North Macedonia has launched competitive trading of guarantees of origin (GOs), with electricity market operator MEMO completing the country’s first auction and establishing a market-based mechanism for pricing renewable energy certificates.
The inaugural auction covered 35,000 certificates issued under the country’s wind feed-in tariff programme, of which MEMO successfully sold 34,000. The certificates achieved an average price of €0.35 per unit, marking the first competitive price formation for guarantees of origin in North Macedonia.
The certificates confirm that electricity has been generated from renewable sources, allowing the renewable attributes of power production to be independently documented and traded separately from the physical electricity itself.
North Macedonia’s guarantees-of-origin market has expanded since its certification system became operational. More than 850,000 certificates have been issued since April 2025, providing the foundation for the development of organised trading and greater participation by renewable energy producers and electricity consumers.
The introduction of competitive auctions could create an additional revenue stream for renewable generators by assigning a market value to the environmental attributes of their electricity production. It could also improve price transparency and liquidity in the emerging certification market.
The mechanism is particularly relevant for industrial consumers seeking to demonstrate that their electricity consumption is backed by renewable generation. Guarantees of origin provide a recognised instrument for documenting renewable electricity purchases and supporting corporate sustainability objectives.
The launch of GO auctions forms part of North Macedonia’s broader electricity market reforms and its gradual alignment with European energy-market rules. MEMO plans to continue developing organised certificate trading as demand for renewable energy certification grows, creating the conditions for a more structured market for renewable electricity attributes.
