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W11 2023: price dashboard

According to the statistics from our data partners, this week saw a considerable decrease in trading volume, with a weekly growth rate of -71% (-39% last week) compared to the week prior.

This week's trading activity was considerably focused on 2022 and 2023 contracts, with 36 and 51% of total volumes.

During Week 11, the prices of Nordic Hydro GOs decreased for 2022 production, by around 1.5 EUR/MWh. They closed this week at an average price of 637 Eurocents/MWh. A few trades for the 2023 and 2024 vintages were seen, around 7 and 5.5 EUR/MWh, respectively. 

As for Nordic Wind, its 2022 vintage also decreased, by 1.4 EUR/MWh (-19%).

Please bear in mind that the graph on the right displays the closing price for a given vintage and technology on the Thursday of the week. We here base our analysis on VWAP prices, taking volumes into account.

W11 2023: NH price

The past week, reservoir levels dropped from 37.9% to 36.4% following a normal-for-the-season downward trend but stayed below the normal-for-the-season levels by -4.2%. Forecast up to Week 14 predicts divergence from the normal for the season levels of up to -5.7%, which is an improvement to what was forecasted for Week 13. These figures, being below normal levels, show that the first months of 2023 were dry but when they are compared with the hydrological situation of 2022 when the drought had pushed the reservoir levels in this region to -16.3% below normal levels they can at least ensure that the critical situation that occurred in 2022 will not be repeated.

The hydrological balance for the current week was at 0 with values being bound to get slightly positive in Weeks 12 and 13 at 0.9 TWh and 0.1 TWh. 

W11 2023: Hydro Reservoir Nordic

W11 2023: Hydro Reservoir Norway

In the EU market, the average weekly price for Unspecified GOs also witnessed a downward trend, with 2023 EU Unspecified GOs closing at around 696 Eurocents/MWh (slightly below its Nordic Hydro counterpart), decreasing by 55 Eurocents compared to last week's. Meanwhile, its 2022 vintage decreased by 10%, down to a price level of 6.1 EUR/MWh.

W11 2023: EU Hydro price

For week 11, Iberian reservoir levels increased to 57.5% which is normal for the season value. The very good levels earlier this year are now normalising and they are forecasted to deteriorate slightly at -1.85% of the normal levels.  One year ago, the situation in the hydrology of the Iberian Peninsula was far more dramatic with reservoir levels being at -30% of the normal values. 

The hydrological balance in this region is still on a trajectory of improvement with the value being at -1.4 TWh for this week and being forecasted to reach -0.6 TWh in Week 13.

W11 2023: Hydro Reservoir Iberian Peninsula

W11 2023: Hydro Reservoir Central Western Europe

The hydrological situation in Central Western Europe remains quite encouraging, with reservoir levels in Week 11 being forecasted at 35.7%, around 20.2% higher than the normal values for this season. The forecast up to Week 14 is even more encouraging as reservoir levels are expected to be +30.4% higher than the normal level for the season due to increased precipitation. During the drought of 2022, this area of Europe was not affected particularly negatively as reservoir levels never went below normal values for the season. 

Nonetheless, the hydrological balance is at -9.4 TWh for Week 11 and it is bound to decrease to -8,4 TWh and -7.3 TWh over Weeks 12 and 13.

As we approach the deadline for disclosure in most European countries, market activity for short-term vintages from 2022 to 2024 is expected to surge.

Despite this anticipated surge in activity, we foresee that prices for Nordic and EU GOs will at least remain at current levels. The majority of trading is expected to focus on 2022-2024 production, with prices for the 2022 vintage projected to remain in the 6-8 EUR/MWh corridor we forecasted earlier in 2023, confirmed by the latest trends.

Based on these factors, we do not anticipate the 2022 vintage levels to exceed 8 EUR/MWh. This forecast is informed by our analysis of current market trends, which suggest that prices will remain relatively stable.


Prices for UK products increased between 1-2%, with spreads less than 1 GBP. While recent developments regarding the applicability of GOs has been pessimistic for demand, UK appears largely insulated from this for the time being.

For the continental markets, all products except uncertified Crop saw downward corrections. Premium product EU certified Waste now sits at 50 EUR/MWh, a price level last observed around mid-January.

Conversely, uncertified Crop bucked the bearish trend, increasing slightly to 23.25 EUR/MWh - this may be in response to the gains made by UK Crop, with transfers between the two markets possible, albeit difficult.


For more information related to the Biomethane market please contact 

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Prices for Nordic Hydro 2022 decreased by almost 1.5 EUR/MWh (on average).

Recorded transaction volume decreased again this week, down to around 700 GWh.

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GO Week 11 Overview - The 2022 vintage loses ground

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