(2) Renewable energy certificates that are not used by a consumer-owned utility to comply with a renewable portfolio standard in a calendar year may be banked and carried forward indefinitely for the purpose of complying with a renewable portfolio standard in a subsequent year. For the purpose of a consumer-owned utility complying with a renewable portfolio standard in any calendar year, banked renewable energy certificates with the oldest issuance date must be used to comply with the renewable portfolio standard before banked renewable energy certificates with more recent issuance dates are used.

(3)(a) Renewable energy certificates issued on or before March 8, 2016, that are not used by an electric company or electricity service supplier to comply with a renewable portfolio standard in a calendar year may be banked and carried forward indefinitely for the purpose of complying with a renewable portfolio standard in a subsequent year.

(b) For qualifying electricity generated from a renewable energy source that becomes operational on or before March 8, 2016, or for qualifying electricity that is acquired under a contract, having a duration of less than 20 years, for the purchase of electricity generated from a renewable energy source that becomes operational between March 8, 2016, and December 31, 2022, renewable energy certificates issued for the qualifying electricity after March 8, 2016, that are not used by an electric company or an electricity service supplier to comply with a renewable portfolio standard in the calendar year in which the renewable energy certificates are issued may be banked and carried forward, for up to five compliance years immediately following the compliance year in which the renewable energy certificates are issued, for the purpose of complying with a renewable portfolio standard in one of those five compliance years.

(c) For qualifying electricity generated from a renewable energy source that becomes operational between March 8, 2016, and December 31, 2022, or for qualifying electricity that is acquired under a contract, having a duration of 20 years or more, for the purchase of electricity generated from a renewable energy source that becomes operational between March 8, 2016, and December 31, 2022, renewable energy certificates issued for the qualifying electricity during the five-year period after the date the renewable energy source becomes operational that are not used by an electric company or an electricity service supplier to comply with a renewable portfolio standard in the calendar year in which the renewable energy certificates are issued may be banked and carried forward indefinitely for the purpose of complying with a renewable portfolio standard in a subsequent year.

(d) For qualifying electricity generated from a renewable energy source that becomes operational between March 8, 2016, and December 31, 2022, or for qualifying electricity that is acquired under a contract, having a duration of 20 years or more, for the purchase of electricity generated from a renewable energy source that becomes operational between March 8, 2016, and December 31, 2022, renewable energy certificates issued for the qualifying electricity more than five years after the renewable energy source becomes operational that are not used by an electric company or an electricity service supplier to comply with a renewable portfolio standard in the calendar year in which the renewable energy certificates are issued may be banked and carried forward, for up to five compliance years immediately following the compliance year in which the renewable energy certificates are issued, for the purpose of complying with a renewable portfolio standard in one of those five compliance years.

(e) For qualifying electricity generated from a renewable energy source that becomes operational after December 31, 2022, renewable energy certificates issued for the qualifying electricity that are not used by an electric company or an electricity service supplier to comply with a renewable portfolio standard in the calendar year in which the renewable energy certificates are issued may be banked and carried forward, for up to five compliance years immediately following the compliance year in which the renewable energy certificates are issued, for the purpose of complying with a renewable portfolio standard in one of those five compliance years.

(4) An electric utility or electricity service supplier is responsible for demonstrating that a renewable energy certificate used to comply with a renewable portfolio standard is derived from a renewable energy source and that the electric utility or electricity service supplier has not used, traded, sold or otherwise transferred the renewable energy certificate.

(5) A renewable energy certificate may be used by an electric utility or electricity service supplier to comply with both a federal renewable portfolio standard and a renewable portfolio standard established under ORS 469A.005 to 469A.210. An electric utility or electricity service supplier that uses a renewable energy certificate to comply with a renewable portfolio standard imposed by a state other than this state may not use the same renewable energy certificate to comply with a renewable portfolio standard established under ORS 469A.005 to 469A.210. [2007 c.301 §16; 2016 c.28 §7]