Spain has removed export restrictions on guarantees of origin (GOOs) generated from power plants under the country's Recore subsidy scheme, as well as removing limitations on how income from the sale of GOOs could be used.
Spain's changes to its domestic GOO regulation went into effect on 8 November and apply to all GOOs issued from renewable electricity generation and combined heat and power.
Prior to the change, electricity generators wanting to export GOOs would have to waive the right to any government support relating to the electricity generated. Any income from the sale of all GOOs also had to be reported and accounted for separately and could only be used for developing new renewable generation or to research and development activities that would improve the overall environment. These clauses have now been removed from the regulations.
The regulations still state that the export of GOOs can only be carried out by the owners of the electricity generation, which could limit third parties from exporting any Spanish GOOs they currently hold.
For 2024 production, the Spanish GOO registry CNMC issued 146.5TWh of GOOs, of which 46TWh were exported to the Association of Issuing Bodies (AIB) hub, and 10TWh were imported. Around 88.4TWh of GOOs were redeemed in Spain for 2024.
Typically, Spanish domestic GOOs are sold at a small discount to AIB GOOs. Argus assessed Spanish domestic GOOs from any renewables at €0.31/MWh and €0.57/MWh for 2025 and 2026 certificates, respectively, at a €0.01/MWh discount to equivalent AIB GOOs, on 6 November.
