Energy Business Motion

About the GO market

Next auction

Next auction: 20th December, 2022, Tuesday (9:00 – 14:00 CET)

GO and EUR Collateral reception timeframe: 12th December – 16th December (Monday – Friday)

In case of question, contact us:

Results of the pan-European GO auction held on 22nd November

  Sell side offered quantity (GO) Traded quantity (GO) Volume weighted average price (EUR/GO) Remark
Hungary 120 617 6 0,11 non-AIB
Hungary 293 739 289 967 8,16 AIB
France 50 000 - - AIB

HUPX launched the multiple seller model on 20 September 2022!

HUPX launched the multiple seller model on 20th September, since than members can buy and sell on the market under the same GO membership.

HUPX introduced the following developments with the go-live of the multiple seller model:

  • 5 Order attributes: Preference handling via technology, production month, commission date, country and support type
  • Available technologies: Biogas, Biomass, Geothermal, Hydro, Landfill gas, Solar, Waste, Wind and any other EECS compliant technology
  • Available countries: Hungary and other AIB countries
  • Seller sideHungarian and other European power plants and GO traders besides MAVIR
  • Clearing and settlement: Via HUPX technical GO account and HUPX bank account
  • Guarantee system: Guaranteed delivery via collaterals for buyers and sellers
  • Auction frequency: Monthly auctions
  • Pricing mechanism: Single clearing price set by last winning buy Order

GO cost and revenue calculator Excel sheet

Do you want to sell or purchase GOs via HUPX? Feel free to use our indicative GO calculator Excel sheet in order to estimate potential costs and revenues based on technology, production month, country, price and GO quantity or even installed capacity.

 Find more details in the uploaded GO cost and revenue calculator Excel sheet

Disclaimer: HUPX GO calculator Excel sheet is solely for information purposes, which contains analyst opinions and does not necessarily represent the official views of HUPX. The present Excel sheet does not count as financial advice.

Clearing and Settlement with multiple sellers

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.

More information

GO Presentation with multiple seller model details 

HUPX GO Market - For Traders with the introduction of multiple seller model

HUPX GO – Primary FiT GO information (MAVIR volumes)

The HUPX GO market started with the single seller model. The Hungarian TSO (MAVIR), as the nominated buyer of Hungarian FiT production is the sole seller of the related guarantees of origins, while buyer side is open to energy traders, end-users and other market participants.

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 Primary FiT GOs will be 100% EECS compliant.

Results of the first auction: >>

HUPX regularly updates its datasheet in order to provide transparency towards market participants regarding Primary FiT GOs to be sold by MAVIR. The dataset includes the anonym list of FiT power plants, aggregated power plant data, technology codes, FiT production volumes and FiT minimum price.

 Find more details in the uploaded HUPX GO – Primary FiT GO Market data sheet

Membership of MEKH 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.

GOs cancelled in Hungary regarding Hungarian power consumption (MWh)
Source: MEKH


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.

    Annual EECS Transactions in TWh (based on transaction date)
    Source: AIB

    Roles of organized GO markets in Europe

    Besides issuing and cancelling guarantees of origin, trading got a more and more important role recently. Besides the previously only bilateral and OTC trading, new organized markets are emerging focusing on GO auctions of certificates related to the given country’s renewable energy production. The latest ones cover Italy, France, Luxembourg, Croatia, Slovakia and Portugal. With these platforms, market participants receive transparent price signals – just as it is common on power 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.  

    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.