/ Price Assessments

Platts European Biomethane Guarantees of Origin (GOs)

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What are Platts European Biomethane Guarantees of Origin (GOs)?
Platts European Biomethane Guarantees of Origin (GOs) and UK Renewable Gas Guarantees of Origin (RGGOs) assessments by S&P Global Commodity Insights are the daily prices for European GOs and UK RGGOs, electronic tracking certificates that represent the environmental attributes of 1 megawatt hour of biomethane entering the natural gas grid. Biomethane is purified biogas, which itself is an alternative to traditional, fossil fuel-derived natural gas, generated through the processing of organic residues from different feedstocks, many of which may otherwise emit methane into the atmosphere.
Platts European Biomethane GOs Heards
April 19 2024

Platts European Biomethane: Bid reported at GBP 10.00/MWh for 2023 waste ISCC certified UK GOs


Platts European Biomethane: Indicative value reported at GBP 14.00/MWh for 100GWh of 2023 waste ISCC certified UK GOs


I-REC Vietnam, Solar, 2024, Indicative value at USD0.50 to 0.70/MWh


I-REC Vietnam, Small Hydro, 2024, 20 GWh, Indicative offer at USD0.28/MWh


I-REC Vietnam, Small Hydro, 2024, Indicative value at USD0.25 to 0.32/MWh


April 18 2024

Unconfirmed Trade heard at GBP 8.45/MWh for 350 GWh of Non-bio GO, CP 23


Confirmed Bid-Offer heard at GBP 5-5.75/MWh for Non-bio GO, CP 27


Confirmed Bid-Offer heard at GBP 6.25-6.75/MWh for Non-bio GO, CP 25


Confirmed Bid-Offer heard at GBP 7-7.35/MWh for Non-bio GO, CP 24


Confirmed Bid-Offer heard at GBP 12.7-12.8/MWh for Non-bio GO, CP 22


Confirmed Bid-Offer heard at GBP 8.4-8.46/MWh for Non-bio GO, CP 23


Confirmed Trade heard at GBP 8.45/MWh for 350 GWh of Non-bio GO, CP 23


Confirmed Offer heard at GBP 6.3/MWh for Non-bio GO, CP 26


Platts European Biomethane: Offer reported at EUR 20.00/MWh for 2023/2024 mix of waste certified Denmark GOs


Platts European Biomethane: Indicative value reported at GBP 12.00/MWh for 2024 waste uncertified UK GO


Platts European Biomethane: Indicative value reported at GBP 5.50/MWh for 2024 crop uncertified UK GOs


