayments received 2,510,536 2,073,733 2,641,731 2,331,454 2,659,731 2,349,454 9 CertiQ BV 2011 Annual Report


  • Page 10

    Cash flow statement for 2011 (in euros) Our goal is to facilitate trading in sustainable energy by issuing and managing production certificates. Production certificates, such as Guarantees of Origin, 2011 2010 are created to prove the production of sustainably generated energy and for electricity from high-efficiency combined heat and power plants (CHP). The certificates for Cash flow from operational activities sustainable energy are eligible for subsidies under two legally established schemes: To adjust in tariffs 436,803 425,577 the Sustainable Energy Production Incentives (SDE) scheme and the Environmental Depreciation on tangible and intangible fixed assets 132,888 265,849 Quality of Electricity Generation Act (MEP). They are also nationally and Working capital: internationally tradable. - Changes in claims 99,653 13,803 - Changes in current liabilities -126,526 -174,463 All shares in CertiQ are held by TenneT. 542,818 530,766 Notes to the summary of cash flows Cash flow from investments The summary of cash flows has been drawn up according to the indirect method. Investments in intangible fixed assets - 1,581,561 - Changes in the current account -1,038,743 530,766 Estimates In applying the principles and rules for drawing up the annual accounts, General notes the management of CertiQ BV makes various assessments and estimates that may be essential for the amounts shown in the annual statements. Where the nature Nature of the business operations of these evaluations and estimates must be disclosed to offer the reader the level TenneT TSO BV (further referred to as TenneT), the Transmission System Operator and of understanding required under Article 2:362, sub 1 of the Netherlands Civil Code administrator of the national high-voltage grid, has been designated by the Minister (BW), the notes to the relevant item in the annual statements explain the nature of Economic Affairs, to establish an E-certificate system. TenneT established CertiQ BV of the evaluations and estimates, and the corresponding assumptions. to set up this system and implement the activities associated with it. 10 CertiQ BV 2011 Annual Report


  • Page 11

    Principles for the valuation of the assets and liabilities Liquid assets Claims are valued – when first entered – at the real value of the reciprocal amount General that is expected to be received. Trading receivables are valued after the first entry The annual accounts are drawn up in accordance with the provisions of Part 9, at the amortised unit cost. If payment on the receivable is postponed under Book 2, of the Netherlands Civil Code (BW), and the guidelines for annual reports an agreement extending the payment deadline, its real value is decided on the basis applicable to small legal persons, as published by the Foundation for Annual of the cash value of the expected revenues, and adjustments are made to the ‘interest Reporting (Raad voor de Jaarverslaggeving). The valuation principles are based received’ item in the profit and loss accounts. Provisions for bad debts are subtracted on historic costs and unit costs. from the book value of the receivable. Comparison with the previous year Liquid funds The valuation principles and method of determining the result are the same as The liquid funds are bank balances with a term shorter than twelve months. those used in the previous year. Current liabilities Fixed assets The current liabilities are valued at nominal value when first entered. The tangible and intangible fixed assets are valued at the original purchase price or After the initial entry, they are valued at the amortised cost. production cost, after deducting linear depreciation based on the asset’s economic life. An allowance is made for a long-term loss of value that is anticipated on the balance date. 11 CertiQ BV 2011 Annual Report


  • Page 12

    Principles for determining profit and loss Financial instruments and risk management Revenue Price risks Under Article 6, paragraph 6 of the Ministerial decision on Guarantees of Origin for CertiQ is not subject to any price risks. renewable electricity, the national transmission system operator may charge the cost of managing production certificates to producers, customers, suppliers and traders. Credit risks There are exceptions for some categories, for which the Minister of Economic Affairs, CertiQ does not face any significant concentrations of credit risk. The credit risk is very Agriculture and Innovation bears the costs (see article 6, paragraph 7 of the Ministerial limited because the payment of invoices is a condition for trading in certificates. decision on Guarantees of Origin). There are almost no write-offs of receivables. The Board of TenneT fixes the tariffs each year, after hearing advice from Liquidity the Participants’ Council. Any difference between actual costs and invoiced Our liquidity risk is slight. CertiQ has a current account with TenneT Holding BV. revenues is adjusted in future tariffs. Operating costs Costs are decided on a historical basis and allocated to the year to which they relate. Depreciation on tangible fixed assets The depreciation on tangible fixed assets is decided in line with the asset’s expected economic life, using the linear method. Financial costs and income Interest received and interest charges are spread over the relevant period, in line with the effective interest rate for the assets and liabilities concerned. Taxes Because CertiQ adjusts the difference between invoiced revenues and operating costs in the tariffs of subsequent years, there can be no fiscal profit and no tax payable. 12 CertiQ BV 2011 Annual Report


