Since 1 July 2021, Council has been sourcing its electricity requirements through a Power Purchase Agreement, titled the Victorian Energy Collaboration or VECO. Buying electricity in the form of Large Generation Certificates (LGCs) allows Council to claim 100% emissions reduction for its electricity consumption.
About VECO
VECO provides over 45 per cent of all Victorian councils’ electricity requirements as renewable energy, collectively reducing greenhouse emissions by 260,000 tonnes of CO2-e every year. Provided by Red Energy, the 240GWh of clean power procured through the agreement is equivalent to powering 48,000 homes with renewables or removing the emissions from 90,000 cars every year.
Initiated by the Victorian Greenhouse Alliances, VECO recognises the benefits of renewable energy for the environment and the economy. It reduces energy costs for participating councils for the term of the agreement, until 2030.
VECO means that Council now sources all of its electricity needs through renewable energy generators, resulting in over 40 per cent savings / year on electricity bills, compared to costs in 2020-2021. Importantly, it also means a reduction in emissions from Council operations of approximately 3,385 tonnes CO2-e / year, equating to powering 620 houses with renewable energy, or taking 1,170 internal combustion engine cars off the road each year.
More information about the venture can be found at VECO.