Shell Energy Europe to participate in guarantees of origin auctions in Croatia

Shell Energy Europe Limited and 3Degrees Group Inc. have registered for participation in the auction for guarantees of origin at Croatia’s power exchange CROPEX.

London-based Shell Energy Europe and 3Degrees Group, which is headquartered in San Francisco, have joined as new participants in guarantees of origin auctions by signing participation agreements, CROPEX said.

Shell Energy is one of the largest traders in Europe and has built substantial gas and power portfolios, the announcement reads.

The 3Degrees team has deep expertise in sustainability consulting, environmental markets, renewable energy and carbon project development, transportation decarbonization solutions, and utility renewable energy programs, CROPEX added.

CROPEX has 48 participants in its guarantees of origin auctions

The list of participants in the auctions of guarantees of origin now contains 48 firms.

At the latest auction, held on April 29, CROPEX sold 208,245 guarantees from wind farms. The price was EUR 1.28 EUR per MWh.

Of note, CROPEX recently announced that Croatia’s state-controlled power utility Hrvatska Elektroprivreda (HEP Group) would be the first in the region to sell its guarantees via an electricity exchange.

Shell Energy Europe has 1.6 GW of generation capacity in operation

Shell Energy Europe is part of oil and gas major Shell. The firm trades electricity, natural gas, and certificates in more than 20 European countries. It has 1.6 GW of generation capacity in operation and under construction or contract, and around 8.4 GW in the pipeline across Europe, according to its website.

According to Global Carbon Offset Market report, the 2024 carbon offset market is worth USD 133.1 million and it is projected to reach USD 806.1 million by 2032.

3Degrees Group is among the major players in the carbon offset market, the report reads.