VIC & NSW Energy Efficiency Certificates
Energy Efficiency Schemes
The Energy efficiency schemes are state based energy efficiency programs designed to decrease greenhouse emissions from residential, commercial and industrial sectors of the relevant state economies.
Victorian Energy Efficiency Target (VEET)
The Victorian State government established an energy efficiency scheme known as the VEET or the Energy Saver Incentive which commenced 1 January 2009. It was managed by the Essential Services Commission and has been legislated to continue in 3 year phases until January, 2030.
Liable parties, namely energy retailers in Victoria are required to meet legislated annual energy savings targets and have a legal obligation to surrender their Victorian Energy Efficiency Certificates (VEEC’s) to the commission in proportion to heir customers’ energy use. Starting 1 January 2012, 5.4 million VEEC’s per annum must be surrendered to the commission. VEEC’s can be sold or bought on the open market at a price determined by supply and demand to anyone who is a VEET account holder.
More information can be obtained via:http://www.esc.vic.gov.au/public/veet/ .
Current VEEC prices can be accessed via our Market Prices page.
Energy Savings Certificates (ESC’s)
The New South Wales government introduced the scheme to encourage additional take up of energy efficiency by providing added incentives for parties installing a range of approved energy efficiency products. The target initially started at 0.4% of total electricity sales in 2009 and increase gradually to 4% in 2014.
Under the requirements of the NSW Energy Savings Scheme, electricity suppliers must meet individual annual energy savings targets each year based on their electricity market share in NSW. If not, the supplier faces a penalty per certificate for any shortfall.