LGC: The LGC spot had high liquidity this week while Cal24 and Cal25 traded in moderate to high volumes, and gentle softening was seen across both. By comparison, Cal26 and Cal27 rose by $0.25 and $0.15 though in lower volumes. This took the total curve volatility to 0.24%, which has been routine through the first four months of this year. A total of 700K across all spot and forward vintages traded. 

ACCU: The spot generic ACCUs opened the week lower $0.50 lower at $33.75, before recovering in the midweek by $0.25 to $34.00. In tandem, the HIR spot lowered by $0.25 to open the week before recovering to a level $34.00 – eliminating the premium the stratified market often attracts above the generic spot. February and March forwards for 2025 were placed at $36.10 to $36.25 respectively, the first activity seen for 2025 recently. 

PRC: In a significantly high week of activity, over 2.2 million PRCs traded with 1.12 million transacting in the spot on Tuesday alone. To provide context surrounding these volumes, the 2023-24 PRC target is estimated be approximately 8 million certificates. On Monday the market opened with the spot at $1.70, with the forwards through to October 2024 first trading at the same level. In a rally on Tuesday the spot rose to $2.00 before the forwards out to June 2025 lifted to $2.10 and finally $2.20. The total PRC creation over the past weeks has been lower than the weekly creation seen in the earlier months of this year, this week continued the trend with 396K created.

See below for pricing updates for each certificate.

VEEC: Reaching a new all-time high, the VEEC spot this week broke $100.00 on Thursday following the VEU’s Telemarketing Ban becoming active on Wednesday. The market opened the week at $97.75 on Monday while forwards for the near term moved to $99.00. In several stepped increases, the spot rose to $100.00 while forwards have seen low liquidity over the newly set premium. A total of 76K VEEC were created in the week prior. While creation remains low, the impact of the VEU’s Telemarketing Ban will take time to reveal itself due to the gap in time between VEEC lodgement and creation. 

In the 76K creation, air conditioning activities were the highest contributors with 20K VEECs, followed by Weather Sealing at 12K – the activity likely to be disrupted the most by door knocking. Building-based lighting was the third highest creator at 10K.

STC: Very limited trading in the STC market this week with the clearing house firmly in deficit by 1.8 million certificates, planting the market spot price at $39.90.

ESC: With another week of high creation at 207K, ESCs softened again this week by $0.15 in the spot. The forwards for the period April to December 2024 traded at $20.00, though have not dropped below this mark. A primary volume of the weekly creation continues to be contributed by IHEAB Heat Pump installations as we approach a month out from the ESS Rule Copayment implementation on June 19, and an impending PDRS rule change limiting the stacking of PRCs and STCs in addition to ESCs. 

As Australia’s largest Accredited Certificate Provider (ACP), Ecovantage maintains strong market analytics to keep our partners and clients on top of the certificate market. Below is the current spot price tracking and price charts across the federal and state energy certificates.

Pricing and summary is accurate as of the time of publishing. Pricing and charts are automatically generated daily.
Ecovantage is not liable for any errors or changes in the figures provided.

Victorian Energy Upgrades Program (VEU)

Victorian Energy Efficiency Certificates (VEECs) are credits issued under the Victorian Energy Energy Efficiency Target (VEET) scheme for eligible energy upgrades, from large commercial and industrial sites down to individual homes. The quantity of VEECs issued is based on the amount of calculated greenhouse gas emissions avoided through the upgrade.

NSW Energy Savings Scheme (ESS)

Energy Savings Certificates (ESCs) are a tradable certificate issued for electricity, gas, and other energy savings that result from a technology upgrade or modification.

ESCs are created under the New South Wales Government’s Energy Savings Scheme (ESS) and are available only to projects within the state. ESCs are used as a market-based mechanism to increase the implementation of energy efficiency measures, and are able to be created for projects within large industrial sites down, all the way down to residential properties.

Federal Renewable Energy Target (RET)

Large-Scale Generation Certificates (LGCs) are created to quantify renewable energy that has been generated through solar, wind, hydro, and biomass projects. This is done under the Renewable Energy Target, known as the RET.

Each LGC represents one megawatt hour of renewable energy, and one LGC may be created for each MWh of actual energy generated by the project.

These LGCs act like a stock that can be traded to gain a financial benefit, or surrendered to claim the renewable energy benefit.

Federal Emissions Reduction Fund (ERF)

Australian Carbon Credit Units (ACCUs) are an Australian based carbon credit that can be created as a result of activities that avoid or remove greenhouse gas emissions.

Each ACCU is representative of one tonne of carbon dioxide having been removed, or avoided, by the eligible activity.

Peak Demand Reduction Scheme.

Peak Reduction Certificates (PRCs)

Australia’s Most Versatile ACP.

Ecovantage specialises in creating, trading, and supplying all energy certificates, including VEECs. We assist you in balancing the financial and environmental scales for each project. 

Ecovantage provides an end-to-end service, from site audits and project management, through to generation and monetisation of the created certificates. 

The treatment of certificates is based on the financial and carbon goals of each organisation. The options available are presented with their relevant outcomes on both fronts, to ensure your decision is an informed one. Ecovantage generates and trades certificates as an authorised provider through the Independent Pricing and Regulatory Tribunal (IPART).