A Peak Reduction Certificate (PRC) is active for a limited time. It expires 3 years from the beginning of the compliance period when capacity is first made available.
For example, take a PRC that relates to capacity made available in the 2023–24 compliance period. That compliance period begins on 1 November 2023, so the PRC will expire 3 years later on 31 October 2026.
If a certificate isn’t used within the 3 years, it expires and cannot be used to meet an obligation – that is, it cannot be traded or surrendered.