Market statement

In October 2021, to assist with market understanding and certainty, the Department of Environment, Land, Water and Planning (DELWP) issued a market statement. DELWP committed to updating this page with the following information:

  • A monthly publication of information in relation to the Victorian Energy Efficiency Certificate (VEEC) market.
  • A quarterly publication of information on the pipeline of new and revised activities for the VEU program.

Market consultation - where we're at

In October 2021, DELWP released a consultation paper seeking stakeholder feedback on further actions that could be considered to improve the VEU market:

  • The consultation closed 25 November 2021.
  • A response to consultation will be released in the coming weeks.

Market update - April 2022

This market information will be updated on a monthly basis. Last update 7/05/2022.

Participation numbers:

  • 66 active accredited providers (a decrease of 3% from 12 months ago)
  • 99 sellers (a decrease of 1% from 12 months ago)
  • 89 buyers (a decrease of 5% from 12 months ago).
*If this line were at zero, the program would be perfectly on schedule to meet the  targets.​

**A small percentage of these certificates over the years do not go towards targets, due to voluntary surrenders, withdrawals etc. This has been adjusted for at the 2018, 2019 and 2020 surrender dates.
  • Historical VEEC price spikes in 2012 and 2016 were correlated with periods of low certificate supply.
  • The 2020-2021 price increase is different from this pattern, with high levels of excess certificate supply.
  • Accredited providers may wish to research options/strategies to protect their businesses against risk of rapid falls or rises in certificate prices.
  • In the past two months the VEEC price has decreased rapidly down to $57 as of 29 April 2022.

VEEC creation by activity type

Graph showing number of registered VEECs between January 2021 and April 2022.
  • The market has experienced growth in uptake in non-lighting activities, nearly doubling between February and July in 2021.
  • This growth is a good sign that the market will adapt to several lighting activities being phased out.

New and revised activities – as at April 2022

This information will be updated on a quarterly basis. Last update 30/03/2022.

The Department of Environment, Land, Water and Planning is working on a range of new and revised activities for the VEU program, which will increase the supply of certificates. You can find more information on these new and revised activity consultations on the Engage Victoria website.

Quarter 1 (Q1) 2022

  • Commercial and industrial heat pump water heaters (business) – activity introduced.
  • Hot pipe lagging (business) – consultation closed January 2022.
  • Home energy rating assessment (residential) – consultation opened 31 March 2022.
  • Code of Conduct – Response to consultation released.
  • Refrigerated cabinets (RC) – Investigation commenced.
  • M&V renewable projects policy – clarification released.

Quarter 2 (Q2) 2022

  • PBA (M&V and Benchmark methods) review (business) – consultation.
  • Water heating review (business and residential) – consultation.
  • Space heating review (business and residential) – consultation.
  • Smart thermostats (business and residential) – consultation.
  • Large Energy User Exemption Framework (business) – consultation.

Quarter 3 onwards (Q3+) 2022

  • Building energy management information systems [EMIS] (business) now included in PBA review.
  • Insulation review (residential) - consultation.
  • Pool pumps (business and residential) - consultation.

Page last updated: 09/05/22