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    CertiQ B.V. 2007 Annual Report focus

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    1 Foreword 3 Focus on transparancy 2 Developments 6 2.1 Certificates issued in 2007 6 2.2 Sustainable Energy Production Incentives (SDE) 7 2.3 Green gas 8 2.4 Sustainable criteria for biomass 8 2.5 Examination by the General Auditor’s Office 9 2.6 Turning ‘grey’ electricity green 9 2.7 CertiQ’s income fluctuations 10 2.8 International developments 11 Focus on accessibility 3 CertiQ 14 3.1 The certification system 14 3.2 Overview of tariffs 16 3.3 Organisational structure 16 3.4 Corporate Governance Code 17 Focus on interests 4 Results for 2007 22 4.1 Key figures 22 4.2 Imported and exported Guarantees of Origin 23 4.3 Tables relating to CHP certificates 26 4.4 Financial results 27 Focus on meticulousness 5 Annual accounts for 2007 31 Focus on solutions Appendix: CertiQ works together with … 46 Address and publication details

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    CertiQ B.V. 2007 Annual Report

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    A good focus provides a head start. By focusing accurately, you get more information from what you see, and can turn seeing into knowing. People who have the right focus in their work find solutions faster.

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    Foreword In 2007, ‘focus’ was a key concept for CertiQ. In managing the certification system for sustainable electricity, our organisation had to focus strongly on a variety of new developments. The sustainable energy sector has been evolving rapidly for some time, both in terms of production and with respect to the policy framework. This dynamic environment has affected our work. In 2007 we had to focus on a number of complex questions. New situations had to be properly represented in the certification system that we manage. Our people also worked hard last year to optimise the functioning of this system, which makes it possible to verify the origin of sustainable electricity. The above is sufficient in itself to indicate that CertiQ is not the organisation that its parent company TenneT founded in 2001. We have gradually widened our focus. CertiQ is no longer only an implementing agency; we now also participate in policy design. Thanks to substantial accumulated learning by doing, CertiQ can now contribute to establishing new schemes and applications, nationally and internationally. Various parties in this field, such as the Ministry of Economic Affairs, the Office of Energy Regulation (EK) and the Association of Issuing Bodies (AIB) made grateful use of CertiQ’s policy focus during the past year. In 2007, CertiQ noted a further increase in the number of producers of sustainable electricity. The total number of certificates issued last year was lower than in previous years, partly because less electricity was generated from biomass. In the commercial and private markets there is increasing interest in green electricity, and the Dutch government is also explicitly promoting growth. The ‘Clean and Economical’ programme of works that was launched last autumn is an indication that the government wants to make the Netherlands a pioneer in Europe in the field of climate policy and energy management. One of the goals is that 20% of total energy consumption in 2020 should come from sustainable sources. Naturally, we are happy to contribute to achieving this goal. We hope that this Annual Report gives you a good picture of CertiQ’s activities and the developments in our field over the last year. As noted above, in the past year we have been repeatedly confronted with the theme of ‘focusing.’ This Annual Report reflects that theme. In addition to the company figures, you will find five short entr’actes in this report, in which members of CertiQ’s staff present their personal focus in their work. Mr. G.C. van Dijk Ir. B.G.M. Voorhorst Manager of CertiQ B.V. Operational director of TenneT TSO B.V. 3 CertiQ B.V. 2007 Annual Report

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    ‘ ‘I want to make things visible. As a policy maker for CertiQ I want to shine the spotlight on the experience and knowledge that our people have accumulated in practice, so that those who are working on new laws and regulations can see clearly what’s being done, what can be improved and what we can achieve through it. In fact I’m always focused on transparency, for example when I write memoranda or reports. Our sector is going through a period of rapid change. Given this situation, it’s important for all those involved to keep an overview. I’m happy to contribute to that.’ Michael Lenzen

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    Focus on transparency

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    Developments 2.1 Certificates issued in 2007 As in 2006, the number of producers participating in the certification system 1) grew in 2007. Nevertheless the total volume of certified megawatt hours declined by 23.4%. The majority of the electricity certified in the reporting year was generated by biomass plants, wind turbines and Combined Heat & Power (CHP) plants. Leaving aside the CHP plants, the distribution of certified domestic generation from sustainable sources was as follows: 46.8% from biomass, 51.4% from wind energy, 1.7% from hydro-electric and less than 0.2% from solar energy. This distribution shows that generation from hydro-electric and solar power is marginal. In 2007, CertiQ had fifteen small hydro-electric plants and 617 producers of solar energy (mainly households) on its registers. The number of registered biomass generators increased by 31 in 2007, taking the total number to 159. The newcomers are mainly small-scale biogas and manure processing plants. This increase can be explained by the special transition regulations for subsidies for this category of biomass plants. However, this scheme falls outside the former scheme for the environmental quality of electricity generation (the MEP scheme), because no subsidy can be granted for applications for sustainable energy that were submitted by EnerQ after 18 August 2006. Although the number of separate biomass generators increased in 2007, the certified quantity of biomass electricity declined substantially, by 2,399,275 megawatt hours. The reduction in MEP subsidy rates for large-scale biomass plants (in 2006) had a negative effect on the total electricity generated from biomass in 2007. In general, it is striking how much influence subsidies have had on the production of sustainable electricity. For example, a favourable subsidy rate for raw wood as a fuel led to a rise in production from wood. Thanks to a more than normally windy year and higher wind generation capacity, 2007 was an excellent year for wind generation. The new wind park off the coast at Egmond aan Zee contributed substantially to the growth in installed capacity. At the end of 2007 the total capacity was 1,837 megawatts. In the reporting year, certificates were issued for 3,449,637 megawatt hours of wind-generated electricity. That is 890,000 megawatt hours more than in 2006. 1) By ‘producers’ CertiQ means actual production plants. 6 CertiQ B.V. 2007 Annual Report

