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VEET beefed?

April 17, 2015
VEET

Following the Victorian government commitment to strengthen the Victorian Energy Efficiency Target (VEET), the Department of Economic Development, Jobs, Training and Resources  has undertaken external economic modelling on four different target options, these being: 5.4, 5.6, 5.8. and 6.2 million Victorian Energy Efficiency Certificates (VEECs) per year. In a briefing given yesterday, the department presented the results that a target of 5.6 million VEECs a year between 2016 and 2020 was predicted to deliver the largest net benefit.

This is only slightly higher than the current 2015 target of 5.4 million tonnes, and there was concern from stakeholders that the targets modelled were not high enough. However, the department officials claimed that larger targets would not necessarily result in a larger benefits and could introduce instability in the market.

While no decision has yet been made on possible rule changes to the scheme, the modelling has assumed that in line with the desire to closer align the NSW and VIC programs that from 2017 project based activities will be incorporated in the VEET. This will mean that large scale energy saving projects for heavy industry as well as upgrades to dairies, factory production lines or commercial buildings will qualify to generate VEECs.

The formal consultation process on the new targets is set to commence in the near future and full details of the modelling will be released prior to that in addition to the opportunity to make a submission on what new energy efficiency activities should be allowed.

For further information on the current requirements of the VEET see the Essential Services website (https://www.veet.vic.gov.au/Public/Public.aspx?id=Home ) or get in contact with one of our consultants.

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