As 2025 comes to a close, we analyze the critical factors shaping the European Guarantees of Origin (GO) market while reviewing our assessment from Q3. You can select your favourite podcast platform to watch or listen to this episode here.How to Access the OutlookAs always, this discussion is based on our comprehensive in-app quarterly report available to Soldera members via the sidebar.This quarterās report includes all-new hydrology and reservoir predictive graphs for Norway, which will be a permanent fixture moving forward. šLooking Back at Q3 and Assessing Our Predictions ā Market experienced unusually high volatility with 2025 vintage prices spiking in July before decliningā Production estimates adjusted as Italian data corrections showed slower underproduction than initially forecastā Southern Norway reservoir levels critically low despite record-high northern reserves š§ā Summer trading activity exceeded expectations with significant hedging pressureNorway Takes Center Stage š³š“ā Norwayās parliament votes to transpose REDD II into national law ā Southern reservoir zones (NO2) at historically low levels affecting 2026 outlook ā Northern zones (NO4) overflowing but transmission-limited from reaching demand centers ā”ā Market remains cautious on implementation timeline and actual demand impactCritical Supply Dynamicsā 2024 vintage oversupply continues pressuring 2025 spot prices below ā¬0.50/MWh ā End-of-year spot weakness follows typical seasonal pattern as traders rotate to 2026 vintage ā Forecasted 4.8% reduction in 2025 GO issuance compared to 2024 ā Dunkelflaute conditions expected in Central Europe impacting renewable production š«ļøā First year since 2022 projected to reduce overall market surplus Demand Outlook and Policy Developmentsā Germanyās 2024 cancellations up 2% year-over-year showing slower growth š©šŖā Italian Energy Release Scheme replacing government auctions from 2026 onwards š®š¹ā Heavy industry receiving subsidized renewable energy in exchange for production commitments ā Demand diversifying across Europe beyond traditional German dominance ā CSRD guidance updates still pending clarity on corporate requirementsStrategic Market Considerations ā 2026 forward prices commanding significant premiums reflecting improved market balance expectations ā 2027 showing even stronger pricing as analysts anticipate continued oversupply reduction š«ā Conservative hydro production anticipated through winter and spring affecting supply ā Renewable buildout slowing across Europe impacting long-term GO issuance ā Market positioning for multi-year improvement despite near-term weaknessStay informed with our quarterly market updates to navigate the evolving GO landscape!š: www.soldera.org/podcasts/solderas-q4-go-outlook-state-of-the-goo-market-soldera-markets-12#GuaranteesOfOrigin #RenewableEnergy #EnergyMarkets #Sustainability This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit podcast.soldera.org
š Guarantees of Origin ā Building a Market MakerIn this episode of Soldera Markets, Stenver, Al and Ollie from Soldera chat with Koen Andriessen and Chris Myers from Faraday Trading, about what it takes to build a Market Making (MM) operation in the current Guarantee of Origin (GO) market.This episode delves into:ā How Faraday transitioned from financial derivatives to GO market making š ā Their passive approach: waiting for counterparties rather than chasing tradesā Why they focus on AIB grid-connected certificates for sharper pricingā How constant trading volume creates effective risk managementā How Faraday views the market: learn about the MM approach to risk and strategy.Faradayās Origin Story:ā Three co-founders with extensive careers in financial market making ā Started January 2024 as their first entrepreneurial venture together ā Saw GO market as less developed compared to efficient financial markets ā Drew parallels to financial products that became liquid over time ā Brought MM expertise to a space dominated by back-to-back trading Soldera Auctions:ā Learn how Faraday and Soldera work well together ā Explore how market makers access quality GO supply efficiently ā Understand how streamlined sourcing strengthens MM liquidity provisionEnjoyed this episode? Sign up for more GO market expertise in your inbox ā¬ļøRenewable Producer in GO Markets? Try Soldera ā¬ļø This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit podcast.soldera.org
