Market Report | March 2024

“REGO pricing continues to slowly drift downwards”

Clare Haigh, Head of Environmental Markets at C-Zero
Clare Haigh

2023 RGGOs may have found their floor, but forward RGGOs are of more interest to buyers.

Clare Haigh
Clare Haigh, Head of Environmental Markets at C-Zero


  • RGGO prices may have finally found their floor, with prices around 2020/21
  • Waste certificate prices for 2023 production have levelled off at around the £9 mark and crop circa £4-5 as producers dig their heels in on price.
  • Waste certificate prices for 2024 production are around the £11-12 mark and crop circa £6-7.
  • Most buyers’ enquiries are now for 2024 volumes, so this might halt the decline and/or push pricing slightly
  • The fundamentals, such as lower gas demand, lack of clarity on regulatory and carbon reporting standards, and more prominent European players not participating in the market, remain the same, so any upside will likely be limited.
  • Some interesting insights came out of the GGCS oversight meeting on 19th March.
    • RGGO retirements in 2023 were down to 3,444 GWh from a record high of 4,476 GWh in
    • The transfer of RGGOs to DENA (German Biogas registry) was also down, at 704 GWh in 2023, from 1,106 GWh in 2022. Notably, transfers were 334 GWh in
    • RGGOs retired by domestic and non-domestic consumers also showed weakness in 2023 compared to 2022.
    • As of January, a large proportion of RGGOs remained in producers’ RGGO accounts, suggesting that they were holding on for higher prices.
  • The above data verifies the market drivers we discussed in our February report, but there are now additional headwinds to contend with.