On 4 January 2023, the Portuguese government released the details of their proposed national obligation scheme for natural gas, Ordinance 15/2023. Gas suppliers will be obligated to blend 1% renewable gas into their supply, and the government will be offering ten-year supply contracts for biomethane and green hydrogen to facilitate this target. The mechanism for proving renewable gas sourcing will be the cancellation of GOs.
Summary The obligation target and ten-year contracts are bullish for demand and supply respectively. It is unclear at this stage how cross-border GOs will interact with the obligation scheme or the rules regarding GO eligibility in general. However, the P…
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