Policies

Victorian Energy Upgrades Program (Previously the VEET scheme)

Source: International Energy Agency
Last updated: 4 March 2021

Established by the Victorian Energy Efficiency Target Act on 11 December 2007, the Victorian Energy Upgrades Program (previously the Victoria Energy Efficiency Target (VEET) scheme) is an energy efficiency obligation progamme requiring energy retailers to achieve a set level of energy savings, and surrender 'white certificates' to the program regulator as proof, with one certificate equivalent to 1 tonne of CO2 abated. Obligated parties can also purchase white certificates from specialist third party certificate providers via private bilateral contracts and public spot market.

 

The programme covers electricity and gas consumption. Obligated parties are energy retailers that have 5000 or more customers in Victoria, or that make annual purchases of 30 000 MWh or more of electricity or 350 000 GL or more of gas for on-sale to prescribed customers in Victoria.

 

In December 2020, program targets were updated for the period 2022-25 to the following:

 

  • 6.7 million certificates in 2022
  • 6.9 million certificates in 2023
  • 7.1 million certificates in 2024
  • 7.3 million certificates in 2025

 

 

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