Industry market update and work program

The Victorian Energy Upgrade (VEU) Program is the state’s largest energy efficiency program and a key measure in Victoria’s Climate Change Strategy.

Encouraging investment and employment in the energy efficiency sector is an objective of the program – certainty in the program is a key to achieving this.

Please find the following information included within this statement:

• monthly publication of information in relation to the Victorian Energy Efficiency Certificate (VEEC) market.
• quarterly publication of information on the pipeline of new and revised activities for the VEU program.

Market update - January 2025

This market information will be updated on a monthly basis. Last update January 2025.

Participation numbers

VEEC registrations and spot price

VEEC registration by activity type

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New and revised activities – as at January 2025

This information will be updated on a quarterly basis. Last update January 2025.

The Department of Energy, Environment and Climate Action is working on a range of new and revised activities for the VEU program, which will increase the supply of certificates. Information on the new and revised activity work program is provided below.

Please note: the department will be delaying the reintroduction of incentives for plug-in refrigerated cabinet activities until further notice. Timelines will be confirmed at a later date.

These timeframes are indicative only and are subject to change. Stakeholders are advised not to make any commercial decisions based on future timeframes.

Where we are going

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Adding and revising activities

The department regularly reviews the range of energy efficiency upgrades available to receive incentives, ensuring they continue to reduce emissions and save consumers money.

A typical process for introducing or amending a VEU activity is outlined below. Please note that this is a guide only and the time involved and steps may vary considerably depending on the scale of the work.

Please note: an activity is not an eligible activity under the Victorian Energy Upgrades program until final regulations and specifications are in effect, and these have been communicated publicly.

Stakeholders are strongly advised not to make any decisions related to new or revised activities under the VEU program until final Regulations and Specifications have been approved and published.

The department does not make any representation that any proposed changes set out will (i) take effect, (ii) will take effect on or by a particular date, or (iii) will take effect in the form proposed.

Page last updated: 31/01/25