The average weekly price for the 2023 vintage in the Spanish domestic GO market dropped by 0.25 EUR/MWh from week 45 to week 47. The average price for this vintage in week 47 was 3.62 EUR/MWh.

The 2024 vintage suffered a sharp drop in its average price, from 5.25 EUR/MWh in week 46 to 4.69 EUR/MWh in week 47. This reflected a larger fall in the EECS 2024 GO prices.

The 2025 and 2026 vintages in the Spanish domestic GO market were traded and had the same average price of 5.00 EUR/MWh in week 47.

The 2023 vintage in the Spanish domestic GO market saw a significant increase in its average price volatility, from 3.2% in the previous two weeks to 12.8% in the current period, as traders took advantage of price movements

2023W47 - Spanish domestic GOs price

Price spreads between Spanish domestic GOs and EECS GOs:

The average discount for 2023 Spanish domestic GOs shrank from 0.22 Euro/MWh in week 45 to 0.16 Euro/MWh in week 46 and was on average even traded at a small premium of 0.05 Euro/MWh over EECS 2023 GO in week 47.

The discount for 2024 Spanish domestic GOs also shrank in week 47, to 0.08 Euro/MWh, from 0.25 Euro/MWh in week 46.

Typically, the Spanish domestic GOs market seems to mirror the price movements of the EU Over-the-Counter (OTC) market, albeit with a slight lag and price spread ranging from 0.1 to 0.5 EUR/MWh.

2023W47 - ES GOs Price spread

Our Spanish domestic GO data partners saw a huge increase in trading volumes in weeks 46 and 47, with a tenfold rise compared to the previous two weeks. They also traded GOs from various vintages, from 2023 to 2026. The 2024 vintage was the most traded, with about 78% of the total volume. The 2023 vintage was the second most traded, with 17% of the total volume.

Week 47 had the highest trading volume, accounting for nearly 73% of the total activity. 

Unspecified renewables dominated the trading volumes in weeks 46 and 47, with only 0.4% of the volumes coming from wind. 

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Spanish GO Market Update (Weeks 46-47): Trading volumes soar as prices see a small drop

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