North Macedonia completed its first guarantees of origin (GO) auction, 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, establishing a transparent price signal for renewable electricity provenance.
The auction volumes were modest, but the market infrastructure was described as more important than the first clearing price. GOs separate electricity’s environmental attribute from the physical power, giving renewable producers an additional way to monetise generation and corporate buyers a documented basis for renewable-energy claims.
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 hydropower produced by ESM.
The auction adds price discovery to the existing administrative framework. MEMO joined the Association of Issuing Bodies (AIB) in May 2026.
Across the Western Balkans, renewable markets are beginning to develop products beyond megawatt-hours. With corporate procurement, sustainability reporting and cross-border certificate recognition gaining importance, transparent GO issuance and trading can improve the commercial value of renewable generation without a separate power-market subsidy.
The next test is liquidity. More sellers, more corporate buyers and regular auctions are needed before GO prices become a meaningful investment signal.