The National GOs refer to GOs produced before 1 January 2022, which are Primary FiT non-EECS GOs and can be traded only by HUPX GOs members via the MEKH registry. MEKH issues GOs automatically for production with fixed rate support (KÁT) to the Account of the Hungarian TSO MAVIR from 2022. These GOs will be sold by MAVIR through an auction on the organised electricity market, and the auction income is used for covering the costs of the KÁT scheme.

A total of 0.46 TWh of GOs were offered, with 74% of EECS GOs from Hungary and France and the rest from supported Hungarian National GOs. 62% of the offered volume was sold, and 84% for the EECS GOs. 60% of the auctioned volumes came from Solar GOs (278 GWh), unsurprising given that about 75% of the Hungarian installed capacity of renewables in 2022 came from Solar.

The traded prices for EECS GOs are generally in line with the OTC market (https://portal.greenfact.com/Data/ClosingPrices), with price spreads within a 12 Eurocents/MWh range. Meanwhile, compared to the previous EECS GO auction, the price growth rates among all technologies were between 60% and 61%, which aligned with the price trajectory in the EU OTC market.

Since National GOs are GOs produced before 1 February 2022 can only be traded inside Hungary, they are less liquid and with a lower remaining lifetime than the recent issue EECS GOs. Compared to the previous auctions , the price spread between EECS GOs and National GOs has significantly increased, from a premium of around 450 Eurocents/MWh to more than 800 Eurocents/MWh, only for Solar. Among EECS GOs, we noticed a customer preference tilted to Solar GOs, where the demand for Solar GOs was 1.44 TWh more than the demand (114 times bigger).

Source: HUPX