Guarantees of Origin
Guarantees of Origin (GOs) are the electronic documents referred to in art. 19 of Directive (EU) 2018/2001. GOs may be bought or sold in the GO market (M-GO), on an OTC basis, or associated with ads posted on the GO Bulletin Board.
GME organises and manages.
a. the GO market (M-GO): a venue for the trading of GOs, organised and managed pursuant to ARERA’s Resolution ARG/elt 104/11 of 28 July 2011.
In the trading of GOs, the M-GO provides
- liquidity and transparency: the prices available in the market are public and accessible to all;
- security: GME operates on the market as a central counterparty, guaranteeing the successful completion of trades.
The GO types that can be traded in the M-GO are indicated in the Technical Rules.
b. The Platform for registering bilaterals of Guarantees of Origin (PB-GO): a digital platform, organised by GME pursuant to ARERA’s Resolution ARG/elt 104/11 of 28 July 2011, where participants fulfil their obligation to register volumes and prices related to:
- bilateral transactions of GOs, freely concluded between operators;
- bilateral transactions of GOs resulting from auctioning procedures (GOs awarded by GSE).
Holders of bilateral contracts in respect of GOs are required to register the volumes and prices of their bilateral transactions directly on the PB-GO. However, to do so, they must have been previously admitted to the PB-GO.
As regards bilateral transactions resulting from auctioning procedures, GSE will register them on the PB-GO. However, the related awardees must have been previously admitted to the PB-GO.
The GO types that can be registered on the PB-GO are indicated in the Technical Rules.
c. The GO Bulletin Board: a digital platform, organised and managed by GME under article 5, para. 5.3 of Ministerial Decree no. 224 of 14 July 2023 with a view to enabling parties interested in concluding long-term GO contracts to enter into contact with one another.
On the GO Bulletin Board, participants wishing to propose or seek long-term GO contracts may post their sale or purchase ads in anonymous and non-binding form, whereas participants interested in such ads may view them and, if they have been designated as preferred counterparties by the proponent, they may express interest therein.