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Guarantees of Origin auction hits new revenue record

 

The eleventh auction of Guarantees of Origin (GOs) took place on 13 July. In Portugal, these certificates are issued by REN - Rede Elétrica Nacional, to guarantee to the electricity consumer that the corresponding energy comes from renewable generation. The auction's net profit hit a new record of €7.4 million, up 44% from the last auction's previous high. This amount will be deducted from the renewable energy acquisition cost and reimbursed to Portuguese consumers.

The auction also achieved a new maximum price of €2.30 for solar power, €0.35 more than the previous high. A total of 3.50 million GOs (equivalent to 3.5 TWh of certified energy) were auctioned, divided into eight lots, according to the normal criteria of technology (solar, wind, hydro, and thermal) and generation period (between March and April 2022), and were all awarded. The auction had 21 participating domestic and international entities, 12 of which made at least one successful acquisition.

In mainland Portugal, REN assumes the role of Issuing Body for Guarantees of Origin (Entidade Emissora de Garantias de Origem - EEGO) and is responsible for implementing and managing the system for issuing GOs, including the electronic registration, issue, transfer, and cancellation of these certificates.

The EEGO began operating in March 2020, and currently has around 350 registered companies (including producers, suppliers and brokers) and more than 700 facilities that certify its electricity production each month, totalling approximately 15.7 GW of installed power.

More than 70 million in Guarantees of Origin have already been issued in Portugal to date.