As Q3 unfolds, we analyze the evolving dynamics shaping the European Guarantees of Origin (GO) market while reviewing our Q2 predictions.This episode is based on our full in-app quarterly report available to Soldera members. You can also listen to this episode your favourite podcast platform here.Looking Back at Q2 and Assessing Our Predictionsā Market experienced prolonged decline before dramatic recovery in final weeks šā Prices bottomed at 40 cents before recovering to 80 cents, validating under-supply predictionsā German June disclosure deadline created delayed market activity separate from March patterns š©šŖWe Need To Talk About Norwayā¦ā Q2 Episode correction: Total Norwegian GO consumption actually decreased year-over-year despite record cancellations. ā Problematic government behaviour impacting the GO market intensifies š³š“Critical Supply Dynamicsā Europe producing 8-9% less renewable energy than last year, creating 50 TWh deficit ā Nordic hydro reserves normalizing after record-high levels, hot summer predictions threatening further decline āļøā 2024 vintage GOs now in end-of-life phase as traders rotate inventory šDemand Outlook and Regulatory Shiftsā CSRD scope reduction from 50,000 to 10,000 companies but targeting largest emitters šā Hydrogen RFNBO requirement relaxation lobbying could unlock hundreds of TWh demand ā Corporate sustainability commitments remaining strong despite regulatory changes ā Forward curve premiums moderating as regulatory uncertainty impacts long-term pricing šStrategic Market Considerationsā Forward markets showing 50% premiums for 2026 vintage as utilities hedge exposure šā Record-low oversupply reduction expected to significantly impact market dynamicsā New government auctions emerging while market fragmentation challenges persist šā Cross-border virtual GO accounts on the horizon at Soldera. Watch this space ā¦As always, stay connected with our quarterly market outlooks to track the GO landscape. Catch our next outlook in Q4! #GuaranteesOfOrigin #RenewableEnergy #EnergyMarkets #Renewables This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit podcast.soldera.org
As we enter Q2, we examine the key factors influencing the European Guarantees of Origin (GO) market while evaluating our Q1 predictions.Looking Back at Q1 and Assessing Our Predictionsā Most predictions materialized, especially regarding March 31st disclosure deadline activityā Record Norwegian cancellations show market progress with 22 TWh more domestic consumption š³š“ā Pricing remained sideways despite high volumes and record cancellationsā Geopolitical factors and defense priorities temporarily overshadowing sustainability initiativesCritical Supply Dynamicsā 47 TWh renewable underproduction silently reducing market oversupply šā Nordic hydro reservoir levels have less market impact than commonly believedā Rapid value decline of 2024 GOs problematic for remaining holdersā Germany's June deadline creates final window for 2024 GO consumption š©šŖDemand Outlook and Market Sentimentā Forward prices historically low at ā¬1+ despite continued interestā CSRD scope reduction from 50,000 to 10,000 companies impacting price modeling šā Potential hydrogen regulation relaxation could significantly boost GO demandā Voluntary GO adoption in Iceland signals sustainable demand growthStrategic Considerationsā Why some people are considering leaning toward 30% forward volume hedging šā Market's contango state reflects confidence in long-term improvementā Country-specific vintage rules create arbitrage opportunities in Estonia and Italyā Energy-intensive industry incentives creating new demand sources across Europe āļøStay informed with our quarterly market updates to navigate the evolving GO market landscape!#GuaranteesOfOrigin #RenewableEnergy #EnergyMarkets #Sustainability This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit podcast.soldera.org
