In January 2022, the Energy Community (an international organisation which brings together the European Union and its neighbours to create an integrated pan-European energy market) and Grexel launched a project to create an EU-regulation compatible Guarantees of Origin (GO) trading scheme to the Energy Community member countries.
GO systems and IT-infrastructure for the area were built during the project. The goal was to build the architecture needed for regulators to allow entry to the European market.
GOs from non-EEA countries are not currently recognised for disclosure in the EU.
The Renewable Energy Directive (RED) III outlines that the European Commission decides on the market entry criteria. Today this criteria does not exist.
This excludes Association of Issuing Bodies (AIB)-members like Serbia and Switzerland from the European market.
However, Serbia and Switzerland mutually recognize each others Guarantees of Origin. Both adhere to the AIB EECS-standard on their issuances.
Today Albania, Republika Sprska in Bosnia Herzegovina and Georgia all issue Energy Community (EnC) Guarantees of Origin. They are also able to trade GOs internationally with each other. Serbian EECS GOs are only traded through the AIB HUB internationally.
Were Energy Community-issued GOs to be recognised within the EU, it would have dramatic effect on the market development in the region.
According to an article by Montel Energetika, the eventual recognition of Energy Community (Serbia excluded) GOs would increase the market size by 60 TWh from the current 750-800 TWh.