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The Victorian Energy Efficiency Target (VEET) scheme is a Victorian Government initiative promoted as Energy Saver Incentive. The Victorian Energy Efficiency Target (VEET) scheme, which commenced on 1 January 2009, aims to encourage the uptake of energy efficient technology, initially in the residential sector. The VEET scheme plays an important role in achieving the Victorian government’s target of reducing greenhouse gas emissions from households by 10 per cent by 2010 and Victoria’s overall emissions to 60 per cent by 2050. The VEET scheme operates by imposing a legal liability on large electricity and gas retailers in Victoria (known as relevant entities) to contribute to energy efficiency measures by acquiring and surrendering Victorian energy efficiency certificates (VEECs). A penalty will be imposed on entities that fail to surrender sufficient VEECs to meet their liability. Under the VEET scheme, accredited persons are eligible to create VEECs for prescribed activities undertaken at residential premises. Each VEEC created represents one tonne of carbon dioxide equivalent (CO2-e) abated by a prescribed activity. The Victorian Energy Efficiency Target Act 2007 (VEET Act) provides for the VEET scheme to operate in three-year phases, with new scheme targets and prescribed activities set for each phase. The first phase of the VEET scheme will operate from 1 January 2009 to 31 December 2011. Role and responsibility of the Essential Services Commission The VEET Act confers responsibilities and powers on the Commission to administer the VEET scheme. As administrator, the Commission is responsible for accrediting persons who may create VEECs, maintaining registers, overseeing the creation, registration, transfer and surrender of the VEECs, imposing penalties, conducting audits, and monitoring compliance with the VEET Act. In addition, the Commission is responsible for developing guidelines to support the implementation of the VEET Act. VEET scheme targets Section 30 of the VEET Act provides for the setting of scheme targets over three-year periods. For the first three years of the scheme (2009-2011), the target is a reduction of 2.7 million tonnes of CO2-e per annum. This three-year target is expected to reduce greenhouse gas emissions by a total of 8.1 million tonnes, which is equivalent to making about 675,000 households carbon neutral for a year.
The Victorian Energy Efficiency Target (VEET) scheme, which commenced on 1 January 2009, aims to encourage the uptake of energy efficient technology, initially in the residential sector. The VEET scheme plays an important role in achieving the Victorian government’s target of reducing greenhouse gas emissions from households by 10 per cent by 2010 and Victoria’s overall emissions to 60 per cent by 2050.
The VEET scheme operates by imposing a legal liability on large electricity and gas retailers in Victoria (known as relevant entities) to contribute to energy efficiency measures by acquiring and surrendering Victorian energy efficiency certificates (VEECs). A penalty will be imposed on entities that fail to surrender sufficient VEECs to meet their liability.
Under the VEET scheme, accredited persons are eligible to create VEECs for prescribed activities undertaken at residential premises. Each VEEC created represents one tonne of carbon dioxide equivalent (CO2-e) abated by a prescribed activity.
The Victorian Energy Efficiency Target Act 2007 (VEET Act) provides for the VEET scheme to operate in three-year phases, with new scheme targets and prescribed activities set for each phase. The first phase of the VEET scheme will operate from 1 January 2009 to 31 December 2011.
The VEET Act confers responsibilities and powers on the Commission to administer the VEET scheme. As administrator, the Commission is responsible for accrediting persons who may create VEECs, maintaining registers, overseeing the creation, registration, transfer and surrender of the VEECs, imposing penalties, conducting audits, and monitoring compliance with the VEET Act. In addition, the Commission is responsible for developing guidelines to support the implementation of the VEET Act.
Section 30 of the VEET Act provides for the setting of scheme targets over three-year periods. For the first three years of the scheme (2009-2011), the target is a reduction of 2.7 million tonnes of CO2-e per annum. This three-year target is expected to reduce greenhouse gas emissions by a total of 8.1 million tonnes, which is equivalent to making about 675,000 households carbon neutral for a year.
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Phone: 03 9651 4911 You can also email us if you have any inquiries.
VEET Information Session The Commission will be holding an end of year information session for account holders and applicants for participation in the Victorian Energy Efficiency Target scheme. Details of the session are as follows: Date: Friday 27 November 2009 Time: 10.30 a.m. to 12.30 p.m. Location: Theatrette, mezzanine level, 1 Spring Street, Melbourne (corner Flinders Street). A light lunch will be served at the conclusion of the event. A finalised agenda will be distributed nearer to the meeting date. Please register your attendance to help ensure adequate facilties are provided. RSVPs are required by 13 November 2009.