In this episode, Fulbright Scholar Kevin Lu interviews Stenver Jerkku, founder and CEO of Soldera, as part of his research into Estonia's climate tech ecosystem. After working in content design and strategy for climatetech at Salesforce and exploring climate innovation across 21 countries, Kevin is now researching at Tallinn University of Technology where he's examining how founders build successful climate startups in Estonia.This interview explores:ā How Estonian entrepreneurs think globally from day oneā Soldera's founding journey and pivot from carbon credits to renewable energyā Navigating fundraising as a climate tech company in Estoniaā When founders should (or shouldn't) pursue venture capitalā How Soldera leverages AI to automate compliance workā How EU regulations create business opportunitiesā Finding balance between supportive and restrictive policiesā What Estonia could improve to better support climate startupsKey insights include:ā Climate tech founders need laser focus rather than pursuing multiple opportunitiesā Estonia's small market forces founders to think internationally from day oneā Taking VC means accepting responsibility to build a billion-dollar businessā Estonia's fast company formation and digital services are models for Europeā Maintaining stable business policies helps Estonia attract international foundersā Community-building events could strengthen Estonia's climate tech ecosystem#ClimateTech #Estonia #VentureCapital This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit podcast.soldera.org
Join us with Mary Polovtseva, GO expert and renewable policy analyst with Veyt, as we explore the evolving European Guarantees of Origin market.Topics covered:ā Policy vs market analysis roles in the GO spaceā Impact of geopolitics on EU energy transitionā CSRD's influence on GO demandā EU's Omnibus package reducing CSRD scope by 80%ā Norway's evolving position on GOsā Granularity debates (monthly vs hourly matching)ā Clean Industrial Deal & public procurementā GOs as revenue for renewable producersā Implementation challenges across EU statesā Green Claims Directive and eco-labelsKey insights:ā EU decarbonization targets remain despite competing prioritiesā Companies adopting dual reporting for scope 2 emissionsā Potential reduction from 50,000 to 10,000 CSRD companiesā Only renewable hydrogen regulations currently push hourly granularityā Public procurement (40% of EU GDP) could drive GO demandā GOs can represent up to 7% of operational income for producersā National implementation varies widely across member statesā Clean Industrial Deal merges decarbonization with competitiveness#RenewableEnergy #Sustainability #EnergyPolicy This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit podcast.soldera.org
Soldera Markets is delighted to host Tony Tiyou, CEO of Renewables in Africa, to explore the growing African renewable energy landscape.This Episode Covers:ā The evolving African renewable energy certificates (RECs) marketā Growth patterns showing doubling volumes year-on-yearā How only 17 of 54 African countries currently participate in I-REC systemsā Pricing differences between African markets ($1-5/MWh) versus other regionsā The challenges of grid integration for large-scale renewable projectsKey Insights:ā African I-REC volumes reaching 3.5 million MWh in 2024ā The untapped potential in distributed energy resourcesā How African renewables have lower default rates than comparable U.S. investmentsā The critical need for international capital in project developmentā Why solar makes economic sense beyond environmental benefitsSpecial Focus on African Energy Development:ā The economic impact of unreliable power on businessesā How solar adoption is growing rapidly without government subsidiesā The push for local manufacturing of renewable componentsā Regional integration through AfCFTA and pan-African energy initiativesā The continent's vast solar potential (currently just 2% of global capacity)#RenewableEnergy #AfricanEnergy #CleanEnergy #SolarPower #IRecs #EnergyAccess #AfricanDevelopment This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit podcast.soldera.org
Soldera Markets is delighted to host Taavi VeskimƤgi, former CEO of Estonia's TSO Elering, to take an in-depth look at the Baltic energy transition.This Episode Covers:ā Estonia's journey from oil shale dependency to renewable energy leadershipā The recent 2025 Baltic grid desynchronization from Russiaā How Guarantees of Origin (GOs) drive market-based renewable adoptionā The critical role of energy independence in national securityā Green hydrogen's future in the Baltic energy mixKey Insights:ā Estonia's early adoption of digital solutions for energy tradingā The impact of EU carbon prices on traditional energy sourcesā Balancing market competitiveness with sustainability goalsā Why interconnectors are crucial for price stabilityā The challenges and opportunities in frequency market developmentSpecial Focus on European Energy Security:ā How Estonia prepared for grid resilience a decade ahead of Western Europeā The importance of maintaining a unified European energy marketā Balancing regulation with innovation in clean tech#EnergyTransition #CleanEnergy #GridResilience #RenewableEnergy #Estonia #Baltics This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit podcast.soldera.org
