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Market Update | 15 March

  • PRCs rally to $1.50 in the spot and ESCs increase by $0.20 over the week
  • The VEEC forward market recommences trading above the spot price
  • The 2022 Ministers Report was released by IPART, recapping data from the compliance year

This week the PRC market continued to rally through both the spot and forwards, while the ESC market welcomed a small recovery from the recent strong negative trend. ACCUs were quiet through the week, and VEECs saw low levels of volatility through parcels traded in the second half of the week. LGCs were active in the forward vintages, with all periods trading up to Cal29. In wider news, the IPART in New South Wales released its 2022 annual report and the Australia Government released a first-pass assessment report of a National Climate Risk Assessment, both reviewed below.

2022 Energy Savings Scheme Annual Report Published

The 2022 Annual Report was published for the NSW Energy Savings Scheme this week. This is the standard timeframe, where IPART finalises and publishes data 12-15 months following the completion of the compliance year. The primary takeaways are below:

  1. 6.64 million ESCs were registered against a target of 4.9 million
  2. The ESCs were created over 325,412 installs, for an average of 20 ESCs per install
  3. 10.1 million PRCs were registered against a target of 3.9 million
  4. Over 3 million ESCs were registered through lighting methods each year over 2020, 2021, and 2022
  5. Approximately 2 million ESCs were created via refrigeration in 2022
  6. Approximately 0.5 million ESCs were created via water heating in 2022
  7. ESCs created from ‘other’ sources to the above decreased each year from 2020 to 2022, at approximately 1.8, 1.3, and 0.8 million respectively
  8. A majority of ESCs continue to be created for Electricity Savings, with Gas Savings maintaining a small percentage each year

Federal DCCEEW Released the First National Climate Risk Assessment

The Federal Department of Climate Change, Energy, the Environment and Water released a first pass assessment report for a National Climate Risk Assessment. Feedback on the assessment is being sought through open consultation. 56 national risks have been identified, with 11 priority risks drawn for analysis in the second pass of the risk assessment. The report is designed to assist government, industry, businesses, and First Nations peoples in understanding climate risks and subsequently placing appropriate actions in accordance.

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