North Macedonia has completed its first auction of guarantees of origin (GOs), with buyers taking 34,000 of 35,000 wind certificates offered through MEMO at an average price of €0.35 per unit. MEMO conducted the auction.
The sale adds a price-discovery mechanism to the existing administrative framework for GOs. Although the volume was modest, the market infrastructure is more important than the first clearing price.
GOs separate the environmental attribute of electricity from the physical power. They give renewable producers an additional monetisation channel and corporate buyers a documented way to support renewable-energy claims. North Macedonia has issued more than 850,000 GOs since April 2025.
Market development
The country issued its first GOs in May 2025, initially for ESM hydropower. MEMO joined the Association of Issuing Bodies (AIB) in May 2026, connecting the market’s institutional development with the first competitive auction.
For the wider Western Balkans, the auction reflects renewable markets developing products beyond megawatt-hours. Transparent issuance and trading can improve the commercial value of renewable generation as corporate procurement, sustainability reporting and cross-border certificate recognition gain importance, without requiring a separate power-market subsidy.
The next test is market liquidity. More sellers, more corporate buyers and regular auctions are needed before GO prices become a meaningful investment signal.