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    The same development was evident for CHP as for biomass: an increase in the number of producers (by 211), but a reduction in the total volume of certified electricity (by 1,500,000 megawatt hours). This decline was caused by a regulation dating from 2006 which stipulates that CHP plants older than ten years are no longer eligible for certificates. This meant that a number of the larger CHP producers are no longer registered. The new registrations were mainly smaller CHP producers in the greenhouse sector. On the demand side of certification, we observed some growth in 2007. The number of ‘redeems’ (certificates written off as used) increased, from 14,566,964 megawatt hours in 2006 to 16,620,449 megawatt hours in 2007. This increased demand for sustainable electricity came mainly from companies and institutions. The concept of socially responsible business operations is leading more and more organisations to implement concrete measures in the field of sustainability. And the Netherlands too appears to be responding to Al Gore’s 2) exhortations . To meet domestic demand, much more sustainable electricity was imported last year than in 2006. Imports rose from about 9 million to more than 12 million megawatt hours. 2.2 Sustainable Energy Production Incentives In July 2007 it was announced that there would be a successor to the former MEP scheme in the course of 2008: the Sustainable Energy Production Incentive Scheme (abbreviated as SDE in Dutch). The SDE, like the MEP, is a long-term incentive scheme, but there are a number of important differences. The SDE will subsidise not only electricity from sustainable sources and CHP but also other forms of renewable energy such as green gas. In contrast to the MEP, the amount of the subsidy under the SDE is variable, because it is linked to changes in energy prices. The SDE is a more comprehensive scheme, which gives the Ministry of Economic Affairs better administrative tools for stimulating the production of sustainable energy. SenterNovem, an agency of the Ministry of Economic Affairs, will implement the SDE scheme. The management of existing long-term MEP contracts will also be the responsibility of SenterNovem from the beginning of 2009. The Minister, who is seeking more policy synergy, prefers to have one office dealing with subsidies relating to energy. This means that our 2) In his documentary ‘An Inconvenient Truth’ former Vice President of the United States, Al Gore, called for a different way of dealing with energy sources to prevent further global warming. 7 CertiQ B.V. 2007 Annual Report

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    sister organisation EnerQ, which is presently implementing the MEP, will eventually be wound up. For CertiQ this will mean the end of a very fruitful and stimulating partnership with EnerQ. We are now turning our focus to SenterNovem, an organisation that has a great deal of expertise and with which we have in the past had good experience. In fact SenterNovem is already one of CertiQ’s steady partners. Since the end of 2006 we have worked closely together on the Transition Scheme for the anaerobic fermentation of manure. 2.3 Green gas Last year the Dutch government announced that it is considering also stimulating the production of ‘green’ gas from biomass plants. Any subsidy scheme will be shaped to fit within the SDE scheme mentioned above. If green gas is to be made fit for delivery through the national gas network, it must be treated. A number of biomass plants in the Netherlands are already able to do this. If green gas is to be subsidised, a certification scheme will be required, just as with green electricity. Last year CertiQ had initial discussions on this topic with the Ministry of Economic Affairs, SenterNovem and the N.V. Nederlandse Gasunie. CertiQ is happy to make its knowledge available for the establishment of a well-designed system for certifying green gas. 2.4 Sustainability criteria for biomass In 2007, following the publication in 2006 of a report on the criteria for sustainable biomass production, CertiQ was part of an advisory group that held further discussions as to the norms which Dutch law should stipulate regarding biomass. In past years it has been felt that there is insufficient knowledge about the origin of biomass and how it has been produced. It is important that the inputs for biomass energy production should comply with clear sustainability criteria. These sustainability criteria will be part of the new subsidy scheme (SDE). 8 CertiQ B.V. 2007 Annual Report

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    2.5 Examination by the General Auditor’s Office In March last year the General Auditor’s Office published a report on its study ‘Green Electricity: 2007 in Retrospect.’ This study examined whether the Ministry of Economic Affairs had taken heed of the recommendations of the auditor’s office dating from 2004 regarding the government’s green electricity policy. The auditor’s office was generally positive about the improvements implemented since 2004. For example, the power supply companies are now reporting more clearly to their customers regarding the composition of the electricity they supply. The power supply companies base their claims about the green part of the energy they supply on guarantees of origin from CertiQ. This is in fact a legal requirement. CertiQ advocates the same form of product labelling for ‘grey’ electricity. While energy suppliers do already inform the consumer about the composition of the ‘grey’ electricity (from nuclear energy, gas and coal) they supply, the method that CertiQ proposes would enable a more accurate picture to be given. The report of the auditor’s office also pointed out that at the international level there is still no uniform way of formulating goals for green electricity policies. Some European countries apply a goal for the production of sustainable electricity, while others, such as the Netherlands, set a goal for the proportion of consumption. This can lead to double counting and give a wrong picture of the actual growth in green electricity in Europe. At the beginning of 2008, the European Commission indicated that it favours having one way of formulating goals in this field. 2.6 Turning ‘grey’ electricity green Over the past year, CertiQ observed a rising trend in so-called ‘retrospective greening’ of ‘grey’ electricity.’ Big companies and government bodies that use ‘grey’ electricity bought green certificates from the CertiQ certification system to cover all or part of their ‘grey’ electricity consumption. CertiQ considers it a very positive development that companies are now putting more and more weight on sustainability and are therefore undertaking retrospective greening. One benefit of this is that it increases the demand for sustainable electricity, which in the long term could have a positive effect on the construction of new generating plants. That situation has not yet arisen, because supply scarcity has been met by importing green electricity from other countries in Europe. 9 CertiQ B.V. 2007 Annual Report

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    2.7 CertiQ’s income fluctuations CertiQ’s revenue figures in 2007 were strongly related to changes in the subsidies for generating sustainable electricity. The curtailment of the MEP scheme in 2006 also had a negative effect on the volume of sustainable electricity produced in the Netherlands in 2007. The lack of subsidies reduced producers’ willingness to invest and few new plants were built. The reduction in the MEP subsidy rate for large-scale biomass also led to substantially lower production. We also saw a substantial decline in production at CHP plants. In total CertiQ issued fewer certificates in 2007, which resulted in lower income. CertiQ works on a cost-plus basis. Normally we adjust for any profit or loss in one year through lower or higher fees for the participants in the certification system in a subsequent year. In the course of 2007 it became clear that the decline in CertiQ’s income from 2006 would require an unacceptable rate rise for 2008. A rise of 20% or more appeared unavoidable. Considerable cost cutting at CertiQ (in computerisation and personnel costs) would not be sufficient to avoid this. CertiQ brought this issue to the attention of the Stakeholders Council and the Minister of Economic Affairs. The minister was sympathetic to CertiQ’s situation, in which, as noted above, it has only a very limited influence on its revenue figures (only by changing the fees it charges). The Minister agreed to CertiQ’s request for a once-only financial contribution from the Ministry. The Stakeholders Council and CertiQ were delighted with this response. As a direct consequence of the contribution from the Ministry, the rate rise was lower than had originally been feared. A more stable income situation for CertiQ is also very important in the light of developments in 2008. The switch from the MEP to the SDE scheme involves modifications to the certification system, and that will entail some costs for CertiQ. Moreover, it is difficult to estimate whether the SDE scheme will lead - during its initial period - to more electricity generation and thus a higher income for CertiQ. CertiQ considers that the certification system would benefit from a different method of financing in the future. The current form has proved very vulnerable to policy changes and market fluctuations. Moreover we think that, in reality, all electricity buyers in the Netherlands should have to share the cost of issuing certificates. At present the costs are borne only by 10 CertiQ B.V. 2007 Annual Report

