26 October 2023: Victorian Energy Upgrades – Greenhouse Gas Reduction Rate for 2024
The following greenhouse gas reduction rates for 2024 have been fixed under the Victorian Energy Efficiency Target Act 2007:
- 0.15244 for electricity
- 0.01545 for gas
These rates were recommended by the Minister for Energy and Resources and published by Order of the Governor in Council in the Victoria Government Gazette (refer to page 121 of the published notice).
When multiplied by the amount of energy expected to be purchased by energy retailers in 2024, the rates determine the number of certificates each retailer needs to surrender to meet the 2024 Victorian Energy Efficiency Target of 7.1 million tonnes of greenhouse gas abated, while adjusting for differences between estimated and actual energy purchases in past years.
The greenhouse gas reduction rates were determined in consultation with the Essential Services Commission.
Page last updated: 31/10/23