Market Update | 21 November 2025

• • New registry for ACCUs and SMCs.

  • Free insulation training for Victorian workers.

  • Australia loses out to Turkiye in bid for COP 2026.

  • LGCs plunge to new lows.

  • VEECs rebound but jumpy as AP suspensions and cancellations announced.

  • ESCs drift downwards.

  • PRCs back up to $3.00 level.

  • ACCUs quiet, as new registry is announced.

  • STCs steady.

New ACCUs and SMCs Registry.

The Clean Energy Regulator (CER) has launched a new, blockchain-based unit and certificate Registry, consolidating multiple credit types, such as Safeguard Mechanism units, into a secure digital ledger.

 

Earmarked as pivotal for future performance and data tracking, the upgrade has built on Trovio’s CorTenX technology and is slated to enhance market transparency, provide richer data, and underpin the future liquidity and growth of Australia’s carbon, biodiversity, and renewable energy markets.

Fully-funded Insulation Training for Victorian Workers

Tuesday this week saw news of Victorian Government funding of up to $3,500 per person for eligible insulation workers.

Delivered via the Energy Efficiency Council, the funding is aimed at supporting the safe introduction of retrofit ceiling insulation in Victorian homes under the Victorian Energy Upgrades (VEU) program. Registered training providers will deliver fully subsidised training through the Retrofit Insulation Installers Training program in Metropolitan and Regional areas.

As current VEEC creation is so highly concentrated, with Activity 6 (High Efficiency Air Conditioning) representing the majority of volumes, this is welcome news for the industry looking to relieve pressure via activity diversification.

For insulation companies looking to understand how they can participate under the new VEU activity, contact our Account Management Team today.

Australia’s COP Bid Failure.

Australia has unexpectedly lost its bid to host the next UN climate talks (COP31) to Turkiye, despite being the clear favourite with overwhelming UN and Pacific support.

Despite this failure resulting from three years of diplomacy to host the world’s biggest climate talks, Prime Minister Anthony Albanese, speaking from Perth, framed the last-minute defeat as an “outstanding outcome” celebrating concessions secured by Chris Bowen during final negotiations.

Hosting the next COP was estimated to result in over $500m in revenue, particularly for the host state,  South Australia, through tourism and attracting further investment in the clean energy transition and the failure to secure it no doubt represents a serious blow for the Federal Government.

City of Sydney new stratas go all-electric.

The City of Sydney Council has mandated all-electric provisions for new residential and large commercial buildings, effective from 1 January 2026.

This move, driven by widespread support, builds on earlier indoor gas restrictions. The phased rollout requires new residential buildings’ indoor appliances to be all-electric from 1 January 2026, expanding to outdoor gas appliances and new large commercial properties from 1 January 2027.

The policy is expected to:

• Deliver household energy savings of approximately $626 a year.
• Improve public health by mitigating pollutants from gas cooktops.

The Council views electrification as a logical step to counter the environmental, financial, and health risks associated with fossil fuel dependence.

This news comes following the recent introduction of changes to laws, requiring all NSW stratas to consider sustainability in their AGM agenda items. For further information on this, including options for complying with these new regulations, please click here.

Weekly Market Update | 27 – 31 October 2025

Large-Scale Generation Certificates (LGCs)

Last week’s late-week trading, which saw prices stumble, continued this week with losses across vintages. Prices consistently traded downwards with Spot closing at an all-time low of $7.50.

This was mirrored across the CAL25s through to CAL28s with each one down 5-10% on Monday’s opening.

With the Guarantee of Origin (GO) Scheme commencing earlier this month and Renewable Energy Guarantee of Origin (REGO) certificates slated for creation from 2026 onwards, this downwards trajectory and the resulting slowing of commercial PV rollouts may be here to stay without sufficient policy intervention.

Victorian Energy Efficiency Certificates (VEECs)

The wild ride in the VEECs market took another turn this week, with Spot prices rebounding sharply after several days at a standstill, before falling again to close slightly higher on Monday’s opening.

After a flurry of trades that saw prices jump from Monday’s opening of $75.00 flat, Spot breached the $80.00 level on Wednesday, but this was short-lived, as bids dried up and closed lower at $78.25.

This increase comes as punitive measures from the Essential Services Enforcement Taskforce continue to emerge, with six Accredited Persons (APs) accreditations suspended in as many months and a second AP having their accreditation entirely permanently revoked via cancellation.

Energy Saving Certificates (ESCs)

There was little ESCs action to speak of as both the Spot and forwards markets closed a step lower on thin liquidity.

Spot opened the week steadily trading down to close on Monday, shedding $0.20. This sparked a 10k/month strip for January 2026 to June 2026 at $25.00 without any further agreement in the forwards. Despite this lively start, just a handful of further Spot trades transacted to see prices close the week at $23.65.

Weekly registrations were up on recent volumes at just over 197,000, boosted by a large Project Impact Assessment with Measurement and Verification Method (PIA&MV). The Commercial Lighting Method continues to represent the majority of registration volumes ahead of its conclusion in March 2026.

Peak Reduction Certificates (PRCs)

PRCs recent resurgence went to another level this week, as prices returned above the $3.00 threshold.

After no reported trades on Monday and Tuesday, trading roared to life on Wednesday with over 1.3m certificates exchanged. Forwards held the lion’s share of the action, as traders looked to secure their positions into 2026. This interest saw strips agreed as high as $3.20, before settling at $3.17 between January and June 2026.

Meanwhile, Spot jumped to close the week at $3.00 flat.

Australian Carbon Credit Units (ACCUs)

A strong opening on Monday appeared to indicate an ACCUs rebound, but this failed to persist as these gains slowly evaporated throughout the week across low volumes to close where they opened.

In promising news for traders, the Clean Energy Regulator (CER) has launched a new, blockchain-based Unit and Certificate Registry, consolidating multiple credit types like Safeguard Mechanism and Australian Carbon Credit Units. The secure platform is slated to increase richness in data and enhance market transparency, aimed at supporting future growth in carbon and biodiversity markets.

Small-Scale Technology Certificates (STCs)

There were no reported STC trades this week, despite the Clearing House remaining in surplus.

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.