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.

April 26 2024

Platts I-REC Brazil, Hydro, 2024-2029, 70-90 MWh, Indicative value, R$1-2/MWh annual adjustment using IPCA

Platts I-REC Brazil, Hydro, 2024, 70-90 MWh, Indicative value, R$1.2/MWh

Platts I-REC Brazil, Hydro, 2023-2024, 70-90 MWh, Indicative value, USD0.25/MWh

I-REC Mexico, Wind/Solar, 2023, 60GWh, Indicative offer at USD1.50/MWh [HEARD 26 APRIL BEFORE 16:30];

I-REC Dubai, Solar, 2023, 60GWh, Indicative offer at USD2.35/MWh [HEARD 26 APRIL BEFORE 16:30];

I-REC Argentina, Hydro, 2022, 30GWh, Indicative offer at USD0.80/MWh [HEARD 26 APRIL BEFORE 16:30];

I-REC India, Wind/Solar, 2022 H1, 10GWh, Indicative offer at USD0.40/MWh [HEARD 26 APRIL BEFORE 16:30];

I-REC China, Hydro, 2023, 200GWh, Indicative offer at USD0.65/MWh [HEARD 26 APRIL BEFORE 16:30];

I-REC India, Solar, 2023, 120GWh, Indicative offer at USD0.50/MWh [HEARD 26 APRIL BEFORE 16:30];

I-REC Indonesia, Small Hydro, 2023, 50GWh, Indicative offer at USD1.85/MWh [HEARD 26 APRIL BEFORE 16:30];

I-REC Columbia, Hydro, 2023, 200GWh, Indicative offer at USD1.20/MWh [HEARD 26 APRIL BEFORE 16:30];

I-REC Thailand, Wind/Solar, 2024, 90GWh, Indicative offer at USD1.95/MWh [HEARD 26 APRIL BEFORE 16:30];

I-REC Israel, Solar, 2023, 120GWh, Indicative offer at USD1.30/MWh [HEARD 26 APRIL BEFORE 16:30];

I-REC Malaysia, Solar, 2023, 10GWh, Indicative offer at USD4.95/MWh [HEARD 26 APRIL BEFORE 16:30];

I-REC Cambodia, Solar, 2023, 20GWh, Indicative offer at USD3.85/MWh [HEARD 26 APRIL BEFORE 16:30];

TIGR Singapore, Solar, 2025, 5GWh, Indicative offer at USD69.00/MWh [HEARD 26 APRIL BEFORE 16:30];

I-REC India, Hydro, 2022, 29GWh, Indicative offer at USD0.52/MWh [HEARD 26 APRIL BEFORE 16:30];

Unconfirmed Trade heard at GBP 8.6/MWh for Non-bio GO, CP 23

Unconfirmed Bid heard at GBP 8.4/MWh for Non-bio GO, CP 23

Unconfirmed Offer heard at GBP 9.5/MWh for Non-bio GO, CP 23

Platts I-REC Mexico, Wind/Solar, 2023, 50000 MWh, Indicative offer, USD1.55/MWh from Renefix

Platts I-REC Mexico, Wind/Solar, 2024, 100000 MWh, Indicative offer, USD1.95/MWh from Renefix