As Q1 kicks into gear, we share our perspectives on the dynamics most likely to shape the European Guarantees of Origin (GO) market.This Episode Covers:* How record-high Nordic hydro reservoirs are creating potential market oversupply conditions š§* Why the new CSRD reporting requirements will impact companies with over 500 employees š* What makes the March 30th disclosure deadline crucial for Q1 market movements ā°* How German elections could influence Europe's largest GO importing market šŖšŗ* What forward trading patterns reveal about long-term price confidence šUnderstanding Market Dynamics:* Despite current oversupply, why supply levels remain lower than early 2024 levels š* How mandatory corporate sustainability audits are reshaping EU company practices š¢* Why local sourcing requirements are becoming essential, particularly for German subsidies šŗļø* How RED3 directive makes it easier for small-scale renewable producers to participate š±* What new industry support programs mean for energy-intensive sectors across Europe ā”Stay tuned for our quarterly market updates to keep your finger on the pulse of the GO market!#GuaranteesOfOrigin #RenewableEnergy #EnergyMarkets #Sustainability This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit podcast.soldera.org
š Soldera Market Discussions: Understanding RE100's Credible Claims GuidelinesJoin Al, Ollie & Stenver for a detailed exploration of RE100's framework for credible renewable energy claims. š¹This episode covers:ā What makes a renewable energy claim credible under RE100 standards šā The six key criteria for valid claimsā Geographic market boundaries and their implicationsā How vintage limitations affect renewable energy certificationā The importance of attribute aggregationā”Key topics we discuss:ā Why countries like Poland remain outside the AIB systemā The Costa Rica paradox of 99% renewable gridā How market boundaries affect liquidityā The special requirements for hydro and biomass certificationā The 15-year age limit rule and its exceptionsš”Notable insights include:ā Why grid connection alone isn't enough for cross-border tradesā How the UK's post-Brexit isolation affects the marketā The challenges of matching consumption periodsā Why tracking matters even in nearly 100% renewable marketsā The importance of preventing attribute unbundlingFascinated by renewables, renewable assets and renewable market frameworks? Subscribe to stay informed on pressing developments! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit podcast.soldera.org
š Learn to Maximize Your GO Profits in Current Markets: Join Stenver Jerkku as we analyze the dramatic GO price shifts from ā¬8-10/MWh to ā¬0.40-0.50/MWh and explore why forward contracts are outperforming spot sales. We'll cover market trends, Norwegian reservoir impacts, Italian auction effects, and proven strategies including volume aggregation and automated trading. Discover why ignoring GO optimization could mean missing out on 5% potential revenue. Don't forget to like, comment, and subscribe to stay updated on all things GO! #RenewableEnergy #GuaranteesOfOrigin #EnergyTrading #CleanEnergy This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit podcast.soldera.org
š Soldera Market Discussions: GO Ecosystem OverviewJoin Stenver Jerkku (Founder & CEO) and Al William Tammsaar from Soldera as we explore the fundamentals of Guarantees of Origin (GOs) in the European renewable energy market. In this premiere episode, we break down:ā What are Guarantees of Origin and how do they work? šā The regulatory landscape across different European countries šā Complex market dynamics and challengesā The role of AIB in standardizing the marketā The future of hourly GOs and energy storageKey insights we explore:ā How GOs separate physical electricity from its green attributesā Why biomass facilities face unique verification challengesā The impact of Norwegian hydropower on market supplyā Current price trends and market movementsā The effects of Italian government auctions on pricesDon't forget to like, comment, and subscribe to stay updated on all things GO!#Renewableenergy #GuaranteesOfOrigin #Sustainability #CleanEnergy This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit podcast.soldera.org