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.

May 17 2024

I-REC Turkey Wind/Solar 2021 Indicative value USD0.30/MWh

I-REC Turkey Wind/Solar 2020 Indicative value USD0.20/MWh

I-REC Malaysia Solar 2024 Indicative Offer USD5.60/MWh

I-REC UAE Solar 2023 Indicative value USD2.20-2.35/MWh

I-REC UAE Solar 2023 Indicative value USD2.15/MWh

I-REC UAE Solar 2023 Indicative value USD2.20/MWh

I-REC Philippines, Hydro, 2024, Indicative value, USD2.60/MWh

I-REC Thailand, Wind/Solar, 2023, Indicative Offer at USD1.50

I-REC Thailand, Wind/Solar, 2024, Indicative Offer at USD1.80

I-REC Thailand, Biomass, 2023, Indicative Offer at USD0.80-0.90

I-REC Thailand, Wind/Solar, 2024, Tradable Value at USD1.60-1.65

I-REC Thailand, Biomass, 2024, Indicative Offer at USD1.00

I-REC India, Wind/Solar, 2023, Indicative value, USD0.30-0.35/MWh

I-REC India, Wind/Solar, 2023, 45,000MWh, Indicative offer at USD0.80/MWh

I-REC India, Hydro, 2024, Indicative value, USD0.50-0.55/MWh

I-REC India, Wind/Solar, 2024, Indicative value, USD0.90-0.95/MWh

I-REC India, Wind/Solar, 2024, Indicative offer at USD1.30/MWh

I-REC China, RE100 Solar, 2024, 194 MWh, Indicative offer at USD1.00/MWh

I-REC Singapore, RE100 Wind/Solar, 2024, Trade at USD70.00/MWh

I-REC China, RE100 Solar, 2023, 194 MWh, Indicative offer at USD0.65/MWh

I-REC Philippines, Hydro, 2023, 148 MWh, Indicative offer at USD1.60/MWh

I-REC Philippines, Hydro, 2024, 148 MWh, Indicative offer at USD2.40/MWh

I-REC Indonesia, RE100 Solar, 2024, 41 MWh, Indicative offer at USD4.20/MWh

I-REC Philippines, Geothermal, 2024, 148 MWh, Indicative offer at USD4.10/MWh

I-REC Vietnam, RE100 Solar, 2025, 159 MWh, Indicative offer at USD0.85/MWh

I-REC Malaysia, RE100 Solar, 2025, 48 MWh, Indicative offer at USD6.30/MWh

I-REC Indonesia, RE100 Solar, 2023, 41 MWh, Indicative offer at USD4.20/MWh

LGC Australia, Wind/Solar, 2025, Indicative offer at USD48.00/MWh

I-REC Vietnam, RE100 Solar, 2023, 159 MWh, Indicative offer at USD0.82/MWh

I-REC Thailand, RE100 Solar, 2025, 323 MWh, Indicative offer at USD2.05/MWh

I-REC Malaysia, RE100 Solar, 2023, 48 MWh, Indicative offer at USD5.60/MWh

I-REC Malaysia, RE100 Solar, 2024, 48 MWh, Indicative offer at USD6.10/MWh

K-REC South Korea, Any tech, 2024, Indicative value, USD77/MWh

I-REC Vietnam, RE100 Solar, 2024, 159 MWh, Indicative offer at USD0.82/MWh

I-REC Indonesia, RE100 Solar, 2025, 41 MWh, Indicative offer at USD4.20/MWh

I-REC Singapore, RE100 Wind/Solar, 2024, Indicative offer at USD75.00/MWh

I-REC Thailand, RE100 Solar, 2024, 323 MWh, Indicative offer at USD1.95/MWh

LGC Australia, Wind/Solar, 2026, Indicative offer at USD40.00/MWh

I-REC Philippines, Geothermal, 2023, 148 MWh, Indicative offer at USD4.10/MWh

I-REC India, Solar, 2024, Indicative offer at USD0.50/MWh

LGC Australia, Wind/Solar, 2024, Indicative offer at USD46.50/MWh

I-REC Philippines, Geothermal, 2025, 148 MWh, Indicative offer at USD4.20/MWh

I-REC Philippines, Hydro, 2025, 148 MWh, Indicative offer at USD2.45/MWh

I-REC Thailand, RE100 Solar, 2023, 323 MWh, Indicative offer at USD1.60/MWh

May 16 2024

Platts I-REC Chile, Wind/Solar, 2023, 5,000-10,000 MWh, Offer, USD0.55/MWh

Platts I-REC Mexico, Solar, 2023, 8000 MWh, Trade, USD1.24/MWh [Trade executed in March 2024]

Platts European Biomethane: Indicative value reported at EUR 60.00/MWh EXCLUSIVE of gas for 2024 -100 g CO2e/MJ manure certified and unsubsidised Netherlands GOs