Unconfirmed Trade heard at GBP 12.74/MWh for 150 GWh of Non-bio GO, CP 22


I-REC Thailand, Biomass, 2024, 100,000MWh, Indicative offer at USD1.00/MWh


I-REC Thailand, Biomass, 2022, 100,000MWh, Indicative offer at USD0.65/MWh


I-REC Thailand, Biomass, 2023, 100,000MWh, Indicative offer at USD0.70/MWh


I-REC Thailand, Biomass, 2025, 100,000MWh, Indicative offer at USD1.10/MWh


I-REC Thailand, Wind/Solar, 2023, Indicative offer at USD1.75/MWh


I-REC Thailand, Wind/Solar, 2025, Indicative offer at USD2.30/MWh


I-REC Thailand, Hydro, 2025, Indicative offer at USD1.35/MWh


I-REC Thailand, Biomass, 2023, Indicative offer at USD0.73/MWh


I-REC Thailand, Biomass, 2024, Indicative offer at USD0.87/MWh


I-REC Thailand, Biomass, 2025, Indicative offer at USD1.10/MWh


I-REC Thailand, Hydro, 2024, Indicative offer at USD1.27/MWh


I-REC Thailand, Small Hydro, 2022, Indicative offer at USD1.30/MWh


I-REC Thailand, Small Hydro, 2024, Indicative offer at USD2.20/MWh


I-REC Thailand, Biomass, 2022, Indicative offer at USD0.65/MWh


I-REC Thailand, Wind/Solar, 2022, Indicative offer at USD1.50/MWh


I-REC Thailand, Hydro, 2023, Indicative offer at USD1.20/MWh


I-REC Thailand, Wind/Solar, 2024, Indicative offer at USD1.90/MWh


I-REC Thailand, Small Hydro, 2023, Indicative offer at USD1.82/MWh


I-REC India, Small Hydro, 2023, Trade at USD0.20/MWh


I-REC India, Wind/Solar, 2024, Trade at USD0.90/MWh


I-REC India, Wind/Solar, 2023, Trade at USD0.35/MWh


I-REC India, Small Hydro, 2024, Trade at USD0.35/MWh


I-REC Nigeria, Hydro, 2023, Indicative offer at USD2.50/MWh


I-REC Egypt, Wind/Solar, 2023, Indicative offer at USD2.50/MWh


I-REC Bangladesh, Wind/Solar, 2024, Indicative offer at USD6.60/MWh


I-REC South Africa, Solar, 2023, Indicative offer at USD1.0/MWh


I-REC UAE, Wind/Solar, 2023, Indicative offer at USD2.35/MWh


I-REC Egypt, Wind/Solar, 2022, Indicative offer at USD2.25/MWh


I-REC South Africa, Solar, 2025, Indicative offer at USD1.15/MWh


I-REC Morocco, Wind/Solar, 2024, Indicative offer at USD4.25/MWh


I-REC South Africa, Solar, 2024, Indicative offer at USD1.10/MWh


I-REC Morocco, Wind/ Solar, 2023, Indicative offer at USD4.05/MWh


I-REC South Africa, Solar, 2022, Indicative offer at USD0.95/MWh

Platts European Biomethane GOs commentary

  • European biomethane stabilizes as sellers take stock
  • Increase in discussion activity as market seeks floor
  • Growing interest in 2025 volumes


Spot European biomethane Guarantee of Origin prices ended the week to April 18 largely stable, with limited movement from buyers and sellers around certificates

The Platts-assessed price for 2024 spot Denmark waste GOs ended the week at Eur21.975/MWh, with Netherlands waste GOs at Eur23.90/MWh, while Germany GOs closed at Eur25.825/MWh, all largely unchanged. UK biomethane waste GOs ended the week at GBP12.10/MWh, near stable over the period. This is compared with the week before, which saw Denmark at Eur22.025/MWh and the Netherlands assessed at Eur23.95/MWh, with Germany GOs starting at Eur25.875/MWh. UK waste RGGOs started the same period at GBP12.15/MWh.

UK crop RGGOs ended the week assessed at GBP5.70/MWh, while Denmark and Netherlands manure was assessed at Eur68.225/MWh.

Market participants said that limited activity was seen in the biomethane markets, as sellers began to reassess their willingness to trade at current values. Sources said the lack of significant movement this week was largely driven by new levels of uncertainty after the lower trades from the weeks before.

Market sources said that increased discussions around transactions were also being heard but had yet to result in consistent deal flow. Sources added that these discussions were adding to the stability in the market, with buyers and sellers seeking to find a new level that worked for both parties.

"I think producers are now cottoning on to the fact they should be making offers to buyers too rather than being at their mercy," one UK-based trader said.

Some market participants did not expect to see significant drop in pricing when liquidity returned. Sources said that sellers who had not given ground earlier were likely to try and hold onto volumes rather than soften offers too rapidly.

"It looks like the market has used up all the people who were desperate enough to trade at the lower prices, and now you’re left with everyone who won’t get out of bed for these levels now," another UK-based trader said.

Further down the curve, market participants also reported increased queries for 2025 vintages within both the UK RGGO uncertified waste market, as well as for certified subsidized Denmark and the Netherlands supply. While interest was heard to be gaining, sources said this had not yet resulted in noticeable trades. However, they added that it was no surprise that the market was willing to risk securing 2025 volumes given the uncertainty for 2024.

In associated markets, European Union Allowances rebounded in the week to April 18, with the nearest December contract assessed at Eur71.53/mt after starting the period at Eur68.03/mt.

Platts is part of S&P Global Commodity Insights.

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