Based on our data partners' information, there was a significant decline in the total trading volume of Spanish domestic Guarantees of Origin (GOs) during Week 18, with a decrease of approximately 64%. However, in Week 19, the total trading volume experienced a substantial rebound, growing by approximately 91% and returning to the level observed in Week 17. Throughout both Week 18 and 19, the majority of the trading volume for Spanish domestic GOs originated from unspecified renewable sources. Additionally, due to the persistently low liquidity in the forward market, all recorded transactions were exclusively for 2023 contracts.

2023W19 - ES  GOs price

2023W19 - ES GOs Price spread

Over the past two weeks, the average price difference between 2023 contracts for EU GOs and Spanish domestic GOs initially narrowed to 33 Eurocents/MWh, but then slightly widened to 38 Eurocents/MWh. This was primarily due to a slighter decrease in the price of Spanish domestic GOs compared to EU GOs. Front-end participants have noted that historically, the price spread between Spanish domestic GOs and EU GOs has ranged between 20 and 50 Eurocents/MWh.

There were concerns about the suspension of Icelandic GO exports due to double claims that occurred on April 27, 2023. However, considering the relatively small historical volume of Icelandic GOs in the market, we have not observed any significant price impact. Both the EU and Spanish domestic markets have remained sluggish in terms of momentum.

As mentioned above, the majority of recorded GO transactions in Week 18 and 19 was sourced from unspecified renewables in the Spanish domestic market, as Spanish generators have tendency to export the technology specific GOs to the EU OTC market. By the end of the Week 15, we observed that the latest trade for the Spanish domestic Wind GOs (2023 contracts) was up to 7.32 EUR/MWh, while the Spanish exportable Wind GOs (2023 contracts) were priced between 7.41 to 7.51 EUR/MWh and the closing price for EU Wind GOs (2023 contracts) was 7.64 EUR/MWh. Meanwhile, the price spread between Spanish domestic GOs sourced from unspecified renewables (included Biomass) and unspecified renewables (excluded Biomass) maintained between 10 to 15 Eurocents/MWh.

In the upcoming week, we expect trading activities to decrease slightly, while there is a slightly bullish price trend anticipated for 2023 contracts in the Spanish domestic market. We have recently released our Year-To-Date 2023 GO Balance, which can be accessed 

. On June 1st, we will be revealing the initial version of the End of Year 2023 GO Balance Forecast, which will provide a more detailed perspective on the country and technology-specific direction of the supply side until the end of 2023.

News

Week 21: Auction 35 settles at second-highest price in program history 

Week 21: CORSIA-eligible credits fall below USD 1.00/t while efforts to ensure high integrity continues

Week 21: RGGI benchmark contract settles at a near 5-month high this week 

GO Week 21 Overview - Mixed week amid low activity

Week 21: Breach of technical support opens room to the downside 

Over-the-Counter Wholesale Carbon Credit Price

RED: what did not change for guarantees of origin? 

Global standards for biomethane I-RECs to be developed

Union database – New provision in Renewable Energy Directive

EUA price forecast for H2 of 2023: Anticipation of future shortage will continue to bolster prices

May 2023 HUPX Pan-European auction

Bulgarian power exchange IBEX plans GO trading platform by end of 2023

EAC Market Report - In The Midst Of A Bullish Wave

A platform with real-time GO data and insights, reporting prices and market fundamentals for Wind, Hydro, Solar, Biomass, Biomethane and RGGOs. 

Our community offers access to webinars, discussions and updates from industry leading experts and analysts. 

 of Guarantees of Origin (GO) in the Spanish domestic market aligned with the EU OTC market. In Week 18, the average price of 2023 GOs increased by 10 to 20 Eurocents/MWh, but in Week 19, it decreased by approximately 20 Eurocents/MWh. However, the 

 of Spanish domestic GOs at the end of Week 19 showed an increase across all electricity sources. The shortage of supply for 2024 GOs in the Spanish domestic market continued, primarily due to a cautious approach taken by generators who are adopting a wait-and-see stance in response to high market demand.

Our Platform gives you unfettered access to price benchmarking, analytics, new and insights covering the green certificates markets. 

Request a trial now and someone from our team will be in touch with you to learn more about your involvement in the markets and to answer any questions you may have.

News

2023W19 Spanish Domestic GO Market Quotes: Recovering liquidity for 2023 contracts

To read this article and explore our services, request a trial!

Related reading