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    the participants in the certification system. The allocation of these costs to all electricity consumers seems to us to be appropriate at this time, when there is a great deal of emphasis on the sustainability of the power supply. In view of the greatly heightened awareness of climate and sustainability in the Netherlands, we think that a proposal in this direction is also politically practicable. Certification in a number of other European countries is already financed in this way. 2.8 International developments A European Directive relating to Combined Heat & Power from 2004 had to be implemented in 2007. This guideline stipulates that guarantees of origin must also be issued for electricity generation by high-efficiency CHP plants. These CHP Guarantee of Origin (GO) certificates have been instituted to encourage greater numbers of such high-yield plants. CertiQ welcomes this step. The Netherlands already has a considerable number of CHP plants of this type. One big player in the electricity market has already shown serious interest in the new type of certificates, which will contribute to better labelling of the electricity supplied. Thanks to the CHP GO certificates, an energy supplier will be able to specify the origins of their electricity even more accurately. CertiQ is assuming that the CHP GO certificates, like ordinary GO certificates, will be tradable. At present this is not yet stipulated in the Dutch legislation. Other news from Europe: in 2007 the Association of Issuing Bodies (AIB), the international partnership of certification bodies, of which CertiQ is a member, launched a new centralised communication system, the HUB. This is a portal for international trade in certificates, which combines and simplifies the communication flows between countries. For the organisations connected to it, the HUB saves time and money. Moreover this system makes it possible to achieve more international uniformity in statistics. CertiQ contributed to the development of this system. In 2007, the Association of Issuing Bodies carried out an audit at CertiQ. The conclusion? The AIB congratulated us on the reliability of our certification system and the professionalism of our team. One thing that could be improved was the presentation of figures on our website. This improvement has since been implemented. 11 CertiQ B.V. 2007 Annual Report

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    ‘ CertiQ is the only organisation in the Netherlands that issues guarantees of origin. You might think that such a monopoly position would lead to a less customer-oriented approach. But in our case, it’s just the opposite. We have embraced the market with open arms: we explain ourselves, inform our partners, and where necessary we solve problems. That mentality is deeply rooted at CertiQ and I’m also completely focused on it myself. My responsibilities at CertiQ include external account management. In that role I have a lot of personal contact with electricity producers and certificate traders. I’m also often on site with them, offering advice. The goal is to make our certification system easily accessible for users. This is another way in which we can contribute to promoting green electricity production in the Netherlands.’ Marcel Doyer

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    Focus on accessibility

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    CertiQ 3.1 The certification system History In 2001 the government decided to organise the trade in and supply of sustainable electricity through a certification system. The introduction of this system was closely related to developments in the energy sector and especially to a recognition of the importance of reducing greenhouse gas emissions world-wide, in the 1997 Kyoto Treaty. The certification system ensures that the whole sequence of delivery of sustainable electricity, from the producer to the consumer, is verifiable. The certificates ensure that the quantity of sustainable electricity that is used in the Netherlands has also in fact been generated in accordance with the agreed conditions. The organisation Groencertificatenbeheer B.V., which changed its name in 2003 to CertiQ, was established to manage the certification system. CertiQ B.V. is a subsidiary of TenneT TSO B.V. In 2003 the Ministry of Economic Affairs officially appointed TenneT as the agency charged with managing the guarantees. TenneT delegated the implementation to CertiQ, which is also the implementing organisation in the Netherlands for the Renewable Energy Certificate System (RECS). This commercial European certification system was initiated by various market actors. Certificates CertiQ issues certificates, using a computerised system, on the basis of the number of megawatt hours of electricity that a plant produces. Certificates specify the origin, volume of electricity produced and the date of issue. CertiQ issues various types of certificate: guarantees of origin, CHP certificates and RECS certificates. The guarantees of origin are issued for electricity that is generated from four sustainable sources: wind, biomass, hydro-electric and solar. CHP certificates relate to electricity from Combined Heat & Power plants. The number of certificates that a CHP producer receives is linked to the environmental performance of the plant (level of CO2 emissions). RECS certificates facilitate international trade in sustainable electricity. They enable one country to draw this electricity from another country. RECS certificates are based on a voluntary system, in accordance with the norms of the Association of Issuing Bodies. The guarantees of origin and CHP certificates are issued under legally established schemes. 14 CertiQ B.V. 2007 Annual Report

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    Goals The issue of certificates serves various goals. In the first place, the user of sustainable electricity is assured that the quantity of renewable electricity that has been consumed was also in fact generated as green. This is recorded by issuing and then redeeming certificates. In the second place, the certificates provide a basis for subsidising the generation of sustainable electricity. MEP subsidies can be obtained on the basis of guarantees of origin and CHP certificates. A third purpose relates to the labelling of electricity. Thanks to the information on the certificates, energy suppliers can inform their customers about the composition of the green electricity they supply to them. This transparency in turn contributes to the positive image of sustainable electricity. The responsibility relating to subsidies is borne by our sister company EnerQ. At the beginning of 2009 this implementation task will be taken over by SenterNovem, which will also manage the new SDE subsidy scheme. Working method A generating plant for sustainable electricity is eligible for guarantees of origin or CHP certificates if the grid operator confirms that the installation complies with all legal requirements. At that point the producer receives a participation agreement, which must be signed and returned to CertiQ. Then CertiQ registers the producer and can start the process of issuing certificates. The number of certificates to be issued is determined on the basis of production data for the plant, which the grid operator sends to CertiQ every month. In the case of biomass, extra information about the composition and sustainable-matter content of the biomass is required before certificates can be issued. There are also supplementary obligations for CHP producers, relating to the amount of CO2 that the plant emits. The certificates are automatically generated within the certification system. In other words: they are credited to the account of a trader nominated by the producer. Only traders can own the guarantees of origin. Any natural or legal person can register with CertiQ as a trader. The trader can trade the certificates, split them into smaller denominations, withdraw them or use them as proof of the delivery of sustainable electricity to final consumers. For every megawatt hour of green electricity supplied to end consumers, a certificate of equal value must be debited, or ‘redeemed.’ The trader does this himself, by logging in to CertiQ’s 15 CertiQ B.V. 2007 Annual Report

