Friday, 26 June 2020
Redes Energéticas Nacionais (REN) carried out the first issuance of Guarantees of Origin (GOs) to certify renewable electricity produced in Portugal and will connect to the AIB registry hub from 1st August 2020. So far, around 150 companies have already applied for registration with 80 already registered or in the process of completion, including producers, brokers, and traders.
330 production facilities have applied for registration, 87 of which have already completed the process, totalling approximately 7000 MW of installed capacity, which corresponds to about 50% of the total power subject to the issuance of GOs.
In order to join, energy companies will have to pay a 1000 € registration fee after which GO certificates will cost 0.037 €/ MWh. According to José Medeiros Pinto, senior advisor at APREN - Portuguese Association of Renewable Energies, GOs in Spain and the Netherlands are valued at higher average prices than those approved by the Government of Portugal.
Portugal's issuance of GOs has been long-awaited by market participants given its renewable energy capacity. Portugal's National Climate and Energy plan foresees an increase of renewables in the generating mix from a current 60% to 80% by 2030. An addition of up to 1.7 GW of new hydro, nearly 4 GW of wind, and 7 GW of new solar PV capacity are planned over the next 10 years adding supply to the market.
Sources
Capital Verde (in Portuguese)