Guarantees of electricity origin as a financial mechanism to increase investment attractiveness in the energy sector

Ko yk, Ya osla
A icle
Gua an ees o elec ici y o igin as a inancial mechanism
o inc ease in es men a ac i eness in he ene gy sec o
Uni e si y Economic Bulle in
P o ided in Coope a ion wi h:
H yho ii Sko o oda Uni e si y in Pe eiasla
Sugges ed Ci a ion: Ko yk, Ya osla (2024) : Gua an ees o elec ici y o igin as a inancial mechanism
o inc ease in es men a ac i eness in he ene gy sec o , Uni e si y Economic Bulle in, ISSN
2414-3774, H yho ii Sko o oda Uni e si y in Pe eiasla , Pe eiasla , Uk aine, Vol. 19, Iss. 1, pp.
17-25,
h ps://doi.o g/10.69587/ueb/1.2024.17
This Ve sion is a ailable a :
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Uni e si y Economic Bulle inUni e si y Economic Bulle in
UDC 621.311.23:336.221.2
Gua an ees o elec ici y o igin as a inancial mechanism
o inc ease in es men a ac i eness in he ene gy sec o
Ya osla Ko yk*
Pos g adua e S uden
D ohobych I an F anko S a e Pedagogical Uni e si y
82100, 24 I. F anko S ., D ohobych, Uk aine
h ps://o cid.o g/0009-0000-6629-0547
Sugges ed Ci a ion:
Ko yk, Ya. (2024). Gua an ees o elec ici y o igin as a inancial mechanism o inc ease in es men a ac i eness in he ene gy sec o .
Uni e si y Economic Bulle in, 19(1), 17-25. doi:10.69587/ueb/1.2024.17.
*Co esponding au ho
Abs ac . In mode n en i onmen , ensu ing he de elopmen o he enewable ene gy sec o is signi ican o achie ing he
coun y’s sus ainable de elopmen goals. The in oduc ion o a mechanism o gua an eeing he o igin o elec ici y is one
o he mos e ec i e ways o de elop enewable ene gy, and he e o e i s s udy is ele an . The pu pose o his s udy was o
analyse he app oaches o he unc ioning o he ma ke o gua an ees o elec ici y o igin in he EU coun ies and compa e
hem wi h he si ua ion in Uk aine. The p incipal me hods o he s udy we e o ecas ing (p ospec s o he implemen a ion
o ene gy o igin gua an ees in Uk aine) and compa ison (app oaches o he o ma ion o he mechanism o ene gy o igin
gua an ees in Uk aine and he EU). The s udy no ed he o e all ole o enewable ene gy o he de elopmen o any
coun y and Uk aine speci ically. All he main posi i e componen s ha a ise in coun ies in he de elopmen o his a ea
we e desc ibed in de ail. The ins umen o gua an ees o ene gy o igin s ays e ec i e o achie ing he goals o enewable
ene gy de elopmen in Uk aine. Conside ing he speci ic ea u es o he ules o selling enewable ene gy gua an ees, he
s udy concluded ha hey a e use ul bo h o s imula ing he de elopmen o he sec o and o dissemina ing in o ma ion
abou he need o imp o e he s a e o he enewable ene gy sec o in Uk aine and globally. The s udy assessed wha s eps
has Uk aine aken o adop and implemen his mechanism. In o ma ion on EU coun ies was also examined. The g adual
inc ease in demand o such ins umen s e e y yea since 2019 indica es no only he popula i y o his p ac ice, bu also
i s need among all ma ke playe s. I was shown ha , a e he s a o Russia’s ull-scale in asion o Uk aine, he o eign
ade balance u ned nega i e, i.e., he olume o elec ici y pu chases exceeded he olume o sales. The indings o his
s udy can be used o o mula e a long- e m s a egy o he de elopmen o a mechanism o gua an eeing he o igin o
elec ici y in Uk aine by public au ho i ies
Keywo ds: social esponsibili y; sus ainable de elopmen ; c isis esilience; g een economy; s a egic secu i y
Copy igh © The Au ho (s). This is an open access a icle dis ibu ed unde he e ms o he
C ea i e Commons A ibu ion License 4.0 (h ps://c ea i ecommons.o g/licenses/by/4.0/)
Vol. 19, No. 1,2024
Jou nal homepage: h ps://ue-bulle in.com.ua/en
Recei ed: 09.03.2024. Re ised: 31.05.2024. Accep ed: 28.06.2024
DOI: 10.69587/ueb/1.2024.17
INTRODUCTION
The de elopmen o g een ene gy plays a i al ole in p o-
mo ing sus ainable de elopmen : i is he key o ensu ing
his concep , as i allows mee ing he needs o mode n so-
cie y wi hou ha ming he en i onmen and u u e gene a-
ions. The de elopmen o g een ene gy also helps o educe
dependence on coal and o he limi ed ene gy sou ces, e-
duce g eenhouse gas emissions such as ca bon dioxide and
me hane, c ea e new jobs, and inc ease ene gy independ-
ence. The de elopmen o his concep ensu es a comp e-
hensi e imp o emen o he coun y’s de elopmen le el.
