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