Norwegian demand for renewable energy certificates surges in 2024

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Norway has seen a sharp rise in demand for renewable electricity documented with Guarantees of Origin (GOs), with domestic certificate cancellations reaching 41 terawatt-hours (TWh) in 2024. This represents an increase of 19 TWh compared to 2023 and 12 TWh over the 2022 total, according to data from the Association of Issuing Bodies (AIB).

Record-Breaking Cancellations Signal Growing Interest

GOs serve as official proof of renewable energy consumption in Europe, with each cancelled certificate representing 1 MWh of clean electricity used by a single organization. In Norway, domestic cancellations in 2024 hit unprecedented levels, with peak activity recorded in January (13.4 TWh), March (7.3 TWh), and December (8.3 TWh). These figures far exceed historical averages for the respective months, showing increases of 483 percent, 173 percent, and 277 percent, respectively.

January 2025 cancellations reached 8.7 TWh — the second-highest volume for any January on record. Some uncertainty remains regarding the exact consumption period for the observed cancellations in early 2024. The Norwegian Water Resources and Energy Directorate is set to release its 2024 residual mix disclosure in June, which will provide further insights into market dynamics.

Corporate Sustainability and Regulatory Drivers

Industry leaders are closely monitoring whether the surge in cancellations reflects a genuine increase in demand or a shift in purchasing patterns. “We are taking these observations with a degree of caution,” said Tom Lindberg, CEO of Ecohz. “The 2024 residual mix will help clarify the actual consumption period. If cancellations continue at record levels in Q1 2025, we can confirm a sustained rise in GO demand.”

The timing of this surge coincides with the first compliance cycle under the EU’s Corporate Sustainability Reporting Directive (CSRD), which requires large companies to disclose their sustainability practices.

Norsk Hydro, Norway’s leading aluminium and renewable energy producer, confirmed in its 2024 sustainability report that it is cancelling GOs to cover its electricity consumption in Norway in line with CSRD requirements. Norwegian electricity suppliers have also reported increased interest in GOs from major clients, suggesting that regulatory frameworks may be influencing corporate energy procurement strategies.

As sustainability regulations tighten across Europe, Norway’s surging demand for renewable energy certificates signals a shift in corporate energy sourcing and an accelerating transition toward cleaner electricity consumption.

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