The auction model was the descending clock, with 3.26TWh of GOs being auctioned, divided into eight lots, according to the criteria of technology (Solar, Wind, Hydro, and Thermal) and production periods (December 2021 and January/February 2022).

PT 10th - auction result

The majority of the GOs (2.33 TWh, 71%) were from Wind, followed by 0.46 TWh of GOs from Thermal. All the offered volumes were sold: furthermore, compared to the 

, the offered volume increased by around 40%, mainly due to the increasing production from Thermal and Wind technologies, with volumes from both increasing by respectively 49 and 39%.


The GO prices for 2022 production were between 60 to 86 Eurocents higher than 2021 production, broadly mirroring the price spread seen in the OTC markets. In comparison to the 

, the generic GOs price for 2021 vintages trended higher. 

Referring to OTC prices on May 26th, the 10th auction prices for Solar GOs of 2021 production were at a premium of around 40 Eurocents (+24 compared to the last auction), while prices for Wind and Hydro GOs were pretty much at the same price. As for 2022 production, both Wind and Hydro were sold in the auction with a discount of 10 to 15 Eurocents compared to OTC prices, and Solar with a small premium of 4 Eurocents/MWh. However, since Portugal reports only marginal prices and not volume-weighted average prices, it is hard to make a direct price comparison to the OTC market. 

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, the 10th auction for Guarantees of Origin (GOs) was held related to the production of electricity from renewable sources in Portugal from power plants that benefit from a direct price support regime. There were 14 participants and 12 buyers.

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PT Auction 10 - Prices increase by about 20% for all techs and vintages

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