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Portuguese TSO REN to start issuing Guarantees of Origin in bearish market

Highlights

Initial phase to start this month

Imports/exports available from H2 2020

Portugal 'net exporter' for GO market: trader

Barcelona — Portugal is to start issuing and managing Guarantees and Certificates of Origin this year after grid operator Redes Energeticas Nacionais (REN) received the required approvals, the company said late Tuesday.

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The start-up process will take place gradually, REN said, with an initial phase consisting of granting electricity producers and other participants access to its system, known as EEGO (Entidade Emissora de Garantias de Origem).

The issue of GOs and the corresponding cancellation and transfer operations, will start this month.

Following that, the import and export operations are expected to start in the second half of 2020 REN said.

Portugal's introduction to the GO system has been long awaited by market participants given its renewable capacity. However, at a time when GO prices continue to be bearish due to strong selling pressure and healthy Nordic hydro supply, further supply could further pressurize EU GO prices.

"Portugal entering [the GO system] is just going to add more supply to the market, we need more demand and Portugal will be a net exporter [of GOs]," a GO trader said.

S&P Global Platts pricing data showed that 2020 Nordic hydro and EU wind GOs have fallen over 55% from the beginning of the year and were assessed Tuesday at Eur0.215/MWh and Eur0.25/MWh respectively.

Guarantees of Origin are electronic documents, backed by European legislation that certify to consumers that the energy they consume was produced from a specific source or technology.

Portugal's National Climate and Energy plan envisages an increase of renewables in the generating mix from a current 60% to 80% by 2030 with the country well placed for solar, hydro and wind generation.

The plan foresees the addition of up to 1.7 GW of new hydro, nearly 4 GW of wind and 7 GW of new solar PV capacity over the 10 years.