- Water and space heating review – decommissioning and sizing joint consultation with ESC.
- Lighting activity updates – Part 21 removed and amendments to Parts 27, 34 and 35 take effect 1 February 2023.
- Refrigerated cabinets (business) – activity review consultation.
- Large Energy User Exemption Framework (business) – consultation.
- Home energy rating assessment (residential) – activity to commence.
- Water heating – activity to commence.
- Space heating and cooling – activity to commence.
- Please note: that DELWP will release an update on priority VEU projects for the 2023-2024 financial year around July 2023.
On this page:
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.
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.
- 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
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
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.
- PBA (M&V and Benchmark methods) consultation including Building Energy Management Information Systems (EMIS) (business) – response to consultation released on 16 December 2022.
- Water heating review (business and residential) – response to the consultation published on 23 December 2022.
- Space heating and cooling review (business and residential) – response to the consultation published on 23 December 2022.
- Home energy rating assessment (residential) – response to the consultation published on 23 December 2022.
- Code of Conduct – came into effect 1 July 2022.
- Commercial and industrial heat pump water heaters (business) – industry engagement webinar held on 14 September.
- Gas Boiler and Water Heater Activities (business) – Specifications commenced 19 September.
- PBA (M&V and Benchmark methods) consultation including Building Energy Management Information Systems (EMIS) (business) – workshop webinar held on 8 September 2022.
Consultation on any possible changes to the large energy user exemption framework will not take place in 2022 as per the announcement on 2 August 2022.
Where we are going
Page last updated: 05/01/23