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.
In the week ending 24th 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.
The graph below shows the overall trend of total VEECs created each week.
On Tuesday 12th February the ESC announced that after consultation, licenced electricians would be required for the relaunched 21A A-bulb replacement activity.
Please refer to the announcement below and see following link for more information. activity guide
Training and Licensing Requirements
We have finalised our decision on training and licensing requirements for incandescent GLS or compact fluorescent lamp (CFL) replacement activities (activity 21A) following formal public consultation.
From 12 February 2019, licensed electricians will need to be involved in all stages of this activity to minimise electrical safety risks. Accredited Persons (APs) will need to provide appropriate training to minimise other safety risks associated with the replacement of CFLs on installers and energy consumers, such as those related to mercury risks and spillages.
APs must: – submit evidence to us that the installers they use for activity 21A are licensed electricians – not submit Victorian energy efficiency certificate (VEEC) creation claims until we have reviewed and approved these installers and added them to our database – provide installers with necessary information, instruction and training required to manage any risks associated with the replacement of CFLs, including mercury risks – provide evidence of their training program regarding these risks upon our request.
Zac EdgleyESC Announces Mandatory Use of Licenced Electricians for LED Abulb installations