ClearBlue Markets has recently launched a market analysis service for Guarantees of Origin (GOs). A sample of our biweekly report can be found below: As the drought condition continues to grip Europe, hydro reservoirs across the continent have been deteriorating.
ENTSO-E data suggests that inventory levels have been steadily decreasing — until May 7 when the latest data is available, combined hydro levels were reported 12.4% lower in 2023 compared to the average of the previous 5 years. It is nevertheless higher than 2022 when Europe suffered from drier weather which drove GO prices above EUR 10/MWh. Hydropower GO prices act as the market benchmark, and as such ClearBlue Markets will keep monitoring development. Recent rainfall will likely help alleviate the condition, but the actual impact remains uncertain.
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