Greece to launch first guarantees of origin auction in early January

The first guarantees of origin of electricity in Greece are reportedly planned to be auctioned in the first half of January. The registry was integrated with the European system in October.

When Greece’s Regulatory Authority for Waste, Energy and Water (RAEWW) issues the required rules and the electronic platform is completed, the Balkan country will be able to conduct its first auction of guarantees of origin or GOs. Energypress learned that the launch is expected in the first two weeks of January.

Guarantees of origin certify that electricity that consumers buy comes from renewable sources. The volume of production is determined by the green electricity output within a certain market. An increasing number of companies and institutions want to boost the share of renewables in their consumption, with the aim to reach carbon neutrality, which requires verification through the GO market.

First bidding to indicate foreign buyers interest in guarantees of origin

The Greek GO registry was integrated with the European system in October, through the Association of Issuing Bodies. AIB brings together European institutions responsible for GOs – transmission system operators, regulators and market operators in the European Union, European Economic Area and Energy Community.

Unicorn created the registry on behalf of the Renewable Energy Sources Operator and Guarantees of Origin (DAPEEP). It was introduced in August.

The first auction will show the interest of foreign participants in the Greek market. Operators of renewable electricity and high-efficiency combined heat and power (CHP) plants put into operation since the beginning of 2021 will offer the certificates for bidding, the article adds.

Investors see GO market boosting liquidity

Greece adopted the legal framework in the summer of 2022. Investors expect that the new system will strengthen the liquidity of the domestic electricity market.

Guarantees of origin are sold through national power exchanges. For instance, CROPEX is the marketplace in Croatia and HUPX in Hungary. Serbian electricity exchange SEEPEX plans to introduce a market for guarantees of origin by the end of next year. GOs are auctioned and traded, so a rise in demand and drop in renewable electricity supply can bump up prices.