Energy Business Motion

About the GO market

HUPX launched the Hungarian organized guarantees of origin market on 14 June 2022

In the first phase of the operation of the Hungarian GO market MAVIR, as the nominated buyer of Hungarian FiT production is the sole seller of the related guarantees of origins in quarterly auctions, while buyer side is open to energy traders, end-users and other market participants. Available technologies include solar, wind and other renewable volumes produced under the FiT scheme.


HUPX, as the operator of the organized GO market is responsible for providing a transparent, non-discriminative and anonym trading environment. In addition, HUPX offers financial clearing and settlement services in order to ensure reliable trading processes.

1st phase: Feed-in-Tariff GO auction on the HUPX GO Market

Trading mode:


Available technologies:

biogas, geothermal, hydro, landfill gas, solar, waste, wind


MAVIR (TSO / state)


GO Traders / End users – anyone can become a HUPX GO Member, who owns a GO Account via any AIB Member

Estimated market size:

3.9 TWh FiT production in Hungary (2021)

Please note:

MAVIR partly offers GOs for sale regarding production period before 1st February, 2022. These are Primary FiT non-AIB GOs, which can be traded only by those HUPX GO Members, who own a Registry Account via the registry of MEKH, therefore Registry Account via other AIB Member is not eligible. Yet the Primary FiT GO Products are tradeable by every HUPX GO Member and as MEKH (Supervisory Authority) became an AIB Member from 1st February, 2022, the further and new GOs will be 100% EECS compliant.

HUPX GO Market data sheet

Before each Auction HUPX publishes and updates several data in order to provide transparency towards market participants. The dataset includes the anonym list of FiT power plants, aggregated power plant data, technology codes, FiT production volumes and FiT minimum price.

Number of FiT power plants: 2432

2022 Q1 preliminary production volume: 1 461 GWh

Minimum price: 0.1% of HUPX baseload price + transaction fee for each month

Find more details in the uploaded HUPX GO Market data sheet

Membership in the Association of Issuing Bodies (AIB)

In February 2022 the Hungarian Energy and Public Utility Regulatory Authority (HEA) joined the Association of Issuing Bodies (AIB).

Benefits of AIB membership:

  • Standardized cross-border GO trading
  • PR in green markets
  • Faster GO issuing and transferring
  • Higher liquidity with international market participants

In Hungary GOs coming from production from 1st February 2022 comply with AIB and EECS rules.

Project timeline: 

Member tests of the trading platform

April 2022

Admission of the HUPX GO Founding Members*

April-May 2022


14 June 2022

Further auctions

June and September 2022, and according to the Trading Calendar

*No quarterly Membership fee is charged to those HUPX GO Members in the calendar year of 2022, who become HUPX GO Member before the first Auction in 2022.

2nd phase: Non-FiT GO auctions on HUPX GO Market

As the second phase of GO market development a multiple seller model will be introduced.

The model will allow trading with GOs from the non-primary Feed-in-Tariff regime, the available countries will be extended to all AIB countries, besides Hungary. Sellers will include Hungarian and European power plants and GO traders.

Available technologies will be: Biogas, Biomass, Geothermal, Hydro, Landfill gas, Solar, Waste, Wind.

Further details of the 2nd Phase will be announced in Q3 2022.


HUPX-ARGUS workshop on 11 April

The online workshop titled „Shades of Green in Energy Trading” was organized jointly by HUPX Ltd. and Argus Media. The aim of the event was to present the current market landscape and to give information about the characteristics of our new upcoming market.


    What to expect from Guarantees of Origin in the Hungarian energy sector?

    HUPX as an emerging force in energy transition

    10:00- 10:10              Welcome

    Dr. Mátyás Vajta, CEO, HUPX

    10:10 -10:35              Role of Central European countries in the European GO market

    Ivar Munch Clausen, Chair of the Association of Issuing Bodies (AIB) Board

    10:35 -10:50              Hungary and AIB – Changes and new possibilities

    Ákos Hamburger, Head of Electricity Supervision and Licensing Department, Hungarian Energy and Utilities Regulatory Agency (MEKH)

    10:50-11:05                The brand new HUPX GO Market

    György Istvánffy, Director of HUPX Markets, HUPX

    11:05-11:25                Guarantees of Origin Market Development and Pricing

    Lawrence Templeton, VP/ Business Development Manager - European gas, power and LNG, Argus Media

