Q3-2023 RGGO demand graph

The technical analysis of Q3 data for UK RGGO data suggests that cancellations for the next quarter (Q4 2023) are due to recover, with cancellations year-to-date being well below 2022 levels.

Looking at the sector breakdown, the share of non-household consumers has decreased slightly compared to the last quarter. While most retirements in Q3 were for the non-domestic market in the UK, a sizeable increase in the number of exports to dena was observed. A difference of 189 GWh was noted in dena exports since the last GGCS report.

, which found a total of 356 GWh transfers, with the Netherlands being the largest exporter. However, a portion of the 189 GWh transfer is attributable to Q2 activity, in addition to Q3.

Q3-2023 RGGO demand by sector

Last quarter, the trajectory of cancellations for 2023 for non-household (‘domestic’) consumers appeared to be surpassing the total from 2022. This does not appear to be the case anymore, with growth in this sector following the overall bearish trend for demand.

Q3-2023 RGGO trader/producer balance

Looking at the trends for the RGGOs in circulation, the situation of continuous increase in issuance and recent tepid demand results in the total number of circulating RGGOs being the highest ever recorded.

The number of RGGOs on trader accounts has decreased, while RGGOs on producer accounts have increased by almost one hundred GWh since last quarter. This suggests that traders were looking to close their positions and take their profits during a sluggish Q3 which saw prices dip significantly, with producers struggling to offload their issued RGGOs.


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Q3 2023 statistics concerning UK RGGO transactions

 were made available on 21 November 2023 by the Green Gas Certification (GGCS). Retirements are down from Q2, and down compared to Q3 2022.