INTERVIEW: EEX calls for clear roadmap, regulatory stability on GO temporal matching

A clear roadmap and greater regulatory predictability are needed before the Guarantees of Origin market moves toward tighter temporal matching requirements, according to Aude Filippi, Director of Business Development for Gas and Sustainability Markets at the European Energy Exchange (EEX).

Market participants need clarity on when new requirements will be implemented and how the transition will progress. Rules should also be subject to consultation and introduced progressively to avoid price shocks, Filippi told Platts, part of S&P Global Energy, in an interview during the OMC and French GO Symposium on Sept. 17.

"A clear roadmap [to granular matching] needs to be given to market participants so they know what is happening and that it won't change," Filippi said. "We need a lot of regulatory predictability — that is the most important thing."

Filippi said she supported strict annual and monthly matching requirements but cautioned against moving too quickly toward more granular requirements.

"I hope we won't move too quickly toward granular matching, because in the end we might lose some firms," she said.

The current liquidity of the power guarantees of origin market would support strict annual matching, while monthly matching is likely feasible, as demonstrated by France. However, market participants would need time to adapt, Filippi said.

"Further granularity needs to be assessed on a case-by-case basis because of the implementation efforts required," she said.

When asked about the latest developments to the Greenhouse Gas Protocol, Filippi said there had been good progress toward granular matching so far.

"It's good to have wider frameworks that aim at standardization. It's good that ISO and the GHG protocol are working together and are making good progress. There has been quite a lot of discussion here today on temporal matching. I support discussing this, as it is a crucial question. What we need is clarity - when will this be implemented and how will it progress? I hope the standards can help there," she said.

"I hope we end with a good framework that takes into account everyone's constraints," she added.

Any restrictions on the demand side could affect GO prices, making market visibility and a gradual transition particularly important, Filippi said.

"If there is a bit more restriction on the demand side, it could impact prices. But this is why we need visibility in the market so there is a smooth transition with no price shocks when rules are changed. Any rules need to be consulted on and implemented progressively."

The commoditization of the GO

Filippi described the power GO market as well-functioning, standardized, and commoditized, with reliable reference prices available.

"The commoditization of the GO is a trend that is happening and is moving in the right direction. More volume is going onto the exchange, which means the prices linked to these volumes are becoming more and more reliable, helping bilateral contracts and indices," she said.

French GO prices are closely correlated with the wider AIB market and move in the same direction because the French and wider European markets are completely interconnected, even with French monthly matching, she said.

The French GO auction on Sept. 15 sold a total of 4.05 TWh of June 2026 electricity production at an average price of €1.76/MWh, about 15% higher than prices at the previous month's auction, according to EEX data published Sept. 16.

Platts assessed 2026 AIB wind and solar GOs 4 euro cents/MWh higher session on session at €1.78/MWh on Sept. 16. As of Sept. 24, prices were hovering slightly lower at €1.70/MWh.

Gas GO market needs standardization

Looking ahead, the next stage of development for the GO market will be its expansion into other commodities, particularly gas, as the market remains fragmented and is not very standardized. As an exchange, EEX is aiming to ensure more standardization across countries so that everyone working in the industry can work more effectively, Filippi said.

"How the biomethane GO evolves will be an interesting topic going forward. How will we make sure that all the systems communicate with each other, given that all these countries have different ways of dealing with this? How can we standardize this better?" she said.