  • Page 13

    Notes to the balance sheet at 31 December 2011, after appropriation Tangible fixed assets of profits (in euros) Software is included as a tangible fixed asset. In 2011 the software was fully depreciated (the depreciation term was three years). At the beginning of 2006, the software that 1 Fixed assets TenneT developed for our use was capitalised on the balance sheet and ownership was transferred to CertiQ. Intangible fixed assets The book value of the tangible fixed assets is as follows (in euro): The new website has been categorised as an intangible fixed asset, with a depreciation Software 2011 2010 period of three years. The new certificate system (Source) is also treated as an intangible Total Total fixed asset. Depreciation on Source will begin when it is taken into service. The book value of the intangible fixed assets is as follows (in euros): As at 1 January Purchase price 2,062,873 2,062,873 Software 2011 Cumulative depreciations Intangible fixed Intangible and devaluations 1,935,029 1,669,180 assets fixed assets in Total formation Book value as of 1 January 127,844 393,693 As of 1 January Capitalisations - - Purchase price - - - Commissioning costs - - Cumulative depreciations and Disinvestments, at book value - - devaluations - - - Depreciation -127,844 -265,849 Book value as of 1 January 0 0 0 Changes -127,844 -265,849 Capitalisations - 1,490,756 1,490,756 Commissioning costs 90,805 - 90,805 As of 31 December Disinvestment, at book value - - - Purchase price 2,062,873 2,062,873 Depreciation -5,044 - -5,044 Capitalisations - - Changes 85,761 1,490,756 1,576,517 Cumulative depreciations and devaluations 2,062,873 1,935,029 As of 31 December Book value as of 31 December 0 127,844 Purchase price 90,805 1,490,756 1,581,561 Capitalisations - - - Cumulative depreciations and devaluations 5,044 - 5,044 Book value as of 31 December 85,761 1,490,756 1,576,517 13 CertiQ BV 2011 Annual Report


  • Page 14

    2 Claims 5 Current liabilities Receivables Accounts payable The receivables are all claims with a remaining term of less than a year. The accounts payable are all liabilities with a remaining term of less than a year. No allowances for bad debts have been deducted from this item. Accrued liabilities Associated companies This relates to accumulated paid holidays and outstanding charges, consisting mainly of This item refers to the current account with TenneT. The year ended with a positive a reserve for audit fees and the costs of the annual report and the hiring of personnel. balance of € 783,716. The balance on the current account at TenneT attracts interest. Prepayments received 3 Liquid funds This relates to the difference between invoiced revenue and our operating costs. This amount will be adjusted with the market actors in future tariffs. Tariffs are fixed The liquid funds consist of bank balances with a term shorter than twelve months. annually in consultation with the Participants’ Council. The liquid funds are automatically transferred to TenneT’s current account, through a daily cash pool. The balance of ‘prepayments received’ has changed as follows (in euros): 2011 2010 4 Equity Balance as at 1 January -2,073,733 -1,648,156 Change -436,803 -425,577 Share capital Balance as at 31 December -2,510,536 -2,073,733 The authorised capital of the company is € 90,000, divided into 900 shares of € 100 each. Of these, 180 shares have been issued and paid up. 14 CertiQ BV 2011 Annual Report


