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.