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    certification system and entering the number of certificates from his account that have been used. The Office of Energy Regulation monitors whether the quantity of certificates redeemed corresponds to the amount of electricity that is sold as sustainable. CHP certificates are not tradable. They serve only as a basis for possible subsidies. The guarantees of origin that relate to sustainably produced electricity that is not provided to the electricity grid but used in a plant or for own consumption are also not tradable. Certificates are valid for one year. After a year, a certificate can no longer be used as proof of delivery of sustainable electricity. For more detailed information about certification, see our website www.certiq.nl 3.2 Overview of tariffs CertiQ sets its tariffs periodically, after consultation with the Stakeholders Council, in which the participants in the certification system are represented, on the basis of a forecast of operations. These tariffs are based on the income and costs of our organisation, which works on a cost-plus basis. Profit or loss in one year is adjusted in following years by raising or lowering the tariffs (see Table 1). 3.3 Organisational structure The team at CertiQ consisted of fourteen staff in 2007, working in the following positions: one chief manager, one external account manager, one policy making position, one coordinator for account management, four in-house account managers, two site specialists, two computer application managers, one financial controller and a secretary. The average staff level was 11.7 full-time equivalents. By way of comparison: in 2006 it was 13.6 full-time equivalents. 16 CertiQ B.V. 2007 Annual Report

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    Table 1 Tariffs sinces July 2001 Component July March January July January January January January 2001 2002 2003 2003 2004 2005 2006 2007 Registration producer 25 25 25 25 25 25 25 25 Registration trader 2,500 2,500 2,500 2,500 2,500 750 750 750 Registration aggregator - 2,500 2,500 2,500 2,500 750 750 750 Registration trading platform - - - - 5,000 5,000 - - Annual fee producer 25 25 25 25 25 25 25 25 Annual fee trader 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 Annual fee trader (<50,000 MWh) - - - - - 750 750 750 Annual fee aggregator - 2,500 2,500 2,500 2,500 2,500 2,500 2,500 Annual fee aggregator (<50,000 MWh) - - - - - 750 750 750 Annual fee trading platform - - - - 5,000 5,000 - - Per certificate for 1 MWh - issuing 0.300 0.150 0.100 0.037 0.037 0.037 0.060 0.062 - re-issue - - - - 0.027 0.027 - - - transfer 0.250 0.020 0.020 0.010 0.010 0.010 0.010 0.012 - use (redeem) 0.300 0.150 0.100 0.074 0.074 0.074 0.060 0.062 - import - 0.020 0.020 0.010 0.010 0.010 0.010 0.012 - export - 0.020 0.020 0.010 0.010 0.010 0.010 0.012 Although CertiQ had more activities to perform in 2007, because of new developments, no new staff were recruited. Lower income, due to a decline in the number of certificates issued, forced CertiQ to put a cap on staff numbers. All the staff at CertiQ are formally employed by our parent company TenneT TSO B.V. 3.4 Corporate Governance Code At the time of the introduction of the Tabaksblat Committee’s Corporate Governance Code at the end of 2003, TenneT, the sole shareholder and director of CertiQ, chose to comply with the code wherever its application is possible. This is despite the fact that TenneT is not a listed company. TenneT treats the principles and best-practice stipulations in the code as a guide for the behaviour of the company, and of the subsidiaries that TenneT controls. 17 CertiQ B.V. 2007 Annual Report

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    The code is not only followed by TenneT, but also by the companies in its group, including CertiQ. The latter is self-evident, since TenneT is not only the sole shareholder of CertiQ but also the Statutory Director and CertiQ’s permanent staff are seconded from TenneT. Management The management of CertiQ is responsible for strategic and organisational policy and for issuing and recording guarantees of origin and CHP certificates. CertiQ accounts for these activities to TenneT. TenneT establishes the framework for policy making for the internal risk management and risk control systems. Within this framework, the directorate and management of CertiQ are responsible for managing these systems. CertiQ draws up an annual financial plan, including the operating budget, investment budget and funding requirements. This annual plan is approved by the shareholder and constitutes the mandate for the management. CertiQ reports at least once each quarter to the shareholder about the implementation of the annual plan. It reports periodically regarding its financial results and operational developments. Core values: quality and integrity Quality and integrity are the core values which provide the yardstick for evaluating TenneT’s performance. These values have been actualised in TenneT’s company code. An employment code has also been drawn up, in accordance with article 11b of the Electricity Act of 1998. The TenneT company code applies to its entire staff, including those who work at CertiQ. All of CertiQ’s staff have undertaken, in writing, to comply with the company code and the employment code. The company code is published on our website. The compliance officer is charged with supervising compliance with the company code and the employment code. The compliance officer functions as the contact point on behalf of the company and has an advisory and monitoring role. He or she also reports to the Management and is responsible for the annual compliance report to The Office of Energy Regulation. TenneT is responsible for other educational and consciousness- raising programmes. 18 CertiQ B.V. 2007 Annual Report

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    Another means of monitoring quality and integrity within the company is the whistle-blower scheme, which enables staff to report apparent irregularities within the company, whether of a general, operational or financial nature, anonymously. A report can be made to a specially designated complaints officer. It is explicitly stipulated that such a report will not have any negative effect on the worker’s legal position. The whistle-blower scheme is published on our website. Financial reporting The management considers that the annual accounts for 2007 contain no inaccuracies of material importance. The Management is of the opinion, to the best of its knowledge and belief, that there are no further indications that CertiQ’s internal risk management and control systems with regard to financial reporting risks have not worked properly in the reporting year, and are therefore able to provide a reasonable degree of certainty that the financial reporting does not contain inaccuracies of material importance. External accountant CertiQ’s external accountant, PricewaterhouseCoopers Accountants N.V., is charged with verifying our annual accounts. It reports to both the Supervisory Board and the Management. The external accountant draws up the Audit Report and the Management Letter and provides an auditor’s opinion to accompany the annual accounts. The services that CertiQ contracts out to PricewaterhouseCoopers were first evaluated to check for compatibility with the independence of the external accountant. The directives of the Royal Dutch Institute of Registered Accountants (NIVRA) stipulate that external accountants should be changed once every seven years to ensure this independence. This is also in line with the principles of the Tabaksblat Code. From the beginning of the 2006 reporting year, the responsibility for CertiQ’s accounts within PricewaterhouseCoopers was transferred to a different partner. 19 CertiQ B.V. 2007 Annual Report