Conside ing he abo e ac o s, he p oduc ion o his
kind o ene gy and suppo o i s p oduce s becomes an
essen ial issue. Fo his, a ious mechanisms a e being
c ea ed, one o which is he gua an ee o ene gy o igin: i
allows enewable ene gy companies o sell ce i ica es on
he seconda y ma ke and hus assu e hei consume s ha
he ene gy hey will consume will come om enewable
sou ces. In Uk aine, his a ea is only beginning o de elop,
while in he EU i is much mo e widesp ead. Mo e ac i e
wo k in his a ea could allow o g ea e coope a ion wi h
EU coun ies in he con ex o expo ing enewable elec ic-
i y. Conside ing o his, he s udy o he speci ics o his sys-
em in he Eu opean Union and Uk aine s ays impo an .
O. Chumachenko (2022) in es iga ed he ole o e-
newable ene gy sou ces in he ene gy balance o Uk aine.
Based on he analysis o s a is ical da a, he esea che
Gua an ees o elec ici y o igin as a inancial mechanism...
Uni e si y Economic Bulle in | Vol. 19, No. 1
18
Bodies(2024), an associa ion ha p omo es he use o he
s anda dised sys em o he Eu opean Ene gy Pe o mance
Ce i ica e Sys em. The da a on he numbe o ansac ions
o gua an ees o o igin was disagg ega ed, which made i
possible o es ima e bo h he o al numbe o ansac ions
and he numbe o ansac ions by indi idual ca ego ies,
such as expo , impo , issue, ans e . Fu he mo e, i is
wo h no ing ha he da a o 2024 is p o ided only o he
pe iod up o June. The s udy also gene a ed annual da a o
his pe iod unde he assump ion ha he a e age ansac-
ion olume o hese h ee mon hs would s ay he same
o he en i e 12 mon hs.
The s udy also used ce ain componen s o he egu-
la o y amewo k, namely Resolu ion o he Cabine o
Minis e s o Uk aine No. 227-2024-p “On he In oduc-
ion o Gua an ees o he O igin o Elec ici y P oduced
om Renewable Ene gy Sou ces”(2024). I desc ibes he
mechanisms o he p ocedu e o main aining a egis e o
gua an ees o o igin o enewable ene gy, egis a ion o
elec ici y acili ies and powe plan s o ob aining gua an-
ees, issuance, ci cula ion, and edemp ion o gua an ees o
o igin, and inspec ions o acili ies o con i m enewable
ene gy p oduc ion. I se s ou he p inciples o con i ming
he o igin o ene gy in a e y comp ehensi e manne o
p o e ha i was p oduced om enewable sou ces.
The in o ma ion om Di ec i e o he Eu ope-
an Pa liamen and o he Council No. 2009/28/EC “On
he P omo ion o he Use o Ene gy om Renewable
Sou ces and Amending and Subsequen ly Repealing Di ec-
i es 2001/77/EC and 2003/30/EC”(2009) was analysed.
