Market Report | June 2024

  • June was an interesting month in the REGO market, with suppliers having their final push to balance their position prior to the Ofgem Fuel Mix Disclosure (FMD) on the 30th June.
  • In May we saw prices hit £17/REGO, but as we moved into June they moved down to sit comfortably around the £11- £13/REGO mark. On the 19th June we saw the market collapse. A large volume of REGOs in the e-REGO auction didn’t hit their reserve prices and the remaining buyers held off and waited for the dust to settle before re-entering the market to pick up these certificates at around the £1-£3/REGO mark.
  • June was the most volatile month that we have seen, with prices down over 92% during the month due to that anticipated market crash.
  • We saw a number of generators, particularly Biomass generators, struggle to get their certificates released in time. Whilst the delay meant that suppliers couldn’t use them for their FMD, they can be used by corporates so there is still a market value for stranded certificates.
  • CP23 prices have moved down slightly off the back of the CP22 decrease. Certificates are currently trading between £7- £8.50/REGO.
  • CP24 is currently trading between £7- £7.50/REGO.


"Time to look forward to your CP23 strategy"

Clare Haigh - Head of Environmental Markets at C-Zero
Clare Haigh
  • 2024 RGGO volumes are beginning to trickle onto the market as producers finally get their Q1 RGGOs approved after OFGEM delays.
  • Prices for Crop RGGOs have ticked up to the £6.25- £6.50 level and Waste/Residue to £10- £10.50, although this is more due to lack of supply rather than an increase in demand.
  • There has been more interest in ISCC volumes in the last week or so, including from buyers in Europe. This could indicate that they are beginning to come around to buying UK Certs, despite the continued uncertainty around the GHG protocol, ISCC regulations and the EU database.
  • Danish ISSC certs are still preferred to UK volumes for European buyers, but they will look at UK volumes if there is a big enough discount compared to European alternatives.

“Prices for 2024 RGGOs are starting to tick up, but mainly due to lack of selling interest rather than increasing demand”

Mike Ridler - CEO at C-Zero