A video version of this article is provided directly below. Written step-by-step instructions are provided below that.
Recurring Transfer/Forward Certificate Transfer
A Recurring Transfer/Forward Certificate Transfer is an automated transfer of certificates over a designated timeframe. Account holders that have a project registered in their account may request that certificates from that specific project be directly deposited into another NYGATS account, or into one of their own Sub-Accounts when the certificates are created. Such a request must occur in advance of the Certificate Creation Date. After the Creation Date, certificates from a Forward Certificate Transfer shall be treated like any other Certificate and may be transferred again, retired, banked or exported.
Setting Up Forward Transfers
To register a Forward Certificate Transfer, the Account Holder will access their Recurring Transfers Module. Select Create New Forward Transfers.
The Forward Transfer Registration screen will ask the account holder to fill out the following forms:
- Forward Certificate Name: Enter a name for the Transfer
- Designate the Project to source the certificates from. If it is a multi-fuel project, select the applicable fuel type
- If this is an intra-account transfer (transfers within the account), select the Active or Retirement Sub-Account to which the certificates should be transferred;
- For Inter-account transfers (transfers to other account holders), select the Account Holder(s) to which the certificates will be transferred.
- For projects under contract with NYSERDA, select the NYSERDA Renewables option to transfer certificates directly to the NYSERDA Renewables Sub-Account.
- Percent or Fixed quantity
- Percentage of certificates that will be transferred each month
- A fixed quantity of certificates to be transferred each month
- Begin Vintage (month/year) - the first month the Forward Certificate Transfer will be executed. Please note that Forward Transfers will not transfer certificates for vintages that have already been issued.
- End Vintage (Month/year) - last month the Forward Certificate Transfer will be executed.
- Priority - Enter the priority of the Forward Certificate Transfer relative to any other Forward Certificate Transfers, if applicable. Leave the Priority defaulted 0 to allow NYGATS to assign the Priority in the order in which the Forward Transfer was received.
- Selecting the All or Nothing radio button will only transfer certificates when all the designated certificates are available to be transferred. For Example, if I designate 100 certificates to transfer each month, but I only generate 99 MWh, the Forward Transfer will not process.
- Selecting Partial Fill will transfer the certificates that are available, even if there is not enough to fulfill the Forward Transfer. For Example, if I designate 100 certificates to transfer each month, but I only generate 99 MWh, the Forward Transfer will process 99 certificates.
When an Inter-account Forward Certificate Transfer is initially requested, the Forward Certificate Transfer will be set to a pending status until the Transferee accepts or rejects the terms of the Forward Certificate Transfer.
NYGATS will send a notice to the transferee asking them if they accept the terms of the Forward Certificate Transfer. Acceptance of the Forward Certificate Transfer means that the transferee accepts all future transfers under the Forward Certificate Transfer request.
After the initial acceptance, the transferee will receive a notice from NYGATS after each time Certificates are deposited into the transferee’s Account. In addition, the notification will explain if the Forward Certificate Transfer deposit was not fulfilled as expected (e.g. as indicated by the original terms of the Forward Certificate Transfer.)
Accepting a Forward Transfer
When receiving a Forward Certificate Transfer, the Pending Transfer will be located in the Forward Transfers Inbox located on the Account Holder's dashboard.
Select the Transfer Name/Alias from the Forward Transfers Inbox to review the Pending Forward Certificate Transfer. The Forward Certificate Transfer can be Accepted or Rejected from the Forward Transfers Inbox
After a Forward Certificate Transfer has been accepted by the Account Holder, the Certificates associated with the Forward Transfer will be automatically scheduled to be deposited directly into the Active Sub-Account of the transferee on each day of issuance for the certificate vintages. The transferor will not at any point have possession of those Forward Certificates.
After Accepting the Forward Certificate Transfer from the Forward Transfer Inbox, the Forward Transfer can be reviewed in the recurring Transfers Report.
