VEU Certificate Creation Report

 

 

 

Creation between 6/10/2024 and 13/10/2024

 

 

 

Results

 

• 82,995 VEECs were created for the period between 6/10/2024 and 13/10/2024.
• 1,276 up from the previous week.
• The VEEC Spot price is $104.00 – down $4.50 on 14/10.
• Water Heating Activities (1D, 3C, 3D) contributed 6,128 (7.40%) VEECs compared to 5,784 (7.08%) VEECs in the previous week.
• Space Heating and Cooling Activities contributed 35,204 (42.42%) VEECs compared to 36,759 (44.98%) VEECs in the previous week.

 

 

 

 

Target Tracking

 

 

The 2024 target is 7.1M with currently 7,733,705 VEECs already Registered/ Pending Registration/ Pending Payment.

 

Based on current creation trends, we estimate the VEEC surplus will be exhausted by Q3-Q4 2025.

 

 

 

Pending Payment	37,929
Pending Registration Validation	430,945
Pending Transfer	25,747
Registered	7,239,084
Total	7,733,705

 

 

 

 

VEU Updates – New VEU Update: Program Extended to 2045

 

Last week, the VEU program announced key changes to drive energy efficiency:

1. Extension to 2045

The program now aligns with Victoria’s 2045 net zero target, offering long-term certainty for investors.

 

1. Stronger Regulatory Powers

Enforcement will expand beyond APs to include licensed installers, improving compliance oversight.

 

1. ‘Vintage Rule’ Removal

This change allows VEECs to be created beyond the usual cut-off date, which could increase supply.

 

 

Next Steps

The Bill is expected to be finalised by early 2025.

 

 

Strategic Review & Targets

A review will set short-term targets for 2026 and 2027.

 

 

Induction Cooktops Activity

This new activity is set to launch on 25 October 2024.

 

 

 

 

 

 

 

Analysis

 

 

 

 

 

 

% of VEECs Created

 

 

 

 

 

 

Total Weekly Creation Pie Chart