News

WEEKLY VEEC ANALYSIS WE 17th MARCH

Headline – Performance Against Current Targets

  • The 2018 compliance year VEEC surrender is due next month. At this time 6.1M VEECs will be required to be surrendered.
  • The current total of 11.3M registered VEECs mean that 5.2M VEECs will remain for surrender against the 2019 target of 6.3M.
  • That means that activities generating 1.1M VEECs still need to be undertaken prior to January 2020 to meet the 2019 target.
  • The 2020 target is another 6.5M VEECS.
  • While meeting the target for 2019 appears academic, meeting the increased 2020 target at current creation rates will not be possible.
  • With 92 creation weeks remaining, and a total of 7.4M VEECs required, this equates to an average of 80k VEECs created every single week between now and the end of 2020.
  • Creation rates have been trending down since August 2018.
  • Current 3-week average is 66k per week. Average for 2019 to date is only 62k.
  • This means that forecasts predict that created VEECs will be below required target by the second half of next year.
  • Post 2020 targets are being discussed at the moment with further increased targets likely.

The graph below shows creation against targets.  The right hand axis is for the cumulative creation and cumulative target, and the left hand axis the weekly creation.  Please note, this is creation – not all VEECs created are registered.

 

Results

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

  • 57,704 down 16% compared to the previous week’s creation of 68,410
  • The average for the last 3 weeks is 66575
  • Commercial Lighting contributed 26,811 (47%) compared to 47,888 (70%) the previous week
  • The VEEC spot price was $20.70 COB Friday, down $0.10 from the previous Friday.
  • The top 4 creators in CL – Wattly, Cyanergy & Green Energy Trading.
  • Updated 21A was slightly up on creation with 12,780 VEECs created compared to 11,259 the week before.

 

Analysis

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

GemmaWEEKLY VEEC ANALYSIS WE 17th MARCH
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WEEKLY NSW ESS ANALYSIS WE 24th MARCH

Headlines

 

In the week ending Mar 24th 2019, ESC creation was as follows:

  • Weekly creation was 123,832 ESCs up 140% compared to the previous week’s creation of 51,521 ESCs
  • This is due to a massive 53,811 ESCs being registered for Sale of New Appliances.
  • The average for the last 3 weeks is 72,740 ESCs
  • Commercial Lighting contributed 57,034 ESCs (46%) compared to 32,528 ESCs (63%) the previous week
  • The ESC spot price was $20.85 COB Friday, down $0.40 from the previous Friday

Analysis

The graph below shows the overall trend of total ESCs registered each week. 

 

GemmaWEEKLY NSW ESS ANALYSIS WE 24th MARCH
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WEEKLY NSW ESS ANALYSIS WE 17th MARCH

Headlines

In the week ending Mar 17th 2019, ESC creation was as follows:

  • Weekly creation was 51,521 ESCs up 20% compared to the previous week’s creation of 42,868 ESCs
  • The average for the last 3 weeks is 50,434 ESCs
  • Commercial Lighting contributed 32,528 ESCs (63%) compared to 16,293 ESCs (38%) the previous week
  • The ESC spot price was $21.25 COB Friday, up $0.85 from the previous Friday

Analysis

The graph below shows the overall trend of total ESCs registered each week. 

GemmaWEEKLY NSW ESS ANALYSIS WE 17th MARCH
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WEEKLY VEEC ANALYSIS WE 17th MARCH

Headline – Scheme Guidelines Consultation

The ESC has undertaken a review of the VEET Guidelines to incorporate a number of amendments:

  • Amendments contained in the Victorian Energy Efficiency Target Regulations 2018 which commenced on 10 December 2018
  • Amendments contained in the Victorian Energy Efficiency Target (Project-Based Activities) Regulations 2017 (PBA Regulations) which commenced on 11 December 2018.
  • Amendments to reflect the rebranding of the scheme from the Victorian Energy Efficiency Target scheme to the Victorian Energy Upgrades program, the use of both the VEU Registry and the commission website to support the administration of the program, and changing the name of explanatory notes to guidance documents
  • Confirming the commission has the power to require Accredited Persons (APs) to provide certain training and has the power to require APs to use licensed installers.  


The draft decision and proposed changes to the VEET Guidelines are publicly available on the Essential Services Commission website.

The ESC invite stakeholders to provide submissions on the draft VEET Guidelines by 5:00 pm, Friday 29 March 2019.

Submissions should be made via email to veu@esc.vic.gov.au with the subject line: ‘VEET Guidelines Submission’.

Alternatively, submissions by mail should be addressed to:

Victorian Energy Upgrades
Essential Services Commission
Level 37
2 Lonsdale St
Melbourne VIC 3000

For more information, email veu@esc.vic.gov.au or call (03) 9032 1310.

 

Results

In the week ending 17th March 2019, VEEC creation was as follows:

  • 68,410 down 7% compared to the previous week’s creation of 73,612
  • The average for the last 3 weeks is 76,882
  • Commercial Lighting contributed 47,888 (70%) compared to 48,214 (66%) the previous week
  • The VEEC spot price was $20.70 COB Friday, up $0.50 from the previous Friday.

Analysis

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

 

GemmaWEEKLY VEEC ANALYSIS WE 17th MARCH
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