VEU Certificate Creation Report

Creation between 23/06/2024 and 30/06/2024

Results

• 197,518 VEECs were created for the period between 23/06/2024 and 30/06/2024.
• 39,049 up from the previous week.
• The VEEC Spot price is $101.75 – down $0.75 on 1/07.
• Water Heating Activities (1D, 3C, 3D) contributed 7,598 (3.85%) VEECs compared to 7,414 (4.68%) VEECs in the previous week.

Target Tracking

The 2024 target is 7.1M with currently 6,423,788 VEECs already Registered/ Pending Registration/ Pending Payment.

Based on current creation trends, we estimate the VEEC surplus will be exhausted by Q2 2025 – This has pushed out slightly from

last month, following an increase in creation over the past two months.

May Recap

There was an uptick in creation under most activities in May, and it was the second consecutive month in which net

creation was higher than the prior 12-month average (which has not occurred since H1 2022). Creation under High

efficiency air conditioner (Activity 6) registered its highest monthly creation to date (84k) making it the top creating activity

for the month again. Weather sealing activity remained the second highest creating activity, registering 63k certificates (net)

and on par with its prior 6-month average (62k). There was a significant increase in creation under PBA, registering 61k

VEECs in May, its highest monthly volume since October last year and more than 5 times its prior 6-mth average. In water

heating activities, both Commercial heat pump and heat pump replacing gas activity continued to trend up, with May

volumes higher than their prior 6-month average by 126% and 46% respectively.

Analysis

Total Weekly Creation Pie Chart