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20. January, 2026

Annual GO market review and outlook: Tide turning in 2026?​

EACs
Renewable Power Team

OTC market prices and volumes

The bearish trend in GO prices that began in mid-2023 and continued through 2024 has extended throughout most of 2025. The monthly volume-weighted average price (VWAP) for standard EECS 2025 GOs fell from EUR 0.80/MWh in January 2025 to 0.25 in December 2025. For comparison, this is EUR 0.15/MWh below the VWAP for EECS 2024 GOs during the corresponding month in 2024.

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