    11:25 – 12:15             Panel discussion: HUPX as an emerging force in energy transition

    • Role of exchanges and auctions in the GO market
    • Is price transparency enough? What can improve price transparency?
    • How does a perfect GO product look like?
    • GO preferences, subsidized or unsubsidized?
    • Hungarian and regional consumer awareness – what to expect on the demand side

     Moderator: Justin Colley, European Electricity Editor, Argus Media

    • Filip Strohwasser, Trader, ČEZ, A. S.
    • Lu Wang, Senior Trader, STX Group
    • Gábor Dénes Szabó, MAVIR (Hungarian Transmission System Operator)
    • Gábor Szatmári, Head of Sales, HUPX 

     12:15 – 12:30             Q&A 


Read more about GOs


    Guarantees of origin are tradeable, electronic certificates, which prove that a certain share of the energy consumed was produced from renewable energy sources. Guarantees of origin can be registered after production, thus GO trading is disconnected from the physical electricity products; it is performed in retrospective manner. Buyers of guarantees of origin certificates support the renewable energy producer thus become entitled to communicate that the volume of energy consumed and backed by GO certificates has been produced from renewable energy sources. Sellers in the market are renewable power plants, who besides selling energy production can apply for issuing their guarantees of origin. The EU proclaimed ambitious targets in terms of both demand and supply; therefore, increasing renewable capacities lead to the enlargement of the supply side.

    Buyers of guarantees of origin are primarily those companies, which are committed to transforming their energy consumption into greener and more sustainable, thus contributing to their marketing and PR values and finally to the positive recognition of their products and services. Such companies have three options to certify green consumption:

    1) Building their own generation capacity, this option has significant technical limitations;

    2) Procuring electricity via PPA (Power Purchase Agreement) from a renewable power plant, this option is risky in terms of prices and volumes;

    3) Purchasing guarantees of origin, retrospectively, independently from the electricity, thus minimizing the above-mentioned risks.

    Roles of organized GO markets in Europe

    Besides issuing and cancelling guarantees of origin, trading got a more and more important role recently. After Italy and France, new organized markets are popping up mostly focusing on GO auctions of certificates related to the given country’s renewable energy production. The latest ones cover Luxembourg, Croatia, Slovakia, and Portugal. With these platforms, market participants receive transparent price signals – just as it is common on power markets. The upcoming new countries plan to start their organized market, while many developments are also in the pipeline on other markets. These organized, transparent platforms could gravitate the liquidity and emerge as substitutes of bilateral trading and OTC transactions.

    GO markets in Central Europe

    Just as on power markets Central European GO markets are mostly built upon the experience of Western European countries. Recently many Central and Eastern European countries joined the Association of Issuing Bodies (AIB), such as Hungary via MEKH, Serbia, Czech Republic and Bulgaria, meanwhile already two countries – Croatia and Slovakia – started their organized GO market. For many years GO markets were lacking liquidity and were not transparent. With further AIB memberships and newly planned market developments, the role of Central Europe can emerge just as it did on power markets. The HUPX GO market will further strengthen the role of Feed-in-Tariff (FiT) GOs within the European supply.


    Based on Hungary’s National Energy Strategy 2030, we can expect an increase in renewable energy generation, while according to HUPX and CEEGEX assumptions, demand for green energy consumption is expected to grow as well. Additionally, GO markets in the EU experienced dynamic growth in the past decade.  

    Volumes are displayed in TWh

    Source: AIB

    In Hungary, most solar and wind generation is produced in the Feed-in-Tariffs (FiT) scheme, therefore, the Hungarian organized GO market focuses on FiT producers. In 2021 local solar and wind generation totalled 3.9 TWh, which can be considered as a solid volume on the regional level. HUPX launched an auction market, where in the first phase of the operation MAVIR (Hungarian Transmission System Operator), as the nominated buyer of Hungarian FiT production is selling the related guarantees of origins. Based on the amendment of the Hungarian act on electricity in 2021, HUPX is in charge of designing and operating the Hungarian GO market. 


    Introducing GO markets is a great opportunity for the HUPX Group to enter the green energy market. It is expected that according to RED II and potentially the gas decarbonisation package, gas guarantees of origins may be introduced on the Hungarian market, following which CEEGEX will also have the opportunity to launch its own GO market.