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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 – April 2023

This market information will be updated every month. Last update 4 May 2023.

VEU accredited providers April 2023

Participation numbers

  • 62 active accredited providers (a decrease of 7% from 12 months ago)
  • 99 sellers (an increase of 0% from 12 months ago)
  • 92 buyers (an increase of 3% from 12 months ago).

VEEC supply and spot price

VEU certificate supply and prices April 2023

Graph showing historic VEEC price between 2009 and 2023, 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 registration by activity type

VEU lighting activity levels April 2023

Graph showing number of registered VEECs between January 2021 and April 2023.

  • 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 having been phased out.

New and revised activities – as at March 2023

This information will be updated on a quarterly basis. Last update 31/03/2023

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.

  • Lighting activity updates – Part 21 removed and amendments to Parts 27, 34 and 35 take effect 1 February 2023.
  • Water heating and space heating and cooling review (residential) – sizing fact sheet consultations opened on 10 March 2023 and close 31 March 2023

  • Water heating and space heating and cooling review (residential) – publication of sizing responses to consultation and final sizing fact sheets before activity commencement on 31 May 2023
  • Refrigerated cabinets (business) – activity review consultation.
  • Large Energy User Exemption Framework (business) – consultation.
  • Water heating (residential and business) – activity to commence 31 May 2023.
  • Space heating and cooling (residential and business) – activity to commence 31 May 2023
  • Home energy rating assessment (residential) – activity to commence 31 May 2023.

Please note that DEECA will release an update on priority VEU projects for the 2023-2024 financial year around July 2023.

Where we are going

Where we're going infographic with quarter 1 and 2 diplayed as a diagram

Page last updated: 17/05/23