May 7 (SeeNews) - The Croatian power exchange (CROPEX) said it has signed a participation agreement with US energy company 3Degrees Group for guarantees of origin auctions.
The San Francisco-headquartered 3Degrees Group will be the 48th participant in the CROPEX auctions of guarantees of origin, the power exchange said in a press release on Monday.
3Degrees Group specialises in sustainability consulting, environmental markets, renewable energy and carbon project development, transportation decarbonisation solutions, and utility renewable energy programmes, it added.
Implemented in 2003, the renewable energy guarantee of origin (REGOs) electronic certificate system enables producers of renewable-sourced electricity that is eligible under the EU Renewables directive to be issued with evidence that their electricity is indeed renewable, according to the International Energy Agency.
The GOs are internationally tradable. They have a standardised size of 1 MWh and a duration of one year after issuing. The purchase of guarantees of origin further stimulates production of renewable energy sources in Croatia, the Croatian transmission system operator HOPS said.