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    Focus on interests

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    ‘ As manager of CertiQ I often have to deal with conflicting interests within the sustainable energy sector. The Ministry of Economic Affairs, for example, sometimes has a different view on an issue than our Stakeholders Council. I find it a challenge to work between these diverse forces to find solutions that everyone can support and that strengthen the certification system. Sometimes you can achieve something simply by informing the various parties about one another’s insights and ambitions. CertiQ has a pivotal role in this, which I seek to make the most of. Yes, that could well be my most important focus in this work: creating agreement, in the interests of sustainable energy management.’ Gineke van Dijk

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    Results for 2007 4.1 Key figures At the end of 2007 CertiQ had 2,824 producers participating in the certification system on its registers. This was 10.6% more than the number of producers in 2006. This increase was felt in all categories (see further data in Table 2). For electricity from sustainable sources (biomass, wind, hydro-electric and solar), CertiQ certified 6,714,357 megawatt hours. For Combined Heat & Power (CHP) the figure was 3,759,744 megawatt hours. In both of these main categories there was a reduction in comparison to 2006. In total, CertiQ certified the generation of 23.4% less sustainable electricity in 2007 than in 2006. Within the category of electricity from sustainable sources, the certification for generation from solar and hydro-electric continues to be marginal (1.9% together). Wind energy production was 3,449,637 megawatt hours, an increase in 34% in comparison to 2006. For electricity from biomass, certification covered 3,144,324 megawatt hours, which is 43% less than in 2006. It is striking that an increase in the number of producers has been accompanied by a decline in the amount of certified electricity. The total consumption of sustainable electricity in the Netherlands (that is, the number of ‘redeems’ recorded with CertiQ) did rise, from 14,566,964 megawatt hours in 2006 to 16,620,449 megawatt hours in 2007. This is because electricity from sustainable sources is imported. In 2007 the imports were 12,217,088 megawatt hours, an increase of more than 30% in comparison to 2006. See Section 2.1 for a more detailed explanation of the various developments. Table 2 Producers as per 31 December 2007 Number producers per 31 December 2007 31 December 2006 Biomass 159 128 Hydroelectric 15 14 Solar 617 609 Wind 964 944 CHP 1,069 858 Total 2,824 2,553 22 CertiQ B.V. 2007 Annual Report

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    Figure 1 Certified production of sustainable electricity in the Netherlands x 1,000 MWh 700 600 500 400 300 Solar 200 Hydroelectric 100 Wind 0 Biomass 2005 2006 2007 Figure 2 Certificates issued for Dutch sustainable electricity x 1,000 MWh 1,100 1,000 900 800 700 600 500 400 300 Solar 200 Hydroelectric 100 Wind 0 Biomass 2005 2006 2007 4.2 Imported and exported Guarantees of Origin Table 3 Overview of imports and exports Imports / Exports in MWh 2007 2006 Import 12,217,088 9,110,088 Export 232,879 186,289 23 CertiQ B.V. 2007 Annual Report

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    Figure 3 Imports of sustainable electricity x 1,000 MWh 4,000 3,500 3,000 2,750 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 Hydroelectric 250 Wind 0 Biomass 2005 2006 2007 Figure 3 shows that, as in previous years, the import of certificates related mainly to hydro-electric sources. At the end of 2007 we can see a substantial peak in imports, as happens every year at this time. Figure 4 Activities with sustainable electricity in the system x 1,000 MWh 4,500 4,000 3,500 3,000 2,500 2,000 1,500 Redeem & own consumption Export 1.000 Import 500 Expired 0 Issue 2005 2006 2007 24 CertiQ B.V. 2007 Annual Report

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    Figure 5 Intra-system transfers of certificates x 1,000 MWh 1,200 1,000 800 600 400 200 0 2005 2006 2007 Table 4 Participants in RECS RECS 31 December 2007 31 December 2006 Number of producers (connection points) 203 203 Number of traders 22 22 Number of aggregators 0 0 Number of trading platforms 0 0 Table 5 Participants in Guarantees of Origin GOs 31 December 2007 31 December 2006 Number of producers (connection points) 1,755 1,695 Number of traders 60 54 Number of aggregators 4 4 Number of trading platforms 0 0 25 CertiQ B.V. 2007 Annual Report

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    Figure 6 Intra-system transfers of RECS certificates and/or Guarantees of Origin x 1,000 MWh 1,000 800 600 400 200 0 2005 2006 2007 4.3 Tables relating to CHP certificates Table 6 Certificates issued for CHP electricity (in MWh) CHP-certificates issued 2007 2006 3,759,744 5,478,398 Figure 7 CHP certificates issued per month x 1,000 MWh 1,200 1,000 800 600 400 200 0 Issue CHP regulation on carbon-dioxide 2005 2006 2007 26 CertiQ B.V. 2007 Annual Report

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    4.4 Financial results The costs and revenues for 2007 (in euros) can be summarised as follows: 2007 2006 Revenue 2,487,371 2,089,469 To adjust in tariffs - 463,204 154,825 Revenue as per the annual accounts 2,024,167 2,244,294 Operating costs 1,956,962 2,215,489 Operating result 67,205 28,805 Financial costs and income - 67,205 - 28,805 Result - - CertiQ’s revenues increased in 2007 in comparison to 2006. This was mainly due to a once-only contribution from the Ministry of Economic Affairs. This contribution consisted largely of cover for the shortages accumulated up to 2007. In part because of this contribution (€฀286,546) and cost reductions, a positive result of €฀463,204 was achieved over 2007. Revenues from the production of certificates fell in 2007, while revenue from ‘transfers’ and ‘redeems’ in 2007 actually increased in comparison to 2006. The lower operating costs in comparison to 2006 are mainly due to the savings that CertiQ has achieved in automation and personnel costs. Because CertiQ clears any differences between revenues and costs by adjusting its future tariffs, CertiQ’s result is always zero. The cumulative amount up to 2007 that will be cleared by adjusting tariffs (that is, including the cumulative shortage up to 2006), is €฀89,563. This means that there is still an excess income of €฀89,563 to be adjusted in the tariffs for 2008 and subsequent years. 27 CertiQ B.V. 2007 Annual Report

