Headline – Performance Against Current Targets

• While there is currently an excess of created VEECs, there are 6,895,827 more VEECs required to be created to meet the current targets for 2019 & 2020.
• With 96 creation weeks remaining, this equates to an average 72k VEECs created every single week.
• To put this in terms of current trends, this figure has only been reached in 3 out of the past 10 weeks.
• Even with the increased creation total of 90k last week, the current 3-week creation run rate of 69k is still below the required run rate. (12-week average is only 60k). This means that forecasts predict that the VEET scheme will be in VEEC deficit by the second half of next year.
• Post 2020 targets are being discussed at the moment with further increased targets likely.

Results

In the week ending 24^th February 2019, VEEC creation was as follows:

• 90,544 up 85% compared to the previous week’s creation of 49,039 
• The average for the last 3 weeks is 69,276
• Commercial Lighting contributed 64,494 (71%) compared to 31,358 (64%) the previous week
• The VEEC spot price was $19.35 COB Friday, down $0.15 from the previous Friday.

Analysis

The graph below shows the overall trend of total VEECs created each week.