Marcus Sheffer posted some months ago in this credit:

"You will need to calibrate the model by energy end use on a monthly (and annual) basis.
[...]
Yes you would need to separate out the electric end uses in order to calibrate the model. Whole building metered data is not sufficient."

HOWEVER

I am reading the IPMVP, page 18, Table 2:

"How Savings Are Calculated:
[...]
Energy use simulation, calibrated with hourly or monthly UTILITY BILL data. (Energy end use metering MAY be used to help refine input data.)"

Therefore, sub-metering does NOT appear to be mandatory for credit compliance, since sub-metering MAY be used to help refine input data.

I am glad to have different insights to this issue.

GH