Trading Calendar 2026
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. GOs can be registered after production, thus GO trading is disconnected from the physical electricity products; it is performed retroactively. GO buyers support the renewable energy producer, thus becoming entitled to communicate that the volume of energy consumed and backed by their respective GO certificates has been produced from the specified renewable energy sources. Sellers in the market are typically renewable power generators, who besides selling energy production can apply to issue their GOs. 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 GOs, retroactively, 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
- 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: All AIB countries
- Seller side: European power generators and GO traders
- 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
- 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.
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 to estimate potential costs and revenues based on technology, production month, country, price and GO quantity or even installed capacity.
Clearing and Settlement
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 wish to sell their GOs must send them to one of the two HUPX deposit registries they are assigned, operated by MEKH (Hungarian registry) or NECS (Norwegian registry). Members who wish to purchase GOs must send their financial collaterals to the HUPX EUR deposit account they are assigned.
