A video version of this article and below are written step-by-step instructions for making manual transfers in the NYGATS.
Before an NYGATS User can initiate a Certificate Transfer in the NYGATS system, the following two things need to have happened first:
- The user has an Active Account in NYGATS (Please refer to the NYGATS Training: Account Registration)
- The NYGATS Account Holder has an Active Project with Issued Certificates or has previously received a transfer of Certificates from another NYGATS Account Holder in the NYGATS system (Please refer to the NYGATS Training: Registering Operational Non-NYISO Projects in NYGATS)
Once you are ready to initiate a transfer, log into NYGATS and locate the Account Status Module from your Dashboard.
Select on the hyperlinked value next to 'Active', which is a bit further down in this module under 'Account Activity'.
This will take you to a screen which allows you to select from the various blocks of Certificates that you have in your account.
From this view, you will see that you have access to a number of different tabs, each of which represents the different Sub-Account types that you have in your account. If you have certificates in any of these Sub-Accounts, you have to ability to initiate a transfer of those Certificates to another NYGATS account holder (other than from Retirement Sub-Accounts, as transfers out of Retirement Sub-Accounts is prohibited).
Sticking with the Active Sub-Account option, locate the block, or block(s) of Certificates that you would like to transfer. From the left hand column, check each row that you would like included in the transfer to your counterparty.
Once selected, if you want to edit the individual quantity of each block of Certificates, you can do so.
You will notice that as you add blocks, and/or edit the quantity of each block, the number in the 'Total Quantity' field above will update with each change.
Once satisfied with your selection(s), select the 'Batch Transfer' button.
You will not be taken to the “Transfer Certificates” screen. At the top of this screen will be a summary of the Certificate blocks you have selected.
Underneath this, will be the various transfer options that you have.
Since we are doing a transfer to a counterparty, we will select from the “Another Account Holder” option. Select the radio-button on the form, and then select your counterparty from the drop-down.
REC Transfers to NYSERDA can be completed using the NYSERDA Renewables option. Only RECs that receive NYSERDA Funding can use the NYSERDA Renewables transfer option.
If you are unable to locate your counterparty in the drop-down, it could mean one of the following:
- Your counterparty does not have an Active account in NYGATS
- Your counterparty may have a different account name for purposes of the transfer
In either case, please reach out to both the NYGATS Administrator and your counterparty to inquire.
Once you have located your counterparty, select the “Submit” button at the bottom of the screen. You will be prompted to confirm the transfer request in order for the action to be completed.
Once you confirm the transfer request, Your RECs will be transferred.
You will be taken back to the “Certificates in Subaccount” page.
At this point, the NYGATS System will have initiated an email notification to your counterparty, as well as a receipt to yourself.
From here, you can confirm for yourself that the transfer has been initiated by viewing your Outbox.
Return to the Dashboard, and find your Outbox module – generally located in the left hand side of the screen.
You will see that your transfer is pending acceptance by your counterparty. If you were able to view into your counterparty’s account, you would see a similar view, except it would be found in their Inbox.
From here, if you need to withdraw the transaction, you could – simply select the Withdraw link next to any block you would like to withdraw, or select the boxes, and select “Withdraw Selected”. Otherwise, the transfer will remain pending until your counterparty has confirmed the transfer.
If you are the recipient of the transfer, and you need to confirm a transfer – then please do the following:
Locate your Inbox, and the pending incoming transfers that you would like to confirm.
Select the boxes next to each block of Certificates
Select the “Accept Selected” option.
From here, you will be prompted to choose a destination Sub-Account for the Certificates to be deposited into. Once selected, accept the choice and complete the transfer.
At this point, email notifications will be sent to both yourself and your counterparty, and your Certificates will be moved to the Active Sub-Account you selected. You can confirm deposit by viewing all Certificates in your Active Sub-Account via the Account Activity Module, and balance in the “Active” option in this module.
Note - After 14 days, including the day the transfer was initiated, a pending transfer will be canceled and re-deposited into the transferor’s Active or Banked Subaccount, whichever it was sourced from originally.
Other Articles Related to Transfer Rules
- Accepting a Certificate Tranfer
- Annual Trading Period Window
- Recurring Transfers/Forward Certificate Transfer
- Transfer Renewable Energy Certificates to Another Account Holder (Manual Transfers)
- What are the NYGATS Banking Rules?
- Compliance Retirements - EDP Sub-Account