Platts European Biomethane: Indicative value reported at EUR 60.00/MWh inclusive of gas for 2024 -100 g CO2e/MJ manure certified and unsubsidised Netherlands GOs

Platts European Biomethane: Offer reported at EUR 22.00/MWh for 2024 waste certified Denmark GOs

Platts European Biomethane: Indicative value reported at GBP 11.50/MWh for 2024 waste uncertified UK GOs

• 2025 UK waste strip demand still active
• Weak voluntary demand extends pricing standoff
• Spread to spot expected to open for H2 2025 NL vintage

Spot European biomethane Guarantee of Origin prices ended the week of May 16 weaker as buyers and sellers continued to hold back amid limited liquidity.

The Platts-assessed price for 2024 spot Denmark waste GOs ended the week at Eur21.45/MWh, with Netherlands waste GOs at Eur23.35/MWh, while Germany GOs closed at Eur25.50/MWh, all slightly weaker. UK biomethane waste GOs ended the week at GBP11.55/MWh, lower over the period. This is compared to the week before, which saw Denmark at Eur21.65/MWh and the Netherlands assessed at Eur23.575/MWh with Germany GOs starting at Eur25.50/MWh. UK waste RGGOs started the same period at GBP11.775/MWh.

UK crop RGGOs ended the week assessed at GBP5.15MWh, while Denmark and Netherlands manure was assessed at Eur65.65/MWh.

Market participants said that while some limited specific requirements were heard in the market, weakness in voluntary demand continued to stifle trade as buyers and sellers continued to circle on pricing.

Sources said that while general demand remained weak, with few active firm bids in the market, requirements for a multi-year strip of 2025 UK waste continued to be active. Market sources said that while the requirement was an opportunity to lock in some volume for the future vintage, pricing expectations from sellers was limiting opportunities.

“No one is selling enough at a decent price for me to go after it,” said one trader in Europe.

While market participants said that firm demand in a weak demand environment was welcome, many did not consider it a sign that the lack of liquidity had turned a corner.

“People are not exactly bullish, just slightly less bearish than they were before,” said one market source in the UK.

Sources also cited the lack of momentum within the voluntary markets as a sign that active trade was unlikely to return soon. They added that markets with a sizeable voluntary demand component like the UK and Denmark would continue to struggle, as buyers were unlikely to raise their bids while sellers did not want to give ground.

With the economic outlook still remaining relatively weak, market participants said that it was up to price rather macroeconomics to stimulate voluntary activity.

“Demand is dependent price, and that’s why there is no buying interest,” said a trader in Europe.

However, market sources expected some compliance market support further down the curve, as the Netherlands was expecting to implement a carbon-accounted gas blending requirement in 2026. While the requirement was over a year away, H2 2025 NL vintages were eligible for use in the blending obligation.

Market sources said that this was likely to provide some support for 2025 vintages, opening up a spread to 2024 certificates but added that it would take some time for activity to pick up.

In associated markets, European Union Allowances softened over the week ending May 16, with the nearest December contract assessed at Eur70.31/mt after starting the period at Eur73.71/mt.

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