Market Update | 1 May 2026

• • Ecovantage creates first ever REGOs.
  • NSW releases consultation on energy efficiency minimum standards in rentals.
  • New VEU hydronic heating activity open for consultation.
  • LGCs threaten to dip below $2.00 level before stabilising.
  • VEECs nudge higher, approaching the $90.00 threshold.
  • ESCs continue their charge amidst muted creation volumes.
  • PRCs quiet again.
  • ACCUs choppy amidst Tuesday’s bumper day of trading.
  • STCs sideways again as CHBP incentives scaled down from today.

Ecovantage the first Accredited Person to register REGOs.

In a landmark moment for the Australian energy sector, Ecovantage has officially become the first Accredited Person to register Renewable Energy Guarantee of Origin (REGO) certificates.

The REGO scheme is the next step in the evolution of energy tracking, designed to provide a transparent and robust mechanism for verifying the renewable source of electricity.

With the Large Renewable Energy Target set to conclude in 2030, REGOs will offer a comparable streamlined way for businesses and households to prove their renewable electricity consumption and a pathway to offset their Scope 2 emissions.

To read more on the Guarantee of Origin scheme, please click here for an article on our website.

NSW Minimum Energy Efficiency Rental Standards open for consultation.

The NSW Government has launched a public consultation regarding the introduction of Minimum Energy Efficiency Rental Standards (MEERS) for residential properties. The initiative seeks to address the poor energy performance of many rental homes, which often leads to high utility bills and health risks for tenants, particularly vulnerable groups like low-income households and the elderly.

Stakeholders, including renters, landlords, and real estate agents, are invited to provide feedback on:

• The potential benefits and challenges of implementing MEERS.
• Which implementation models are most suitable for the NSW market.
• How standards should vary across different property types or regions.
• The impact on rental affordability and compliance monitoring.

Feedback can be submitted via an online survey or formal email submission until Sunday, 31 May 2026. These insights will directly inform the government’s policy development as they work toward improving housing quality and supporting NSW’s broader net-zero goals.

For more information, please click here.

VEU opens consultation for new hydronic heating activity.

The Victorian Department of Energy, Environment and Climate Action (DEECA) is proposing a new Victorian Energy Upgrades (VEU) activity to incentivise replacing gas-fired hydronic heating with efficient air-source heat pump hydronic systems.

Targeted at residential premises with existing gas/LPG systems covering at least 100sqm.

Products must meet a minimum COP of 3.25 (A7/W35), include a five-year warranty, and be installed with a minimum 80-litre buffer tank.

A mandatory $3,000.00 minimum co-payment is proposed, with incentives capped at a 25 kW capacity.

Consultation closes on 22 May 2026, with the activity slated to commence in Q1 2027.

For more information on the proposed activity, please click here.

Weekly Market Update | 27 April – 1 May 2026

Large-Scale Generation Certificates (LGCs)

LGCs started off with a bang this week with over 400,000 certificates exchanged on Monday, as nearer vintages all suffered losses, however this was not sustained with muted trading volumes throughout the remainder of the week.

Both the spot and CAL26 markets threatened to break new ground below the $2.00 level before levelling out and seeing marginal recoveries to close the week at $2.05 and $2.20, respectively.

Notably, agreement was reached on Thursday for a 20k CAL28 parcel at $2.35, indicating a soft upwards curve, with CAL29 and CAL30 vintages failing to transact throughout the week.

On Thursday, the Clean Energy Regulator announced that Ecovantage was the first Accredited Person to create Renewable Energy Guarantee of Origin (REGO) certificates.

While a trade is yet to transact to provide clarity to the market on the value of each REGO, it’s anticipated that the price will be closely aligned with LGCs, given each certificate represents one megawatt hour of renewable electricity.

Victorian Energy Efficiency Certificates (VEECs)

It was a week of quiet but material gains for VEECs, as prices shifted higher in early-week trading, where they remained to close at $88.00 – up $1.25 on Monday’s opening.

There was little to speak of in the forwards market, aside from a 5k July 2026 parcel agreeing at the same $88.00 level.

Monthly creation volumes were slightly down, with April seeing just over 446,000 VEECs created – down approximately 47,000 VEECs on March’s total.

Activity 6 continues to overwhelmingly represent the program’s creation avenue, with over 81% of all VEECs created in the past 30 days.

With a proposed cap on the incentives awarded for multi-head split system installations looming, volumes are expected to remain higher in the short-term, as Accredited Providers and Scheme Participants look to run down stock ahead of the forecasted reduction.

Energy Saving Certificates (ESCs)

The recovery in the ESC price continued apace, cruising upwards to close at $27.60, after opening Friday at $27.25.

With no reported forward trades, this appears to suggest a bullish market sentiment on the back of ongoing concerns regarding supply after just over 171,000 ESC registrations in April.

Included within the 171,000 registrations were over 65,000 certificate via non-routine Metered Baseline and Project Impact Assessment with Measurement & Verification (PIAM&V) methods.

This lack of activity under the Deemed method speaks to the ongoing concerns that has left industry asking – where will the ESCs come from?

Peak Reduction Certificates (PRCs)

The PRC market was quiet with just a handful of reported trades resulting in spot trading sideways to close at $3.05.

Similarly, just two reported forward parcels were agreed – one for May 2026 in 5k and one for September 2026 in 50k at $3.05 and $3.10, respectively.

It’s anticipated that PRCs will remain in somewhat of a holding pattern, pending the commencement of the new ESS Rule later this year, when new activities forecasted to stimulate market movement are slated for introduction.

Australian Carbon Credit Units (ACCUs)

In a mixed week, ACCUs initially lost ground before recovering and closing above Monday’s opening at $37.80.

Tuesday saw the lion’s share of the action with 440,000 certificates transacting across both the spot and forward markets.

Notably, the No Avoided Deforestation (No AD) market was drawn level with the Generics, however, this didn’t last, as it re-established its premium later in the week to close $0.05 higher.

Trading volumes were muted for the remainder of the week across both the Generics and specified vintages with trading volumes totalling just 125,000 certificates.

Small-Scale Technology Certificates (STCs)

STCs were again quiet, as the Clearing House remained in a surplus of 14.2m.

This figure is expected to diminish over the coming months, as incentives under the Cheaper Home Batteries Program are scaled back for all installations with an activity date of 1 May onwards.

At Ecovantage, we consistently analyse market activity, policy changes, consultation releases, and creation rates in conjunction with wider landscape activity. This allows us to keep our clients at the forefront of all relevant changes, and to leverage the advantage that this presents. Thank you for your continued support, and please reach out if you have any general or project-specific questions.