  • Page 15

    Rights and obligations not evident on the balance sheet Notes to the profit and loss accounts for 2011 (in euros) CertiQ, with TenneT and its subsidiaries, is part of one fiscal entity for company tax and sales tax purposes. On the basis of the standard conditions as laid out by 6 Revenue the taxation authorities at the time the fiscal entity was established, CertiQ is primarily liable for the company tax and sales tax liabilities of the whole fiscal entity. During the reporting period, participants were invoiced on the basis of previously set tariffs. The amount needed to cover costs was € 1,669,248. The difference in our CertiQ has made four agreements to hire staff from other employers. The first is an favour between this and the invoices issued will be accumulated with differences agreement for the structural provision of legal advice (term: January - December 2012). brought forward from previous years and will be adjusted in tariffs for the coming years. The second is a contract for external technical advice relating to our field of operations (term: January - December 2012). The third is a contract to supply a project leader Revenue (in euro): for the new certification system (term: January - April 2012) and the fourth contract 2011 2010 covers an in-house customer accounts manager (term: January - December 2012). Invoiced revenue 2,091,377 2,507,955 These contracts stipulate the hourly rate to be charged for the use of these staff services. To adjust in tariffs - 436,803 - 425,577 Total 1,654,574 2,082,378 It has been agreed with the Participants’ Council that the accumulated ‘Prepayments received’ should be reduced by means of: 1 The structural introduction of a post-facto calculation, with proportional refunds The invoiced revenue can be broken down as follows (in euros): as required, for 2012 and in the following years; 2011 2010 2 The complete abolition of participation fees for solar panels Registration fees 825 72,725 (assuming 9,000 such installations, this means a € 225,000 reduction); Membership fees 372,937 303,700 3 A single, reduced, participation fee for all traders, resulting in a € 75,000 reduction. Issuing certificates 325,493 506,545 4 Keeping other tariffs unchanged from those of 2011. Certificate transfers 304,662 192,463 Certificate cancellations 979,244 1,235,256 It was also agreed with the Participants’ Council in 2010 to use € 750,000 of Other income 108,216 197,266 the accumulated prepayments balance for our new certification system (Source). Total 2,091,377 2,507,955 This system is expected to be operational in the second quarter of 2012. CertiQ has investment obligations in relation to the implementation of Source. 15 CertiQ BV 2011 Annual Report


  • Page 16

    Certificates A charge for CertiQ team members working on TenneT projects and projects for third The lower tariffs for issuing and cancelling certificates and the abolition of registration parties has been deducted from the personnel costs for permanent staff. The personnel fees for producers led to lower revenues. The higher revenue from membership fees is costs have fallen in comparison to 2010 because some of the personnel costs, relating to mainly due to the registration of solar power plants. The higher revenue from certificate the development of Source, have been capitalised. transfers is mainly due to increases in imports and exports. The personnel costs can be broken down as follows (in euros): Other income 2011 2010 The other income consisted largely of amortisation of the invoiced contributions from Hired from TenneT 512,402 696,337 the NL Agency and EnerQ for past investments, which were required to implement Hired from third parties 61,778 23,067 the MEP and SDE(+)-Sustainable Energy Production Incentives schemes. The remainder Total 574,180 719,404 of these prepaid contributions was included under accrued liabilities and was fully amortised during 2011. Depreciation on tangible and intangible fixed assets 7 Operating costs Since 2006, the tangible fixed assets have been capitalised in our balance sheet, whereas previously they were included in TenneT’s balance sheet. The depreciation Costs of systems for process automation for tangible fixed assets has decreased because the fixed assets from the period before The costs of systems for process automation have fallen because fewer hours were 2011 have been completely written off. The new website went live in November 2011 devoted to the existing certification system. The hours charged by the Automation and depreciation on it began from that moment. The new certification system, Source, Department were devoted mainly to our new certification system (Source) and not is not yet in service. Depreciation is expected to begin as soon as the application comes to the existing application. The new system is scheduled to be brought into service on line in the second quarter of 2012. in the second quarter of 2012. Costs of general management Hiring of personnel The costs of general management include all the expenses related to premises, CertiQ does not have its own employees, it hires them in. In 2011, the average number consultancy fees, the office, travel and accommodation. of hired staff was 11.6 FTE (2010: 12.5 FTE). These employees are all seconded from TenneT. The staff level at the end of 2011 was 11.7 FTE (2010: 11.9 FTE). 16 CertiQ BV 2011 Annual Report


  • Page 17

    8 Financial costs and income Interest received This item refers to the interest received on the balance of our current account at TenneT. The increase in interest income is caused by the higher average interest rate, in comparison to 2010. 9 Transactions with associated parties The transactions with associated parties are all transactions with TenneT TSO BV. The transactions and balance sheet positions at the end of 2011 between CertiQ and TenneT TSO BV are as follows (in euros): 2011 2010 Software development 1,581,561 - Reimbursements 1,183,563 1,407,885 Interest charges - - Interest earned 14,674 7,112 Current account credit 783,716 1,822,459 Current account debt - - Arnhem, 23 April 2012 Management of CertiQ BV 17 CertiQ BV 2011 Annual Report