  • Page 30

    ‘ My focus is on a careful working method. As an in-house accounts manager for CertiQ, my responsibilities include administrative and statistical tasks. Meticulousness is essential, because if our certification is not reliable this will have a negative effect on the image of green electricity. In addition, I’m in frequent telephone contact with producers, the grid operators, and traders (every day). I put a lot of energy into passing on information. In particular, the smaller producers who are just entering the market have to be kept well informed. If I can see that my explanations regarding the requirements have been correctly understood, I feel good about it. Moreover, it’s rather important. A producer who is badly informed is more likely to make administrative errors. And that can have harmful financial consequences for the person concerned. Meticulousness is a good instrument that can be used to avoid that.’ Arjan van der Toorn

  • Page 31

    Focus on meticulousness

  • Page 32

    30 CertiQ B.V. 2007 Annual Report

  • Page 33

    Annual accounts for 2007 Balance as per 31 December 2007 after appropriation of results 32 Profit and loss for the year 2007 33 Cash flow statement for the year 2007 33 General notes 34 Notes to the balance sheet as per 31 December 2007 after appropriation of results 36 Notes to the profit and loss statement for 2007 38 Other data 41 31 CertiQ B.V. 2007 Annual Report

  • Page 34

    Balance sheet as of 31 December 2007 after appropriation of results (in euros) Assets Ref. 31 December 2007 31 December 2006 Fixed assets Property, plant and equipment 1 1,090,536 978,776 1,090,536 978,776 Current assets Receivables 2 Accounts receivable 544,074 521,177 Prepayments and accrued income 14,200 45,221 Amounts to charge - 373,642 558,274 940,040 Cash and banks - - 1,648,810 1,918,816 Liabilities Ref. 31 December 2007 31 December 2006 Equity Share capital 3 18,000 18,000 18,000 18,000 Short-term liabilities 4 Creditors 1,093 - Group companies 1,400,082 1,859,333 Liabilities carried forward 140,072 41,483 Prepaid amounts 89,563 - 1,630,810 1,900,816 1,648,810 1,918,816 32 CertiQ B.V. 2007 Annual Report

  • Page 35

    Profit and loss statement for 2007 (in euros) Ref. 2007 2006 Revenue 5 2,024,167 2,244,294 Operating costs 6 Systems for process automation 374,060 634,222 Hiring of personnel 681,904 886,378 Depreciation of property, plant and equipment 393,230 186,837 Costs of general management 507,768 508,052 1,956,962 2,215,489 Operating result 67,205 28,805 Financial costs and income Interest received - - Interest tariffs 67,205 28,805 - 67,205 - 28,805 Pre-tax profit - - Tax - - Result after tax - - Cash flow statement for the year 2007 (in euros) 2007 2006 Cash flow from operational activities Depreciation on property, plant and equipment 393,230 186,837 Working capital: - Changes in receivables 381,766 - 378,349 - Changes in current liabilities - 270,006 1,357,125 504,990 1,165,613 Cash flow from investments Investments in property, plant and equipment - 504,990 -1,165,613 Change in cash and banks - - 33 CertiQ B.V. 2007 Annual Report

  • Page 36

    General notes Nature of the business operations TenneT TSO B.V. (henceforth: TenneT), the Transmission System Operator and Administrator of the National High-voltage Grid, has been designated by the Minister of Economic Affairs, in a ministerial decree, to establish an E-certificate system. TenneT established CertiQ B.V. to set up this system and perform the activities associated with it. CertiQ’s goal is to facilitate trading in sustainable electricity by issuing and managing production certificates. Production certificates are created when electricity is generated in a sustainable way. Some of these certificates, the guarantees of origin, can be traded by traders. Under the Environmental Quality of Electricity Generation Act, the certificates are eligible for subsidies. For subsidy purposes CertiQ has also been responsible, since 1 July 2003, for issuing certificates for generation at Combined Heat & Power plants. CertiQ is also responsible for issuing RECS certificates, under the Renewable Energy Certificate System, an international initiative to produce unambiguous agreements to facilitate trading in sustainable energy. All the shares in CertiQ are held by TenneT. Principles for the valuation of the assets and liabilities General The annual accounts are drawn up in accordance with generally accepted accounting principles in the Netherlands. Unless otherwise stipulated, all amounts are recorded at nominal value. Fixed assets The property, plant and equipment are valued at the original purchase price or production cost, after deducting linear depreciation. An allowance is made for any long-term loss of value that is expected on the balance date. Depreciation of the purchase price or cost of production is spread over time, on the basis of the expected economic life. 34 CertiQ B.V. 2007 Annual Report

  • Page 37

    Current assets Debtors are valued at nominal value, after deducting an allowance for possible uncollectable amounts. Principles for determining profit and loss Revenue In accordance with the Ministerial decision on guarantees of origin for sustainable electricity, the independent manager of the power transmission grid may charge the management costs of the production certificates to the producer, customer, supplier or trader. Tariffs are set annually by CertiQ, after consultation with the Stakeholders Council. The costs are determined on a historical basis and are allocated to the accounting year to which they relate. Differences between actual costs and the invoiced revenue are adjusted in the tariffs for subsequent years. Operating costs Costs are determined on a historical basis and are attributed to the accounting year to which they relate. Depreciation on property, plant and equipment The depreciation on property, plant and equipment is based on the acquisition cost and expected economic life. Taxes The tax due on the result is calculated by applying the currently applicable taxation rate to pre-tax profits, taking permanent differences between the fiscal and commercial calculation of profits into account. Notes to the summary of cash flows The summary of cash flows has been drawn up using the indirect method. 35 CertiQ B.V. 2007 Annual Report

