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3. February, 2026

National registry GO data Q2-Q4: frontloading and structural demand growth drive cancellation increase

EACs
Christos Mavrogiannis

New data from 19 national registries reveals a 13 % or 31.6 TWh year-on-year increase in renewable Guarantees of Origin (GO) cancellations during Q2-Q4 2025, compared to an increase of 17.4 % or 21.2 TWh in our previous update for Q2-Q3 2025.

While some cancellation volumes likely are attributed to frontloading, where cheap 2024 GO volumes from the record rollover are cancelled early for 2025 disclosure to avoid expiries, national registry data also indicates structural demand growth.

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Carbon
EU ETS1, EU ETS2, North American Carbon, GCC
Carbon
EU ETS1, EU ETS2, North American Carbon, GCC
Fuels
Biomethane, Transport fuels
Fuels
Biomethane, Transport fuels
Power Purchase
Agreements (PPAs)
Asset valuation, Deal flow, Market prices
Power Purchase
Agreements (PPAs)
Asset valuation, Deal flow, Market prices
Energy Attribute Certificates (EAC)
GOs, REGOs, Global Certificates
Energy Attribute Certificates (EAC)
GOs, REGOs, Global Certificates

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