Market Report | May 2023

“Another hectic month on the REGO markets with up and down like a yo-yo.”

Mike Ridler, Head of Green Markets at C-Zero
Mike Ridler

For the first time in 2 years, it looks like waste and crop prices could reach near parity 

Mike Ridler


  • The collapse in Waste cert pricing continues, falling £7-8/MWh since the beginning of 2023.
  • Several sellers are choosing to sell at market prices for cashflow reasons and in anticipation of prices falling further.
  • Strong demand for Crops has continued to push prices, but the falling Waste prices should cap them.
  • Crop and Waste are now near parity as green gas prices in the EU weaken, making importing UK certs less attractive.
  • There is still demand from non-traditional players in the market, i.e., corporates looking to green up their gas consumption, which might add some support to pricing.
  • One of the biggest Green Gas suppliers and traders in Europe announced that they were going into a Protective Shield Agreement (similar to US Chapter 11) to re-structure their business due to harsh trading conditions due to the effect on the Gas market of the Ukraine war. Although still trading, they were one of the biggest buyers of UK green gas certs in 2022; the effect remains to be seen! 

“Month of flat pricing with feedstock market evidently oversupplied.”

Bruce Brown

Bruce Brown

Head of Client Partnership at C-Zero