• VEU Annual Forum held with 12-monthly data reviewed
• 100% publicly owned renewable energy park announced by the Victorian SEC
• Global Heat Pump Deployment toolkit released
• LGC spot price remains at a nine year low

VEU Annual Forum Review.

On 21 November the VEU held the 2024 annual forum where stakeholders within the program were briefed on the programs performance within the past 12-months, the upcoming strategic review, the program aims over the coming years, and technology projects being undertaken by the Commission. The key metrics presented are reviewed below, and reference the period 1 November 2023 to 31 October 2024:

• • 4.6 million certificates created (the 2024 target is 7.1 million VEECs);
  • 1,104 new products approved;
  • Activities with increased uptake included water heating, shower rose, space heating and cooling, PBA activities, gas efficiency, home energy rating assessments and pre-rinse spray valves;
  • Activities with decreased uptake included lighting, in-home displays and refrigerated cabinets;
  • Activities with stable uptake included cold rooms and weather sealing;
  • 16,000 household heating and cooling upgrades have occurred since the activities launch in 2023.

100% Publicly Owned Renewable Energy Park Announced in Victoria.

The Victorian SEC this week announced the development of a renewable energy park in Horsham, consisting of a 119MW solar facility in stage one, followed by a 100MW 2-hour battery energy storage system (BESS) in the second stage. The project will commence work immediately, and once live will used to supply energy to Victorian Government customers. This supply will assist the government in meeting its commitment to 100% renewables across its operations.

Global Heat Pump Deployment.

A policy toolkit has been developed and released for the mass heat pump deployment on a global stage. The toolkit was released by the Regulatory Assistance Project with input from a number of global stakeholders such as the Energy Efficiency Council. The aim of the toolkit is to provide key analysis and design approaches for the framework to a successful heat transition. The key items identified are outlined below.

• • The importance of coordination around heat pump policy efforts and strategies
  • Economic and market-based instruments are foundational in ensuring that the lifetime costs of the heat pump are lower than those of a fossil-based heat source
  • Financial support in the way of grants, tax rebates, loans and heat-as-a-service packages can be effective methods to control the speed of uptake
  • Consistency and strength within regulations and standards such as building codes, appliance standards, minimum performance standards, and heat planning and zoning are key to ensuring an effective heat transition

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.

Katie Tebbatt | Business Development Manager, Energy & Carbon Services
Katie specialises in Commercial Lighting (NSW, VIC & SA), Measurement & Verification, and energy certificates including LGCs & ACCUs.