W48 2022: price dashboard

According to the statistics from our data partners, this week saw persistent price increases, but with fewer transactions and volumes.

This week's trading activity focused on 2022 and 2023 production contracts, with 45% and 46% share of transactions respectively. No trades for 2024 and forward were witnessed.

W48 2022: NH price

This week, as usual, all Nordic-related products increased. The average price for 2022 Nordic Hydro GOs closed the week with a continuous dominant price among all vintages, of around 956 Eurocents/MWh, +49 Eurocents/MWh when compared to last week (+5.12%).

The prices for the 2023 Nordic Hydro forward GOs saw a 44 Eurocents increase, closing the week at 916 Eurocents/MWh, with a weekly growth rate of up to 5%.

2021 Nordic Hydro vintage, kept its upwards trend since last week with an increase of 105 Eurocents to 807 Eurocents/MWh, despite that it should have phased out of the market at the end of October. This demand may be driven by using Q4 2021 GOs production for electricity disclosure of the year 2022 in some European countries, as 2021 GO vintages are significantly cheaper than 2022 GO production. It is impressive that the 21/22 spread has decreased from around 190 Eurocents last week to almost 110 Eurocents this week.

These prices account for today's activity (Friday 2 December), when we saw trades up to 956 Eurocents/MWh for the 2022 vintage and 916 Eurocents/MWh for the 2023 vintage.

W48 2022: Nordic hydrobalance and reservoir levels

This week, Nordic reservoir levels lost some ground, down by 2.5% when compared to last week. They are thus still slightly below median levels, after a few weeks of good precipitation levels (weeks 44 and 45) and lower-than-normal weeks (46 and 47), with only 79% of normal levels in terms of precipitation. This is not reflected in the hydro production for the coming weeks, which are largely above previously forecasted levels, and still above normal (around +23%), building on recent high precipitations.

W48 2022: EU Hydro price

In continuation of the previous week, it is among EU products that we witnessed the highest week-on-week increase (in %), for the EU 2023 Solar: it increased by 26%, +177 Eurocents/MWh to close at 865 Eurocents/MWh this week. EU Hydro 2023 was not far behind with a 20% increase (+144 Eurocents/MWh), tightening the 22/23 spread for this product (from -40 to -18 Eurocents this week). In fact, its 2022 counterpart also increased (closing at 885 Eurocents/MWh, + 122 Eurocents/MWh or +16%), but less.

In continuation of the previous week, it is among EU products that we witnessed the highest week-on-week increase (in %). EU 2022 Hydro vintage showed a significant increase of 100 Eurocents/MWh (closing at 985 Eurocents/MWh or +11.3%), EU Wind 2022 moved around 969 Eurocents/MWh (+16.3% week-to-week increase), EU Wind 2023 at 924 Eurocents/MWh (+13% week-to and EU Solar 2023 at 920 Eurocents/MWh (+6.3%).

As for other EU products, the Renewable Unspecified & Other remains on its constant raise, with gains of 100 Eurocents/MWh (+11.6%) for its 2022 vintage.

W48 2022: EU reservoir levels

This week, reservoir levels increased by 2.8% in the Iberian Peninsula and by 0.2% in Central Western Europe. It reflects well the current above-normal condition of both regions in terms of precipitation, especially in the Iberian Peninsula. Forecasts for the next weeks for the Iberian Peninsula are giving quite some optimism, as levels are supposed to reach around 47% by the end of the year.

In Week 48, in line with EU market, the lack of offered volume has persistently placed pressure on 2022 and 2023 GO prices in the Spanish domestic market, which culminated in an increase in price for both 2022(+120 Eurocent/MWh, 14% growth from previous week) and 2023 (+59Eurocent/MWh, 7%). Notably, compared to previous weeks, Spanish domestic GOs were traded with a focus on Renewable unspecified again. Under the energy crisis, it has been witnessed a decrease in renewable electricity consumption to cope with soaring electricity bills and GO buyers in the Spanish domestic market tend to consider price as the overriding factor in their purchases instead of holding a technology-specific preference.

W48 2022: Spanish domestic

In the Spanish domestic market, 2022 Renewable unspecified GOs were traded at 951 Eurocents/MWh on average, with an average premium of around 80 Eurocents compared to 2023 production GOs (871Eurocents/MWh). Meanwhile, the price spread of 2022 Renewable Unspecified GOs between the EU market and the Spanish market is back to the historic average level, from 40 to 20 Eurocents/MWh. According to the front-end market participants, the price movements in EU OTC markets tend to affect the Spanish domestic price trajectory with a slight lag, and the historical average price spread between Spanish domestic and exportable GOs has been around 20 to 30 Eurocents/MWh.

For more information related to the Spanish domestic GO market please contact 

Prices continue to increase as we move closer to the end of the year, across all vintages and technologies. The trend that was initiated a few months ago, therefore, does not see its end, yet. Market participants are nonetheless still expecting the prices to stabilise (maybe decrease) in the weeks to come, potentially by the beginning of 2023. This is hard to predict given the latest weeks we experienced, so prices still need to be watched closely on a daily (if not hourly) basis.

No changes were observed in what market players were willing to quote for the various products compared to the previous week. The final week of November also saw the purchase of Denmark's Nature Energy by Shell, in a EUR 2 billion acquisition, as well as the end of the feedback and review period for the GHG Protocol Land Sector and Removals Guidance, the final version which will detail the extent to which GOs can be used for scope 1 emission reporting and with serious implications for biomethane certificate demand.


For more information related to the Biomethane market please contact 

Council adopts position on the Corporate Sustainability Due Diligence Directive by Daniel Arnesson

Greenfact Podcast: Episode 4 on Carbon Markets is available 

Should you have any remark, question, or inquiry regarding this Weekly Overview, feel free to reach out to 

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Prices for Nordic Hydro vintages maintained upward trends, with the highest weekly growth rate in the 2021 production.

Recorded transactions concentrated in GOs for 2022 and 2023 production (though overall transactions decreased by 70%), while traded volumes decreased by 74%.

Considering the general recovering hydro reservoir levels and expected reduction in electricity consumption, the undersupply for 2022 Hydro GOs may be improved towards the end of the year.

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GO Week 48 Overview - Another week of high increases for GO prices!

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