  • Page 18

    Other information Auditor’s opinion Appropriation of profits To the General Meeting of the shareholders of CertiQ BV The appropriation of profits is set out in article 29 of the statutes. This reads as follows: Opinion concerning the annual accounts 1 Profits will be distributed in accordance with the provisions of this article after adoption of the annual accounts showing that this is justified. We have audited the annual accounts of CertiQ BV Arnhem for 2011, included 2 The profits are at the disposal of the general meeting. on pages 8 to 17 of this annual report and consisting of the balance sheet as 3 The company may only make distributions to the shareholders and other persons at December 31, 2011, the statement of profit and loss for 2011, and the notes, entitled to the profit intended for distribution insofar as the shareholders’ equity including an overview of the accounting principles used in the financial reports exceeds the issued capital plus the reserves that must be maintained by law. and other notes. 4 A deficit may only be offset against the reserves prescribed by law to the extent permitted by law. Responsibility of the management The management of the company is responsible for preparing financial statements, which must faithfully represent the assets and results of the company, and for preparing the annual report. Both must be in accordance with Part 9, Book 2, of the Netherlands Civil Code (BW). The management is also responsible for whatever internal management it considers necessary to ensure that the annual accounts can be prepared in such a way that they contain no inaccuracies of tangible importance as a result of fraud or error. Responsibility of the auditor Our responsibility is to issue an opinion on the financial statements based on our audit. We have conducted our audit in accordance with Dutch law, including Dutch audit standards. These require us to comply with the ethical norms applicable to us and to plan and perform the audit in such a way as to obtain reasonable assurance that the financial statements are free of material misstatements. 18 CertiQ BV 2011 Annual Report


  • Page 19

    An audit includes activities to obtain audit information about the amounts and Report on other legal and regulatory requirements the notes to the financial statements. The choice of activities to be performed depends on the professional judgement of the auditor, including his evaluation of the risk Pursuant to the legal requirement under 2:393 sub 5 parts (e) and (f) of the Netherlands of misstatements of material importance resulting from fraud or errors. Civil Code, we report that we have examined whether the annual report has been prepared in accordance with Part 9 of Volume 2 of the Netherlands Civil Code and For purposes of this risk evaluation, the auditor considers the internal control system whether the information required under Section 2:392 sub 1 paragraphs (b) to (h) that is relevant for the preparation and fair presentation in the annual accounts, has been annexed to the annual report and, so far as we can form a judgement, in order to plan audit activities suited to the circumstances. However his purpose is we have found no deficiencies. We also state that the annual report, in so far as not to produce an opinion about the effectiveness of the internal management of we can form a judgement, is in line with the requirements regarding annual financial the company. An audit also includes an evaluation of the suitability of the accounting statements, as set out in Section 2:391 sub 4 of the Netherlands Civil Code. principles used for financial reporting and of the reasonableness of estimates made by the company’s management, as well as evaluating the overall presentation in Arnhem, 23 April 2012 the financial statements. PricewaterhouseCoopers Accountants NV Original signed by C.J.A.M. Romme, MA, RA We believe that the audit information that we have obtained is adequate and suitable as a basis for our opinion. Opinion In our opinion, the financial statements give a true and fair view of the magnitude and composition of the assets of CertiQ BV as of 31 December 2011 and of its result for 2011, in accordance with Part 9, Book 2, of the Netherlands Civil Code. 19 CertiQ BV 2011 Annual Report


