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Certificate Services:
Weekly Market Update.
At Ecovantage, we consistently analyse market activity, creation metrics, policy changes, and consultation releases in conjunction with wider landscape activity.
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Weekly Market Update | 1 – 5 December 2025.
Large-Scale Generation Certificates (LGCs)
The LGC spot market remained stable at $7.25 for most of the week, with a brief early trade at $7.35 on Monday.
The forward LGC market saw high-volume trading in CAL26, with prices stabilising from an initial range of $7.40 to $7.75 to close the week at $7.50, despite a mid-week dip to $7.25. CAL25 traded between $7.25 and $7.60 later in the week, while limited trading in CAL27 and CAL28 at $6.60 and $5.25 respectively.
Victorian Energy Efficiency Certificates (VEECs)
The VEEC spot market began the week trading strongly in a range of $83.00 to $84.00, with Monday and Tuesday volumes settling around $83.00. However, after no trades on Wednesday, the market saw a high influx of trades on Thursday and Friday, pushing the price lower from the $82.25 level down to a weekly low of $80.50.
The forward VEEC market saw price levels move slightly lower over the week, with various strips. Ranging from Feb26-Dec26 strips traded consistently around the $82.00 to $82.75 range on Monday, before a strip trade on Wednesday and two single-month trades between May26- Aug26 Thursday traded at $81.00. On Friday, prices consolidated around $81.00 to $81.50, although near-term contracts like Dec25 and Mar26 saw the lowest trades of the week at $80.50.
Monthly creation volumes have renewed strength in December with over 100,000 VEECs created to date.
Creation volumes are expected to increase in the short-term, as Accredited Persons (APs) seek to upload as many activities as they can ahead of the upcoming increase to certificate creation fees from 1 January 2026 onwards.
Certificate creation fees are set to double, from $2.33 per VEEC to $4.35 per VEEC – applicable to all activities uploaded to the VEU Registry from the start of next year.
Energy Saving Certificates (ESCs)
ESC creations returned to a recent average volume of 87k certificates created, following last week’s spike where triple the volume hit the market. Prices continued trending downward from a high of $23.50 to a low of $23.00 on Monday, continuing into Tuesday, where the price reached a weekly low of $22.75. On Wednesday, despite a brief back up to $23.50, prices then traded down to $22.75, and by Friday, the price finished the week at a slightly lower premium of $22.65.
A forward contract for May-26 with 60k ESCs traded at $23.40, while a 50k May-26 ESC of between $23.00-$28.00 option was executed at a premium of $2.75.
Peak Reduction Certificates (PRCs)
PRC creation levels fell sharply this week, making up only 17% of the volume seen in the previous period. Since BESS1 is no longer an eligible activity, certificates generated from HVAC now dominate the market.
This reduced supply saw a marginal 1.7% increase in the PRC spot price, which closed the week at $2.85 following a single 200k trade on Friday. The forward market remained quiet, recording only one trade on Friday: a strip covering the Jul26-Oct26 period executed at $2.93 for 50k certificates per month.
Australian Carbon Credit Units (ACCUs)
The ACCU spot market opened the week trading between $35.75 and $35.95 on Monday, and then saw a price reaching a weekly high of $36.25 on Wednesday before softening to trade mainly between $35.85 and $36.00. Trading volume increased on Thursday and pushed the price down to $35.50 before the price stabilised to $35.55 on Friday.
ACCU Spot No AD mirrors Generic Spot reaching a high of $36.25 on Wednesday, before experiencing high volatility and downward movement on Thursday, and settling lower at $35.60 on Friday.
The forward market Trading activity was minimal, one Jan-27 to Mar-27 strip traded at $37.45 on Monday and one Jan-26 contract trading lower at $35.75 on Friday. Showing a higher premium for the longer dated contract.
ACCU HIR saw a marginal increase from $35.75 on Monday to $36.00 on Tuesday. No trades reported on ACCU Method Specific.
