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REGO Index update – August 2022

August 5 2022

Renewable Energy Guarantee of Origin (REGO) prices continued to rise over the past few months.

  • The highest REGO prices offered in June and July were £8.50/REGO.
  • An average price of REGO attached to PPAs (across various contract lengths and start dates) has now increased to £3.13.
  • The government released the final decision on their review of GoOs (European Guarantees of Origin) imports in the UK.

The past and future of green certificates

On the 27th July, the final decision was made on the UK recognition of EU Guarantees of Origin. The changes will come into effect on the 1st of April 2023. From that date onwards, the EU GoOs will no longer be accepted in the Fuel Mix Disclosure statements. (Read the complete Consultation outcome from BEIS.)

The decision has significant implications on the values of our domestic green certificates – REGOs.The volume of GoOs imports has been rising in the past years, reaching 40% of all green certificates redeemed in Fuel Mix Disclosure statements for last year (FMD20-21). These volumes will need to be sourced domestically from April onwards (FMD23-24). The impact of the consultation is therefore particularly important for future REGOs, those that are usually tendered together with power in PPAs.

The outcome of the consultation has been anticipated by the suppliers and all market participants for a while now – the first indications towards the plans to remove UK recognition of EU GoOs had been made in relation to Brexit. The first increase in REGO values on future contracts was observed in summer 2021. However, the official BEIS consultation on the issue (which ran between March and May this year) provided an additional boost to prices as it identified two possible dates for the legislation changes – October 22 and April 23. With the April 23 deadline date now being official, we may see a slower growth of REGO prices in August.

REGO Index update – August 2022

The Renewable Exchange’s REGO Index provides statistical evidence of REGO values for future periods. All prices were offered to generators tendering power purchase agreements (PPAs) on the Renewable Exchange platform. The analysis doesn’t include values obtained in REGO-only tenders. Bids were submitted from traders and licensed suppliers in the UK.

The last 3 months have seen a strong increase in REGO prices again. The highest REGO prices offered in June and July were again £8.50/REGO. It is interesting to note that this price was offered multiple times and across all technologies: solar, wind and hydro. Suppliers are now placing much bigger value on future REGOs across all renewable sources and for various compliance periods, too: more than 17% of bids included offers of above £6.00/REGO.

The data analysed here consists of the REGO component attached to PPA bids on the Renewable Exchange platform for all technology types and contract lengths. The complete PPA offers would have been inclusive of commercial value for power, ROCs where applicable, and embedded benefits.

At Renewable Exchange we can help you understand the best option for your REGO offtake: whether it’s selling them off as part of the PPA or separately, in fixed volume chunks or in a long-term structured offtake.

Reach out to our team to discuss your REGO strategy.


Renewable Exchange discloses the REGO Index analysis to encourage transparency in the energy market and provide fair access to information for all participants.

For accurate, site-specific PPA price estimation, inclusive of subsidies, green certificates and embedded benefits, log in to the Renewable Exchange platform.

Renewable Exchange also shares REGO data with market intelligence and analysis consultancy Cornwall Insight for an independent review. Request Cornwall Insight’s Green Certificates Survey Report.

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