17 December 2020

Thank you for your support in 2020

2020 has been as challenging a year as many of us can remember. The economic turmoil unleashed by the COVID 19 public health crisis is a clear threat to our shared objective of an accelerated energy transition that drives emissions reductions. As is the case in nearly every sector of the economy, renewable energy markets have suffered. Despite record growth in demand for EECS GOs in the first half of 2020, the market remains stubbornly long and prices have fallen sharply. The RECS International Secretariat is taking every opportunity to support the market, from advocating for the effective implementation of European legislation to educating new entrants on how EACs work, and why they are important. We greatly appreciate the confidence our members have in our work to support an effective and efficient market for renewables, built on even more demand for EACs. We are particularly grateful for the addition of 11 new members in 2020.

Despite the circumstances forcing us to cancel our annual event, the REC Market Meeting, in March, we continued to share the knowledge and expertise of ourselves and our members with stakeholders via online webinars. Developing and disseminating our expertise on EAC schemes and markets is one of our core tasks, and members can look forward to more position papers, webinars, and detailed reports in 2021 – all aimed at supporting strong and reliable renewable energy markets.

We continue to actively engage with important initiatives, both private and public, to reinforce these markets. Together with the Association of Issuing Bodies (AIB) and others we engaged heavily in the development of an updated CEN standard, the extension of GOs from electricity to all renewable energy carriers, and the time stamping of GOs to increase the granularity of the information they provide to consumers.

Input from our members and other stakeholders is key to ensuring that our work represents all players active in these markets. The RECS International working groups, such as the legal group that supported the development of a soon to be released updated standard contract for single EECS GO transactions, are essential in our work. We would like to take this opportunity to thank those who have contributed in these groups over the course of the year.

In 2021 we continue our mission to develop reliable and robust renewable energy markets with our many members and partners. Thank you for joining us in this effort, and we look forward to working with you in the years to come.