Wednesday, 11 January 2023
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On 4 January 2023, the Portuguese government released the details of their proposed national obligation scheme for natural gas, Ordinance 15/2023. Gas suppliers will be obligated to blend 1% renewable gas into their supply, and the government will be offering ten-year supply contracts for biomethane and green hydrogen to facilitate this target. The mechanism for proving renewable gas sourcing will be the cancellation of GOs.
The obligation target and ten-year contracts are bullish for demand and supply respectively. It is unclear at this stage how cross-border GOs will interact with the obligation scheme or the rules regarding GO eligibility in general. However, the Portuguese market is expected to be relatively small (less than 200 GWh...