  • Page 38

    Notes to the balance sheet as of 31 December 2007 after appropriation of results (in euros) 1 Fixed assets Property, plant and equipment Software is included in property, plant and equipment, and is depreciated over three years. Since the beginning of 2006, the software developed by TenneT on behalf of CertiQ has been capitalised on the balance sheet and recorded as equity. The book value of the property, plant and equipment can be specified as follows: Software 2007 2006 Per 1 January Acquisition value 1,165,613 - Cumulative depreciation and write-offs 186,837 - Book value as at 1 January 978,776 - Capitalisation - - Entering operational service 504,990 1,165,613 Disinvestments at book value - - Depreciation 393,230 186,837 Changes 111,760 978,776 Per 31 December Purchase value 1,670,603 1,165,613 Cumulative depreciation and write-offs 580,067 186,837 Book value as of 31 December 1,090,536 978,776 2 Liabilities Prepayments and accrued income This relates to revenue for 2007 which has not yet been invoiced. 36 CertiQ B.V. 2007 Annual Report

  • Page 39

    Amounts to charge Since the balance difference to be adjusted in our fees was transformed, in the course of 2007, from a liability to a debit, this item is zero at the end of 2007. The cumulative balance difference is now recorded under the item ‘prepaid amounts.’ 3 Equity Share capital 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. 4 Current liabilities Group companies This item is a liability for EnerQ B.V. of € 11,900, and a debt to TenneT to € 1,411,982. Interest is charged on the balance of our current account at TenneT. Liabilities carried forward This relates to unpaid invoices, holiday pay owing and a prepayment received from the Ministry of Economic Affairs for the establishment of a project team at CertiQ; these items have been treated as liabilities. The project team has been established for the shift from our former partner, EnerQ, to the new implementation organisation for the MEP and its replacement, the Sustainable Energy Production Incentive Scheme (SDE). Prepaid amounts This relates to the difference between revenue invoiced and CertiQ’s operating costs. This amount will be adjusted with the market actors in future tariffs. The balance of the item ‘to adjust in tariffs’ over time can be depicted as follows: 2007 2006 Balance as at 1 January 373,642 218,817 Change - 463,204 154,825 Balance as at 31 December - 89,562 373,642 37 CertiQ B.V. 2007 Annual Report

  • Page 40

    Rights and obligations not included in the balance sheet As at the end of 2007, commitments had been made for investments to the value of € 27,474. This relates to two current projects. CertiQ, with TenneT and its subsidiaries, was part of one fiscal entity for corporate income tax and value added tax purposes. On the basis of the standard conditions as laid out by the taxation authorities at the time the fiscal entity was established, CertiQ is primarily liable for the corporate income tax and value added tax liabilities of the whole fiscal entity. Notes to the profit and loss accounts for the year 2007 (in euros) 5 Revenue During the reporting period, participants were invoiced on the basis of previously set tariffs. The amount needed to cover costs was € 2,024,167. The difference in our favour between this and the invoices issued will be accumulated with differences brought forward from previous years and will be adjusted in tariffs for the coming years. 2007 2006 Revenue 2,487,371 2,089,469 To adjust in tariffs - 463,204 154,825 Total 2,024,167 2,244,294 The invoiced revenue can be specified as follows: 2007 2006 Registration fees 15,850 18,600 Membership fees 191,525 182,475 Issuing certificates 646,536 821,184 Transfers of certificates 227,764 158,112 Redeems of certificates 1,036,781 908,614 Other income 368,915 484 Total 2,487,371 2,089,469 38 CertiQ B.V. 2007 Annual Report

  • Page 41

    Certificates The lower revenue from issues is due mainly to the compulsory removal of CHP plants older than 10 years from the register, and the lowered MEP subsidy rate for large-scale biomass plants, which has meant that less biomass is being added to the fuels used in generating plants. The higher revenue for transfers is caused by high imports of guarantees of origin, while the higher revenue for redeems is caused by voluntary greening. Other income The other income consisted largely of a once-only contribution of € 286,546 from the Ministry of Economic Affairs. 6 Operating costs Hiring of personnel The company does not have its own employees. They are hired from TenneT. In 2007 the average number of hired staff was 11.7 FTE (2006: 13.6 FTE). These are all employees of TenneT. The number of staff at the end of the reporting year was 11.7 FTE (2006: 11.7 FTE). Personnel costs have declined in comparison to 2006, because a number of vacancies were not filled in 2007 and because scarcely any labour was hired in from third parties. The personnel costs can be specified as follows: 2007 2006 Seconded from TenneT 676,358 665,714 Hired from third parties 5,546 220,664 Total 681,904 886,378 Costs of systems for process automation, and the depreciation of property, plant and equipment Since 2006 the property, plant and equipment at CertiQ have been treated as assets on the balance sheet. Previously they were on the TenneT balance sheet. This means that the depreciation costs of ‘systems for process automation’ have been shifted to depreciation on ‘property, plant and equipment.’ The costs of ‘systems for process automation’ also fell in 2007 because maintenance on the applications has been performed in house. 39 CertiQ B.V. 2007 Annual Report

  • Page 42

    Costs of general management The costs of general management include all the costs of premises, consultancy fees, office costs and travel and accommodation costs. These costs have remained at same level as in 2006. Interest charges This item refers to the interest paid on the balance of our current account at TenneT. The rise in interest charges is due to a higher average debt to group companies (in the current account) than in 2006. 7 Transactions with associated parties This Relates to transactions with TenneT and EnerQ B.V. CertiQ has transactions and positions with the following associated parties: TenneT EnerQ B.V. Total 2007 TenneT EnerQ B.V. Total 2006 Services - 79,327 79,327 - - - Reimbursements 1,416,269 - 1,416,269 1,619,704 - 1,619,704 Interest charges 67,205 - 67,205 28,805 - 28,805 Current account credit - 11,900 11,900 - - - Current account debt 1,411,982 - 1,411,982 1,859,333 - 1,859,333 Arnhem, 4 April 2008 Management of CertiQ B.V. 40 CertiQ B.V. 2007 Annual Report

  • Page 43

    Other information Appropriation of results The appropriation of results is set out in article 29 of the statutes. This reads as follows: 1 Results will be distributed in accordance with the provisions of this article after adoption of the annual accounts showing that this is justified. 2 The results are at the disposal of the general meeting. 3 The company may only make distributions to the shareholders and other persons entitled to the profit intended for distribution insofar as the shareholders’ equity exceeds the issued capital plus the reserves which must be maintained by law. 4 A deficit may only be offset against the reserves prescribed by law to the extent permitted by law. 41 CertiQ B.V. 2007 Annual Report