I-REC Thailand, Biomass, 2024, 10,000MWh Indicative Offer at USD0.95/MWh

I-REC Thailand, Biomass, 2023, 10,000MWh Indicative Offer at USD0.80/MWh

I-REC Thailand, Wind/Solar, 2024, 30,000MWh Indicative Offer at USD2.15/MWh

I-REC Thailand, Wind/Solar, 2023, 30,000MWh Indicative Offer at USD1.80/MWh

I-REC Thailand, Biomass, 2025, 10,000MWh Indicative Offer at USD1.30/MWh

I-REC Thailand, Wind/Solar, 2024, 30,000MWh Indicative Offer at USD1.95/MWh

I-REC India, Hydro, 2024, 100,000 MWh, Indicative offer at USD0.70/MWh

I-REC India, Wind/Solar, 2023, 50,000 MWh, Indicative offer, at USD0.50/MWh

I-REC India, Wind/Solar, 2024, 50,000 MWh, Indicative offer, at USD0.95/MWh

I-REC Indonesia, Small Hydro, 2023, 40000 MWh, Indicative offer at USD1.20/MWh

I-REC Indonesia, Small Hydro, 2024, 50000 MWh, Indicative offer at USD1.75/MWh

I-REC Indonesia, Small Hydro, 2024, 50000 MWh, Indicative offer at USD1.85/MWh

I-REC Indonesia, Wind/Solar, 2023, 10000 MWh, Indicative offer at USD3.65/MWh

I-REC Indonesia, Wind/Solar, 2023, 10000 MWh, Indicative offer at USD4.05/MW

I-REC China, Hydro, 2023, 85,000 MWh, Trade at USD0.115/MWh

I-REC China, Hydro, 2024, 50,000 MWh, Indicative offer at USD0.15/MWh

I-REC China, Hydro, 2025, 100,000 MWh, Indicative offer at USD0.20/MWh

I-REC China, Wind/Solar, 2023, 100,000 MWh, Indicative offer at USD0.48/MWh

I-REC China, Hydro, 2026, 100,000 MWh, Indicative offer at USD0.25/MWh

I-REC China, Wind/Solar, 2024, 40,000 MWh, Trade at USD0.55/MWh

GEC China, Solar/Wind, 2024 100,000 MWh, Indicative offer at USD1.25/MWh

I-REC Vietnam, Hydro, 2023, 45000 MWh, Indicative offer at USD0.24/MWh

I-REC Vietnam, Hydro, 2024, 50000 MWh, Indicative offer at USD0.28/MWh

I-REC Vietnam, Wind/Solar, 2023, 10000 MWh, Trade at USD0.55/MWh

I-REC Vietnam, Wind/Solar, 2024, 50000 MWh, Indicative offer at USD0.70/MWh

I-REC India, Wind/Solar, 2023, 45,000MWh, Indicative offer at USD1.00/MWh

I-REC Malaysia, Solar, 2023, 10000 MWh, Indicative offer at USD5.80/MWh

I-REC Malaysia, Hydro, 2023, 25000 MWh, Indicative offer at USD1.25/MWh

• European biomethane rangebound on low liquidity
• Buyers, sellers in standoff on prices
• Certified UK RGGO waste still being marketed

Spot European biomethane Guarantee of Origin prices ended the week of April 25 slightly lower, amid limited trade flow and liquidity.

The Platts-assessed price for 2024 spot Denmark waste GOs ended the week at Eur21.85/MWh, with Netherlands waste GOs at Eur23.775/MWh, while Germany GOs closed at Eur25.70/MWh, all slightly weaker. UK biomethane waste GOs ended the week at GBP11.975/MWh, nearly stable over the period. This is compared to the week before, which saw Denmark at Eur22.00/MWh and the Netherlands assessed at Eur23.925/MWh with Germany GOs starting at Eur25.85/MWh. UK waste RGGOs started the same period at GBP12.125/MWh.

UK crop RGGOs ended the week assessed at GBP5.575/MWh, while Denmark and Netherlands manure was assessed at Eur68.10/MWh.

Market participants said prices remained largely stable amid a weaker demand climate, with buyers and sellers in a standoff, and bids and offers refusing to budge from current levels. Sources said sellers were unwilling to go any lower, while buyers could not be incentivized to pay more.

Offers for spot certified Denmark waste were reported at Eur22.00/MWh by the end of the week, with few reciprocating bids seen in the market. In the Netherlands, the same spec was being offered at Eur28.00/MWh.

At the same time, spot uncertified UK waste was indicated at around the GBP12.00/MWh mark for most of the week, though no trades were reported at that level as there was little interest in closing.

“If the prices aren’t moving, it’s clear that the offers are too high like the last time there was a standoff,” said a Europe-based trader.

Market sources added that even relatively competitive bids from buyers were being turned down by sellers. A bid of Eur20.00/MWh for uncertified Netherlands waste was reported to have received little interest as sellers were sticking to their guns, while buyers were unwilling to go higher.

“I think the real reason is that voluntary buyers are not willing to pay above Eur20.00/MWh in this environment,” said another trader in Europe.

In the UK RGGO markets, participants reported that at least 100 GWh of ISCC-certified UK waste was being shown to the market, with offers starting at the GBP14.00/MWh mark. Bids for the same volume were heard at around the GBP10.00/MWh mark, but sources said they were likely uncompetitive.

Sources added that there remained sizeable volumes of certified UK waste on the register, and it was likely that recent issuances were adding to a backlog that resulted in the current supply.

In associated markets, European Union Allowances lost ground over the week ending April 26, with the nearest December contract assessed at Eur68.39/mt after starting the period at Eur71.53/mt.

Platts is part of S&P Global Commodity Insights.

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