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The Victorian Energy Upgrade 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.

Market statement

In October 2021, to assist with market understanding and certainty, the department issued a market statement. DEECA is 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.

Market update – December 2022

This market information will be updated every month. Last update 3 January 2023.

Participation numbers: 63 active accredited providers (an increase of 2% from 12 months ago), 94 sellers (an increase of 2% from 12 months ago) , 75 buyers (an increase of 0% from 12 months ago)

Participation numbers

  • 63 active accredited providers (a decrease of 2% from 12 months ago)
  • 94 sellers (an increase of 2% from 12 months ago)
  • 75 buyers (an increase of 0% from 12 months ago).

VEEC supply and spot price

Historic VEEC price between 2009 and 2022, mapped against the excess supply of VEECs against VEU targets for each year

Graph showing historic VEEC price between 2009 and 2022, mapped against the excess supply of VEECs against VEU targets for each year.

* If this teal 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 or withdrawals. This has been adjusted for at the 2018-2021 surrender dates.

Historical VEEC price spikes in 2012 and 2016 were correlated with periods of low certificate supply.

The recent 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.

VEEC creation by activity type

left axis shows number of VEEC registered in 2021 to 2022 for continuining activities and calling out residential lighting activities which are phasing out by 31 January 2023.

Graph showing number of registered VEECs between January 2021 and December 2022.

  • The market has experienced growth in uptake in non-lighting activities.
  • This growth is a good sign that the market will adapt to several lighting activities being phased out.

New and revised activities – as of December 2022

This information will be updated on a quarterly basis. Last update 23/12/2022

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. You can find more information on these new and revised activity consultations on the Engage Victoria website.

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.

Where we are going

Where we're going. Quarter 4 2022: Response to consultation released for PBA review. Response to consultation for water heating, space heating and cooling and HERA. Quarter 1 &2 2023. Joint DELWP-ESC consultation on decommissioning and sizing for water heating, space heating and cooling. Lighting part 21 removed, amendments made to parts 27, 34 and 35. Refrigeration cabinets activity review consultation. LEU exemption framework consultation. Water heating, Space heating and cooling and HERA activities to comment 31 May 2023. For businesses and residential

Page last updated: 05/01/23