  • Page 20

    Appendix: Our partners. CertiQ has active partnerships with a number of parties in the sustainable energy Regional grid operators sector, including: Regional grid operators are responsible for the transmission of electricity over the public electric grid. In relation to CertiQ, the grid managers are responsible for TenneT TSO BV assessing applications to register generating plants and for periodically sending TenneT TSO BV is Europe’s first cross-border grid operator for electricity. With 20,000 CertiQ measurements of electricity production. kilometres of high voltage lines and 35 million end-users in the Netherlands and Germany TenneT ranks among the top five grid operators in Europe. Their focus is Metering companies to develop a Northwest European energy market and to integrate renewable energy. Metering companies are responsible for installing and maintaining electricity meters, TenneT established the certification system for renewable electricity, on behalf of for collecting the data from the meters and for passing this data on to the regional the Ministry of Economic Affairs (as it was then called). CertiQ manages this system, grid operator. which is linked to TenneT’s electronic infrastructure, on behalf of TenneT. TenneT is the only shareholder in its subsidiary CertiQ. Electricity producers The producers generate electricity and supply it to the electric grid, or consume it The NL Agency on site. CertiQ issues Guarantees of Origin for renewable electricity. In the case of The NL Agency (Agentschap NL) is part of the Ministry of Economic Affairs, Agriculture CHP production, CertiQ can issue CHP certificates and Guarantees of Origin for high- and Innovation. The NL Agency implements government policies on innovation and efficiency CHP. For electricity from other sources, CertiQ can, on request, issue energy sustainable development, and manages the SDE(+) and MEP subsidy schemes, labelling certificates. which support the generation of renewable electricity that is certified by CertiQ. Traders Ministry of Economic Affairs, Agriculture and Innovation Traders conclude agreements with producers regarding the purchase of Guarantees Among its many activities, the Ministry of Economic Affairs, Agriculture and Innovation of Origin or other certificates. A producer of sustainable electricity informs CertiQ is responsible for policy making in relation to sustainably generated electricity. which trader they deal with. CertiQ credits the corresponding Guarantees of Origin CertiQ systematically coordinates its policies with the Ministry regarding developments to the account of this trader. A trader can trade the certificates or use them as proof that affect CertiQ. of delivery to end-users. The Office of Energy Regulation Energy suppliers The Office of Energy Regulation (Energiekamer) is the regulator for the Dutch energy sector. Energy suppliers are companies that purchase energy (including grey and green power) Among its duties are to supervise the correct implementation and compliance with and sell it to commercial and private users. Thus it is the energy suppliers who have the Electricity Act of 1998 and the legal schemes that are implemented by CertiQ. supply contracts with electricity customers. Every energy supplier in the Netherlands that wishes to supply green electricity must have a certificate account with CertiQ. 20 CertiQ BV 2011 Annual Report


  • Page 21

    Participants’ Council CertiQ established the Participants’ Council to ensure the desires of its participants are satisfied in an optimal way. Its members represent the interests of all participants in the certification system. These include producers, traders (including foreign traders operating in the Netherlands), and representatives of several large energy suppliers. In drawing up its annual plan, CertiQ greatly values the advice given by the Council. Association of Issuing Bodies (AIB) The AIB is an international partnership of certification bodies. CertiQ is a member of the AIB. The members of the AIB issue Guarantees of Origin and/or RECS certificates. The AIB seeks to standardise certification systems to facilitate international trade. For this purpose it has developed a common standard: the European Energy Certificate Standard (EECS). In its new Renewable Energy Directive of 2009, the European Commission has made many elements of the EECS mandatory. CertiQ mainly exchanges certificates with the following national issuing bodies: VREG (Belgium), Energinet.dk (Denmark), Grexel (Finland and Sweden) and Statnett (Norway). Statistics Netherlands (CBS) CertiQ sends monthly statistics on the electricity generation it has certified to the CBS. This is done on the basis of an agreement between TenneT/CertiQ and the CBS. The CBS processes the data for its publications. 21 CertiQ BV 2011 Annual Report


  • Page 22

    CertiQ BV is a subsidiary of TenneT TSO BV, the Dutch Transmission System Operator and network manager of the national electric grid. CertiQ BV is responsible for the certification of sustainably generated electricity, on behalf of the Dutch government. It issues certificates, also called Guarantees of Origin, which enable end users to verify the origin of the green power supplied to them. In addition, this certification is an important instrument for facilitating the trade in sustainably generated electricity, and producers of this electricity can use the certificates to obtain subsidies. CertiQ BV Utrechtseweg 310 6812 AR Arnhem PO Box 718 6800 AS Arnhem The Netherlands T +31 (0)26 373 16 58 F +31 (0)26 373 11 58 servicedesk@certiq.nl www.certiq.nl © This annual report is a digital publication by CertiQ BV, Arnhem Text Jan van der Lee (CertiQ), Ben Voorhorst (TenneT), Translation Michael Gould Associates BV Design Loep ontwerp, Arnhem Published April 2012 22 CertiQ BV 2011 Annual Report


  • Page 23

  • View More

Get the full picture and Receive alerts on lawsuits, news articles, publications and more!