• • Australia’s Utility Scale Renewable Energy Recorded a Combined Output of 4.7 TWh.

  • VEU Introduces Ceiling Insulation Commencing on 14 April 2026.

  • LGCs experienced another bearish week. 

  • VEECs market strengthens with positive forward projection.

  • ESCs spot softens while forward trends upwards.

  • PRCs saw moderate trade activity. 

  • ACCUs spot market stabilises.

  • STCs firmed on an average of $39.60. 

Australia’s Utility Scale Renewable Energy Recorded a Combined Output of 4.7 TWh.

Australia’s utility-scale renewable energy sector recorded a combined output of 4.7 TWh in March 2026, representing a modest 2% year-on-year increase. According to the latest data from Rystad Energy, this growth was driven primarily by solar PV assets in Queensland and Western Australia, which dominated the top-performer rankings. Queensland emerged as the standout state, contributing 1,300 GWh to the total and achieving a historic milestone by recording its highest-ever monthly wind generation.

While northern assets thrived, southern states experienced particularly challenging conditions, with wind capacity factors in Victoria, New South Wales, and South Australia falling below 24%. Despite this regional divergence, the broader market continues to evolve, with utility battery storage capacity now reaching 8.9 GW. These battery systems are increasingly displacing open-cycle gas turbine (OCGT) generation, consistently dispatching more energy into the grid as the sector transitions toward hybrid solar-plus-storage configurations.

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VEU Introduces Ceiling Insulation Commencing on 14 April 2026.

The Victorian Energy Upgrades (VEU) program is set for a significant update with the introduction of Ceiling Insulation (Activity 48), commencing on 14 April 2026. This rollout will occur in two stages: 

• Stage 1 commences on 14 April 2026 whereby upgrades will be exclusive to public and community housing premises.

• Stage 2, from 1 October 2026, the activity will expand to include all eligible residential premises across Victoria. 

To make way for this new activity, Underfloor Insulation (Activity 12) will be officially removed from the program effective 14 April 2026.

Weekly Market Update | 6 – 10 April 2026.

Large-Scale Generation Certificates (LGCs)

LGC spot prices experienced a bearish week as the market continues to react to the persistent oversupply. Pricing held steady at $2.90 on Tuesday and Wednesday before declining mid-week to $2.75 on Thursday. On Friday LGCs saw a correction, with a large 50k parcel briefly returning to $2.90 before the market hit a weekly floor of $2.65. 

The LGC forward market continues to see overall softening. Tuesday’s session led by CAL 26 at $3.20 and CAL 27 trading between $3.10 and $3.15, with CAL 28 holding at $3.00. Thursday saw a surge in volume for the CAL 27 vintage, with several large parcels trading at $3.20, even as CAL 26 softened to $3.00 and CAL 29 opened at $2.95. The week concluded with CAL 28 and CAL 29 trading between $2.95 and $3.05.

Victorian Energy Efficiency Certificates (VEECs)

The VEEC market saw an overall price strengthening this week with positive forward projection. Spot climbed steadily from a Tuesday low of $85.25 to finish on a high note. Wednesday remained flat with consistent volume trading at $86.00, but momentum shifted significantly on Thursday as prices broke through the $87.00 mark. Friday saw the most aggressive climbs, with prices peaking at $88.50 before a slight correction to close the week at $87.90.

Similar to spot, the VEEC forward market saw an upward trajectory as well, with prices climbing from the mid-$86 range to approach $90 by Friday. Early-week trading on Tuesday and Wednesday established a floor between $86.00 and $86.60 across various 2026 expiries, including a 24k total strip for May–July. Momentum shifted significantly on Thursday as prices hit $87.00 for individual months, while multi-month strips for late 2026 pushed higher to $87.75. On Friday, May and June 2026 vintages trading up to $88.50 and a notable January 2027 contract reaching $89.40.

Energy Saving Certificates (ESCs)

The ESC spot market maintained steady for most of the week before experiencing a slight softening by Friday. From Tuesday through Thursday, the market was anchored between the $24.50 – $24.55 mark, seeing liquidity with over 80k on Tuesday alone and a minor peak of $24.55 on Wednesday. However, on Friday ESCs spot saw a downward shift, while some trades held at $24.45, the bulk of the volume cleared at $24.35, eventually settling to a weekly low of $24.30 by the close.

The ESC forward market saw concentrated activity in the first half of the week, with prices trending upward for later vintages. On Tuesday, trading began with June 2026 contracts at $24.75 and August 2026 at $25.10. This momentum carried into Wednesday, where a February 2027 parcel traded at a premium of $25.70. Liquidity stalled for the remainder of the week, with no trades reported on Thursday or Friday.

Peak Reduction Certificates (PRCs)

The PRC spot market saw moderate activity this week, with pricing remaining largely stable despite a brief dip on Friday. Trading opened on Tuesday with a substantial 120k parcel changing hands at $3.10. After a quiet mid-week period with no trades reported on Wednesday or Thursday, liquidity returned at the end of the week. Friday’s action was mixed, seeing a 51k parcel trade down at $3.00 before the market quickly recovered to the $3.10 level across two trades totaling 200k. 

Australian Carbon Credit Units (ACCUs)

The ACCU spot market stabilised this week. Tuesday opened with No AD trades at $36.50, and momentum shifted upward by Wednesday as both Generic and No AD reached $36.60. This ascent continued through Thursday, where Generic saw another increase from opening to $36.70, and No AD units touched a peak of $36.75 for the week. On Friday, Generic saw a 40k trade clearing at $36.65 and also reaching a weekly high of $36.75. 

No trades reported on the ACCU forward market.

Small-Scale Technology Certificates (STCs)

The STC spot market experienced price stabilisation around the $39.60 mark this week. The market opened at $39.55 on Monday before lifting to $39.60 by the close of the day. Prices remained steady at $39.60 throughout the mid-week, with trades totalling 130k between Tuesday and Wednesday. This momentum continued into Friday, when the market reached a weekly high of $39.65.

The forward market saw April-26 trades cementing a price of $39.60 across 85k units between Thursday and Friday, alongside a June-26 trade at $39.62, signalling a firm price floor at $39.60. With significant changes to STC calculations for batteries commencing 1 May 2026, the market is anticipating a tightening of STC supply relative to demand.

Certificates spot prices & graphs available at Market Update >

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.