The Victorian Government’s May budget included an investment of $5.9 million for a Strategic Review of the Victorian Energy Upgrades (VEU) program (the Review). This is to ensure the VEU continues to be key driver in helping Victorians electrify their homes and businesses, lower energy costs, and reduce greenhouse gas emissions.
The Review’s Terms of Reference (ToR) have been finalised, and an expert advisory group has been established to support the Review. The Review’s ToR are available here: https://www.energy.vic.gov.au/victorian-energy-upgrades/about/strategic-review
AREMA has responded to the Victorian Government that it is keen to be involved.
About the review
The Review will examine what is needed to future-proof the VEU, ensuring it fulfills its potential to support Government policy objectives on electrification, energy affordability, emissions reduction, and reliability. The Review will also consider options to improve consumer protections, increase equitable participation for households and businesses, and strengthen the integrity of the scheme.
The Review will work closely with the Essential Services Commission as the administrator and regulator for VEU to consider how to make the program more flexible and responsive, while also ensuring its integrity.
There will be opportunities for stakeholders to engage and provide input in the Review process. Further details on engagement will be communicated in the coming weeks.
The VEU program is the largest energy efficiency upgrade program in Australia. Since its commencement in 2009, the VEU has successfully delivered energy efficiency at scale for Victorians, reducing energy bills, energy consumption and greenhouse gas emissions. More than 2.4 million Victorian households and 170,000 businesses have benefited from the program, with more than 80 million tonnes of carbon emissions abated.
The Review will ensure that the program can continue to successfully deliver for the Victorian community, playing a critical role in Victoria’s energy efficiency, emissions reduction and electrification ambitions.
We would welcome the opportunity to meet and discuss how your organisation can engage with the Review. If you or members of your organisation are interested, please feel free to reach out to us.
To contact the Review team, please write to [email protected].
