When people search “VEEC price”, they are usually asking one of three things: what is the market, what will it be, and what will I be paid. Spot and forward prices answer the first two. Your trader’s rate answers the third.
Spot price
The spot price is what a VEEC trades for now. At the time of writing the market has been roughly $85 to $95 in 2026, with a record near $110 earlier in the cycle, and reported at about $85 to $90 in September 2026. Spot moves daily with supply, buyer demand and sentiment about the Victorian target. For the day-to-day picture see what the VEEC price is today and how the spot price moves.
Forward price
A forward price is agreed today for certificates delivered later, for example a quarter or a year out. Retailers buy forward to lock in a cost against their obligation. Sellers sell forward to lock in revenue. Forward prices bake in expectations: if the market expects more supply or a lower target, forward prices sit below spot, and the reverse when it expects scarcity.
The difference between spot and forward is therefore a market opinion about the future, not a fee. A forward discount does not mean the spot price is wrong.
Context: 2025 and phase 5
VEEC prices were unusually high through 2025 and into 2026 because the target had grown faster than certificate supply, as covered in why VEEC prices are so high. Targets for the next phase were set, with reported modelling suggesting prices should ease from recent highs. That is a forecast, not a guarantee. If you see a “phase 5” price quoted somewhere, check the date it was written and the source before relying on it.
Where the installer’s rate fits
Installers do not normally sell at spot. A trader or aggregator buys your certificates at a published rate that sits below spot, takes the market risk, and settles you. Some traders offer fixed rates for a period, which is effectively a forward arrangement on your behalf. Others pay a rate that moves daily.
What this means for installers
- Quote customers on the discount you can reliably fund, not on today’s spot.
- If a price looks too good, ask whether it is spot, a fixed forward or a promotional rate.
- If the spot price falls, consider whether a fixed-rate arrangement protects your margin; if it rises, a daily rate captures the move.
Energy Merchants publishes its rate daily and locks it on lodgement of a complete claim, so you know the number before you submit; see pricing. The mechanics for Victorian jobs are on the VEEC trading page.
Related reading
Selling VEECs covers the sales process, and the glossary defines the terms.