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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.

Market statement

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.

Market update – covering June 2024

This market information will be updated every month. Last update 7 June 2024.

A graph showing the number of market participants in the VEU program

Participation numbers

Participation numbers as of 1 May 2024 (only available for full months):

  • 73 buyers (an increase of 5% from 6 months ago)
  • 95 sellers (an increase of 0% from 6 months ago)
  • 87 active accredited providers (an increase of 18% from 6 months ago).

VEEC supply and spot price

A graph showing VEEC price and surplus to June 2024

Graph showing historic VEEC price between 2019 and 2024, mapped against the excess supply of VEECs against VEU targets for each year.

  • This graph previously showed figures going back to 2009, but from has been updated to reflect a more current time period of 2019–2024
  • 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

A graph showing VEEC creation by activity to May 2024

Graph showing number of registered VEECs between August 2021 and May 2024.

  • Overall VEEC registrations dipped in December due to seasonal pauses, but increased to previous levels in January
  • space heating activity VEEC creation has increased in recent months, while lighting activities have decreased
  • there has been a steady increase in VEEC creation from February 2024.

New and revised activities – as at May 2024

This information will be updated on a quarterly basis. Last update 23 May 2024.

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.

Refrigerated cabinets – response to consultation is released.

Telemarketing – release of Regulatory Impact Statement and response to consultation.

Project Based Activities – release of consultation.

Water heating (residential and commercial, industrial) and Space Heating/Cooling review – public consultation commences.

Induction cooktops – release of consultation.

LEU Exemption Framework – public consultation released.

Household appliances – updates to activities.

Space heating and cooling – expansion of reverse cycle air conditioner product eligibility and review of incentives for businesses.

Refrigerated Cabinets – revised activity commences.

Cold rooms – activity updates.

2026 – 2030 Target Setting – release of consultation in the second half of 2024.

Induction Cooktops – public consultation has concluded and a new activity to incentivise induction cooktops will launch in the second half of 2024.

Strategic review – review of the VEU program commences.

Project Based activities – public consultation has concluded and updates to the activity will be made in the second half of 2024.

Energy Management Information Systems – release of consultation.

Water Heating and Space Heating/Cooling quality review – public consultation released.

Where we are going

Graph of New and Revised Activities May 2024

Page last updated: 07/06/24