Around 2,500 companies received state aid for indirect emission costs in 2023, thus contributing to demand for bundled and unbundled Guarantees of Origin (GOs) in Europe. State-aid receiving companies form a solid industrial demand base for GOs and can be expected to drive demand for renewable electricity until the end of this decade. Veyt identifies state aid for European Emissions Trading System (EU ETS) costs as one of the demand-side legislations responsible for growing RES-E GO cancellations since 2020.