Small-Scale Technology Certificates (STCs)
The STC market remained quiet this week, with no trades reported alongside a persistent clearing house surplus, which stands at just over 1mil certificates.
Concurrently, BSTCs were last purchased with a 2 million parcel on Tuesday, bringing the total volume acquired since its July 2025 launch to 20mil STCs – utilising about 36% of the initial $2.3 billion budget. Weekly BSTC purchases are scheduled to continue until 18 December and will recommence on 5 January.
Certificates spot prices & graphs available below.
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As Australia’s most versatile 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.
Federal Renewable Energy Target.
Large-Scale Generation Certificates (LGCs)
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.
Learn More About LGCsVictorian Energy Upgrades Program.
Victorian Energy Efficiency Certificates (VEECs)
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.
Learn More About VEECsNSW Energy Savings Scheme.
Energy Savings Certificates (ESCs).
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.
Learn More About ESCsPeak Demand Reduction Scheme.
Peak Reduction Certificates (PRCs)
Peak Demand Reduction Scheme (PDRS)
Peak Reduction Certificates (PRCs) are tradable certificates under the NSW Government’s Peak Demand Reduction Scheme (PDRS).
1 PRC represents 0.1 kilowatts of peak demand reduction capacity averaged over one hour during the peak summer period.
This aims to encourage peak energy use reduction within peak demand times, to reduce pressure on the electricity grid and in turn reduce energy prices.
Learn More About PRCsFederal Emissions Reduction Fund.
Australian Carbon Credit Units (ACCUs)
EE (Energy Efficiency) | HIR (Human Induced Regeneration) | NT (Native Title) | SB (Savanna Burning) | CB (Co-Benefits) | ICB (Indigenous Co-Benefits)
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.
Learn More About ACCUsFederal Renewable Energy Target.
Small-Scale Technology Certificates (STCs)
Federal Renewable Energy Target (RET)
Small-scale Technology Certificates (STCs) are a tradeable certificate in Australia’s renewable energy market. They are part of the federal government’s Renewable Energy Target (RET) scheme, which aims to promote the uptake of renewable energy sources.
1 STC = 1 MWh of calculated electricity either generated by a renewable energy source or displaced by the installed system.
The quantity of STCs is calculated based on the location of the system, the electricity generated or displaced, and the years left in the scheme until it ends in 2030.
Learn More About STCs
What Organisations do with Certificates.
Once generated through an eligible energy saving project, certificates are sold or traded to liable entities, such as energy retailers.
Sold certificates are generally used to reduce the upfront investment cost of an energy efficiency project.
Don’t want to watch? Read the transcript here.
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).
Certificates Features.
Australian Certificate Attributes and Recognition
Australian Certificate Values
| Certificate | Classification | Representative Of | Attribute Recognised by External Programs? | Purpose |
| ACCU | Carbon Credit | 1 Tonne of CO2-e | Carbon | Recognise and Measure Carbon Abatement |
| LGC | Renewable Energy Certificate | 1 MWh of Renewable Generation | Renewable Energy | Recognise and Measure Renewable Generation |
| STC | White Certificate | 1 Calculated MWh of Renewable Generation | None | Create a Financial Incentive for Small-Scale Renewable Generation |
| VEEC | White Certificate | 1 Calculated Tonne of CO2-e | None | Create a Financial Incentive for Energy Efficiency Upgrades |
| ESC | White Certificate | 1 Nominal MWh | None | Create a Financial Incentive for Energy Efficiency Upgrades |
| PRC | White Certificate | 0.1kW of Peak Demand Reduced | None | Create a Financial Incentive for Peak Demand Reduction |
| REPS | White Certificate | 1 Calculated GJ | None | Create a Financial Incentive for Energy Efficiency Upgrades |
Australian Certificate Recognition
White certificates = STCs, ESCs, VEECs & REPs
| Program | ACCUs | LGCs | White Certificates |
| RE100 |  |
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| Climate Active | |
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| GreenPower | |
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| NABERS | |
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| Green Building Council of Australia | |
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| Greenhouse Gas Protocol | |
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