North Macedonia completed its first auction of guarantees of origin (GOs), with buyers taking 34,000 of 35,000 wind certificates offered at an average price of €0.35 per unit. MEMO conducted the auction, establishing a transparent price signal for renewable electricity attributes.
GOs separate electricity’s environmental attribute from the physical power. They give renewable producers an additional monetisation channel and provide corporate buyers with documented support 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 from ESM.
The auction adds a price-discovery mechanism to the existing administrative framework. MEMO joined the Association of Issuing Bodies (AIB) in May 2026, while the auction’s volumes were modest and the market infrastructure was described as more important than the initial clearing price.
For the wider Western Balkans, the development reflects renewable markets beginning to offer products beyond megawatt-hours. As corporate procurement, sustainability reporting and cross-border certificate recognition gain 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, corporate buyers and regular auctions are needed before GO prices become a meaningful investment signal.