The average weekly prices of 2023 Spanish domestic GOs demonstrated V shaped fall and recovery similar to the AIB GO Market in Weeks 33 to 36. Prices for the 2023 vintage fell from of 6.03 in week 32 to 5.02 in week 34 before recovering to 5.64 EUR/MWh in week 36.

Average price volatility for the 2023 vintage during this period increased to more than 6% from mere 2% in early August.

The 2024 vintage was traded at 6.82 EUR/MWh in week 36, indicating an increase of more than 1 EUR/MWh from the previous week. However, due to limited liquidity in the previous week, drawing substantial conclusions from this week's data is challenging.

2023W36 - Spanish domestic  GOs price

Price spreads between Spanish domestic GOs and EECS GOs:

The average discount for Spanish domestic GOs for the 2023 vintage was about 18 Eurocent/MWh. The discount has widened to about 35 Eurocent/MWh during Week 36.

Spanish domestic GOs for the 2024 vintage were traded at a significant discount of 0.4 EUR/MWh, during week 36. 

Typically, the Spanish domestic GOs market seems to mirror the price movements of the EU Over-the-Counter (OTC) market, albeit with a slight lag and price spread ranging from 0.1 to 0.5 EUR/MWh.

2023W36 - ES GOs Price spread

During Weeks 33 to 36, almost all of the recorded transactions (93%) of Spanish domestic GOs were from unspecified renewables.

Trading of Spanish domestic GOs during Weeks 33 to 36 on average increased by 255% when compared to the weekly average in the initial two weeks of August, as market participants returned from their vacations resulting in increased market liquidity.

In Weeks 33 to 36, only 2023 and 2024 vintage GOs were traded. The 2024 vintage constituted approximately 40% of the total weekly trading volume and 2023 remaining 60%. During Week 34, all trading of Spanish domestic GOs was focused on the 2023 production.

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Huge price fluctuations in Spanish domestic GO market during Weeks 33-36: Market demand recover from vacation slump

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