VEEC Scheme Target Increased

24 May 2011

On 24 May the VEET Amendment (Scheme Target) Regulations 2011 were released. The regulations allow for the abatement target to be increased to 5.4 million tonnes of greenhouse gas per year for each year of the 2012-14 second phase of the scheme. This is, in effect, a doubling of the current target.

Of additional importance is the expansion to scope for the scheme, which opens the way for a range of new commercial/industrial energy efficient activities to be considered for certificate creation.

A Regulatory Impact Statement had been released earlier this year which had canvassed a number of other lower target levels. The previous ALP Government had committed to double the target and expand the scheme to cover the small and medium enterprise sector. The new Liberal Government now confirmed this position and moved to implement the scheme expansion.

Details of the new activities covered are expected to be released in the coming months. In response the VEEC price increased by around $3 late last week and we are pleased to advise an increase in our buy back price for VEECs to $14 per VEEC for forms with VEECs only and $15 per VEEC for forms combining STCs or LGCs.

For further information on VEEC creation with Green Energy Trading please ring 1300 077 784 or email admin@greenenergytrading.com.au