GO Market

Next Auction

Next auction: 21 August 2025., Thursday (10:00 – 14:00 CET)

GO and EUR Collateral reception timeframe: 11-19 August (Monday –Tuesday)

Please note, that all the GO Collateral from outside of Hungarian registry, MEKH, must be imported or transferred to the new subaccounts opened at NECS – Statnett.

Description

Guarantees of origin (hereinafter referred to as GOs) are tradeable, electronic certificates, which prove that a certain share of the energy consumed was produced from specified, typically renewable, energy sources. Guarantees of origin can be registered after production, thus GO trading is disconnected from the physical electricity products; it is performed retrospectively. Buyers of certificates support the renewable energy producer, thus becomeing entitled to communicate that the volume of energy consumed and backed by GO certificates has been produced from the specified renewable energy sources. Sellers in the market are typically renewable power plants, who besides selling energy production can apply to issue 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 GO supply. 

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

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

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

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

Within the third option detailed above, GOs may be traded either Over the Counter (OTC) or via an exchange, such as HUPX. While trading GOs via OTC allows for more price certainty and product flexibility, there are several advantages to trading via an exchange, listed below:

  • Price transparency
  • Higher Liquidity and Accessibility
  • Credit Risk Mitigation
  • Transactional Efficiency 

Technology

Base Features of HUPX GO Auction Model 

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

  • 5 Order attributes: Preference handling via technology, production month, operational year, 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 side: Hungarian 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

 

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.

 

Clearing and Settlement with multiple sellers 

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

Members who would like to sell GOs from an AIB registry which is not MEKH, must place those GOs in the either the NECS or MEKH registries.

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. 

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