Find out about recent Victorian Energy Upgrades Program changes and what's coming up.
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The Victorian Energy Upgrade (VEU) Program is the state’s largest energy efficiency program and a key measure in Victoria’s Climate Change Strategy.
Encouraging investment and employment in the energy efficiency sector is an objective of the program – certainty in the program is a key to achieving this.
In October 2021, to assist with market understanding and certainty, the Department of Energy, Environment and Climate Action (DEECA) issued a market statement. DEECA committed to updating this page with the following information:
monthly publication of information in relation to the Victorian Energy Efficiency Certificate (VEEC) market
quarterly publication of information on the pipeline of new and revised activities for the VEU program.
This market information will be updated every month. Last update 12 October 2023.
Monthly participation numbers as of 2 October 2023:
57 active accredited providers (a decrease of 8% from 6 months ago)
47 sellers (a decrease of 53% from 6 months ago)
42 buyers (a decrease of 54% from 6 months ago).
VEEC supply and spot price
Graph showing historic VEEC price between 2019 and 2023, mapped against the excess supply of VEECs against VEU targets for each year.
This graph previously showed figures going back to 2009 but from May 2023 has been updated to reflect a more current time period of 2019–2023.
If the line showing excess VEEC supply were at zero, the program would be perfectly on schedule to meet the targets. As the graph shows, the VEU program is well ahead of its targets.
A small percentage of VEECs over the years do not go towards targets, due to voluntary surrenders, withdrawals, etc. This has been adjusted for at the 2018–2022 surrender dates.
VEEC registration by activity type
Graph showing number of registered VEECs between August 2021 and September 2023.
Overall VEEC registrations declined from April to June, primarily driven by a decline in registrations for weather sealing and other lighting activities.
Space heating and cooling and water heating activities were revised at the end of May 2023 to enable electrification upgrades.
New and revised activities – as at September 2023
This information will be updated on a quarterly basis. Last update 14 September 2023.
The Department of Energy, Environment and Climate Action is working on a range of new and revised activities for the VEU program, which will increase the supply of certificates. Information on the new and revised activity work program is provided below.
Please note that these timeframes are indicative only and are subject to change. Stakeholders are advised not to make any commercial decisions based on future timeframes.
Large Energy User Exemption Framework (business) – release of issues paper for public consultation.