  • Page 44

    Auditor’s opinion To the shareholder and management of CertiQ B.V. We have audited the accompanying financial statements 2007 of CertiQ B.V., Arnhem as set out on pages 31 to 40 which comprise the balance sheet as at 31 December 2007, the profit and loss account for the year then ended and the notes. The managements’ responsibility The management of the company is responsible for the preparation and fair presentation of the financial statements and for the preparation of the management board report, both in accordance with Part 9 of Book 2 of the Netherlands Civil Code. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor’s responsibility Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with Dutch law. This law requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 42 CertiQ B.V. 2007 Annual Report

  • Page 45

    Opinion In our opinion, the financial statements give a true and fair view of the financial position of CertiQ B.V. as at 31 December 2007, and of its result for the year 2007 then ended in accordance with Part 9 of Book 2 of the Netherlands Civil Code. Utrecht, 4 April 2008 PricewaterhouseCoopers Accountants N.V. Drs. C.J.A.M. Romme RA 43 CertiQ B.V. 2007 Annual Report

  • Page 46

    Focus on solutions

  • Page 47

    ‘ As the applications manager at CertiQ I’m responsible for the complete automation of the certification system. I see to it that the system does what it’s supposed to do, that new regulations are entered correctly, and that there are manuals that everyone can use. Together with the programmers at TenneT we have succeeded in designing a functional system. Naturally, smaller problems arise now and then. Often they have to be solved as quickly as possible. Finding solutions under pressure gives me a lot of satisfaction. Or, consistent with our theme, that’s my favourite focus.’ Ursula Maarse

  • Page 48

    Appendix: CertiQ works together with ... CertiQ works actively with various interested parties in the sustainable energy sector. We would like to mention the following here: TenneT TSO B.V. TenneT TSO B.V. is the Dutch Electrical Transmission Operator and manager of the national high voltage grid. TenneT established the certification system for electricity generated in sustainable ways, and for Combined Heat & Power plants, on behalf of the Ministry of Economic Affairs. CertiQ manages this system, which is linked to TenneT’s electronic infrastructure, on behalf of TenneT. TenneT is the only shareholder in its subsidiary CertiQ. EnerQ B.V. Our sister company EnerQ B.V. pays out MEP subsidies on the basis of certificates issued by CertiQ. At the beginning of 2009 this role will be taken over by SenterNovem, which will also manage a new subsidy scheme, the SDE. In the longer term, EnerQ will be wound down. The Ministry of Economic Affairs The Ministry of Economic Affairs is responsible for policy making for sustainable energy and Combined Heat & Power. CertiQ systematically coordinates its policies with the Ministry regarding developments that affect CertiQ. Office of Energy Regulation (EK, formerly the Directie Toezicht Energie (DTe)) The Office of Energy Regulation is the supervisor for the energy sector. Among its duties are to supervise the correct implementation and compliance with the Electricity Act of 1998 and other legal schemes that are implemented by CertiQ. Regional grid operators Regional grid operators are responsible for the transmission of electricity over the public electric grid, from producers to consumers. In relation to CertiQ, the grid managers are responsible for evaluating declarations of production and for periodically sending CertiQ their measurements of the sustainable generation of electricity. Metering companies Metering companies are responsible for installing and maintaining electricity meters, for collecting the data from the meters and for passing this data on to the grid operator. Before it is allowed to conduct these activities, a metering company must first be registered by TenneT as an acknowledged meter operator. 46 CertiQ B.V. 2007 Annual Report

  • Page 49

    Producers of sustainable electricity These ‘green’ producers generate electricity using a sustainable generating plant (from wind, biomass, hydro-electric or solar sources) or they operate a Combined Heat & Power plant. They provide this electricity to the electric grid or to other plants. CertiQ issues guarantees of origin and CHP certificates for this production. Traders Traders make agreements with producers in relation to the purchase of sustainable electricity. A producer of sustainable electricity tells CertiQ which trader he is dealing with. CertiQ credits the corresponding guarantees of origin to the account of this trader. In practice many producers have a steady relationship with one trader. A trader can trade the certificates or use them as proof of delivery to final users. In the latter case the trader is also the energy supplier. Energy suppliers Energy suppliers are companies that purchase energy (including ‘grey’ and green electricity) and sell it to commercial and private users. Every energy supplier in the Netherlands that wishes to supply green electricity must have a certificate account with CertiQ. Stakeholders Council and the E-MEP Platform CertiQ established the Stakeholders Council to ensure the desires of its participants are satisfied in an optimal way. Its members represent the interests of the participants in the certification system. They include producers, traders (including foreign traders that operate in the Netherlands) and representatives of a number of big energy suppliers. In drawing up its annual plan, CertiQ puts great weight on the advice given by the Council. In addition to the Stakeholders Council, the E-MEP Platform also contributes to a well-working system. The platform was created in June 2005 through the merge of CertiQ’s E-Certificate Platform and a comparable platform established by EnerQ. The E-MEP Platform contains representatives from CertiQ, EnerQ, the Stakeholders Council, the Ministry of Economic Affairs, The Office of Energy Regulation and a number of regional grid managers. 47 CertiQ B.V. 2007 Annual Report

  • Page 50

    SenterNovem SenterNovem is an agency of the Ministry of Economic Affairs that focuses on knowledge development in the areas of energy, climate, and the natural and residential environments. The agency also implements subsidy schemes, such as the Scheme for Sustainable Electricity Manure Processing Plants. This subsidy is paid out on the basis of guarantee of origin certificates issued by CertiQ. In the course of 2008, SenterNovem will take responsibility for implementing the SDE scheme (the successor to the MEP). Association of Issuing Bodies (AIB) The AIB is an international partnership of certification bodies. CertiQ and seven comparable organisations from other European countries comprise the AIB. The AIB aims to achieve standardisation of certification systems to facilitate international trading. The AIB’s EECS norm has now been adopted by the European Commission and is the officially recommended standard for the implementation of national certification systems. The members of the AIB issue guarantees of origin and/or RECS certificates. RECS International RECS stands for the Renewable Energy Certificate System. RECS International is the sectoral organisation for this European commercial certification system, which was initiated by a range of market actors. Within CertiQ, the RECS system operates as much as possible in parallel to the guarantees of origin system. Statistics Netherlands (CBS) CertiQ sends monthly statistics in relation to the sustainable generation of electricity to the CBS. This is done on the basis of an agreement between TenneT and the CBS. The CBS processes the data for its publications. 48 CertiQ B.V. 2007 Annual Report

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