​Key highlights for the third quarter of 2022 include signs of recovery for rooftop solar, record activity in the Australian Carbon Credit Unit (ACCU) market and increasing demand for Large-scale generation certificates (LGCs).



ACCU market continues record level activity

  • 8.4 million ACCUs transacted in the secondary market in Q3 2022, more than 4 times the amount in Q3 last year.
  • Voluntary and state and territory ACCU cancellations in 2022 to the end of Q3 totalled 1.2 million, a 93% increase over the same period in 2021. Total demand is now tracking to 1.5 million ACCUs for 2022, up from the original estimate of 1.1 million.
  • ACCU holdings increased 3.6 million in Q3 2022, reaching the highest level ever at 19.7 million.

Record voluntary cancellation signals increasing demand for LGCs

  • Voluntary cancellation reached a record 4.7 million LGCs Q3 2022. This takes total cancellation for 2022 at end of Q3 to 6.2 million, a 46% increase over the same period in 2021.
  • The LGC spot price passed $70 in mid-September for the first time since Q4 2015 before softening to around $65 in mid-October. Since 1 July 2022, spot prices have increased by over 40%.
  • 500 MW of capacity for LGC creation was approved in Q3 2022, taking total approved capacity for 2022 to 1.2 GW. Nearly 1.8 GW of capacity remains under application.

Small-scale solar PV shows signs of recovery in Q3

  • Installed capacity in 2022 to the end of Q3 totalled 1.9 GW. While down 19% from 2021, this is an improvement from the 27% decline in the first half of 2022.
  • The total capacity installed in 2022 is now estimated to be 2.7 GW, up from the original estimate of 2.3 GW.
  • At the end of Q3 2022, air-source heat pump installations totalled an estimated 59,000, 44% higher than the same period in 2021.


  • QCMR data workbook - September Quarter 2022

    The Quarterly Carbon Market Report data workbook - September Quarter 2022 contains additional data and visualisations not available in the report. Additional data sets and graphs are included in this workbook to provide the market with more information on the performance of the schemes administered by the Clean Energy Regulator.