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VEET Scheme to be altered



The Department of Primary Industry, the department responsible for policy development of the Victorian Energy Efficiency Target (VEET) has been deliberating on adjustment to the definition of a relevant entity (RE), or a energy retailer that is liable to bring and surrender Victorian Energy Efficiency Certificates (VEECs).

 It was determined that the parameter of a RE should be altered. The current definition is a person who:

  1. sells either electricity or gas, or both electricity and gas, to customers; and

  2. has 5000 or more customers to whom either electricity or gas is, or both electricity and gas are, sold to in Victoria; and

  3. makes a scheme acquisition in connection with the sale of either electricity or gas, or the sale of both electricity and gas, to those customers;”

Although this was determined to unfairly impede larger retailers and provide an unfair market position to certain retailers. Because of this it is proposed that the definition of an RE be altered to a person who has:

  • a customer base or greater than 5000 customers; or

  • acquisitions of electricity exceeding 30,000 MWh; or

  • acquisitions of gas exceeding 350,000 GJ

The current changes to the Bill are currently being debated in the Victorian Parliament, with changes tipped to be in effect from July 2015.