The Di ec i e explains a conside able numbe o p inciples
ela ed o he de elopmen o enewable ene gy. I es ab-
lishes a gene al amewo k o he p omo ion o enewable
ene gy, including binding na ional a ge s o he sha e o
enewable ene gy in ene gy consump ion and anspo ,
explains he ules o he ans e o s a is ical da a, join
p ojec s wi h o he coun ies, adminis a i e p ocedu es,
in o ma ion dissemina ion, aining and g id access o
enewable ene gy sou ces; i also desc ibes he p inciples
o ope a ion o gua an ees o o igin wi hin he associa ion.
This s udy employed a conside able numbe o scien-
i ic me hods. The compa ison me hod was used o assess
he app oaches o he de elopmen o he mechanism o
gua an ees o ene gy o igin in Uk aine and he EU coun-
ies. The analy ical me hod was also used o assess he si -
ua ion wi h he de elopmen o he ma ke o gua an ees
o o igin in he EU o assess he possible cou se o e en s
in Uk aine. The o ecas ing me hod was used o o m an
unde s anding o he possible u u e cou se o e en s in he
con ex o he de elopmen o his mechanism in he coun-
y based on he a ailable in o ma ion abou i in he cu -
en condi ions, as well as on he example o EU coun ies.
RESULTS
Fo Uk aine, like all o he coun ies, enewable ene gy is
one o he key a eas o u he de elopmen . The de e-
lopmen o enewable ene gy sou ces helps o educe he
concluded ha he coun y should pay much g ea e a en-
ion o he de elopmen o enewable ene gy o achie e he
ele an sus ainable de elopmen goals han i cu en ly
does. A.V.Vo onin & P.I.Panasyuk(2022) also no ed ha
enewable ene gy in Uk aine is de eloping s eadily and has
p omising p ospec s. Pa icula a en ion was paid o he
p ospec s o biomass ene gy, conside ing he la ge numbe
o ag icul u al en e p ises in Uk aine. Wi h his in mind,
he esea che s called o a much la ge low o in es men
in he sec o o ensu e i s mo e apid de elopmen .
K.O. Kuzne so a & O.O.Boyko(2023) also no ed ha
he in oduc ion o enewable ene gy sou ces in Uk aine is
a c ucial s ep in ensu ing ene gy secu i y and sus ainable
de elopmen , especially du ing and a e he wa . The e-
sea che s no ed he need o assess he impac o each ype
o enewable ene gy and in es iga e he na u e o hei in-
e ac ion o inc ease he possibili ies o sus ainable de e-
lopmen in Uk aine. P.D.Lezhdenyuk & A.V.Sy nyk(2022)
no ed he g owing ole o gua an ees o ene gy o igin o
ensu e cleane elec ici y p oduc ion in Uk aine. A en ion
was also paid o he p oblems ha exis in his a ea, namely
he inaccu acy and non- anspa ency o g een ene gy ce -
i ica ion. Ne e heless, he s udy paid li le a en ion o he
possibili ies o imp o ing he si ua ion. B.O.Bu ykine
al.(2022) conside ed app oaches in he con ex o gua an-
ees o o igin o enewable ene gy in he Eu opean Union,
bu also did so a he b ie ly, ocusing p ima ily on he sig-
ni icance o in oducing his kind o echnology.
I. Ma yushenkoe al.(2022) s udied he in es men cli-
ma e o he EU and Uk aine. They showed ha Denma k,
Sweden, he Ne he lands, Ge many, and Finland had he
highes sco es on he selec ed indices analysed, while C oa-
ia, G eece, Bulga ia, Romania, and Uk aine had he lowes
sco es. Based on he analysis conduc ed, he esea che s also
made ce ain ecommenda ions o imp o ing he si ua-
ion in Uk aine: hey mos o en ocused on an i-co up-
ion measu es, es a ing and e o ming he judicial sys-
em, c ea ing inancial incen i es o in es o s, simpli ying
bu eauc a ic p ocedu es.
The li e a u e analysis sugges s ha al hough Uk aine
is ac i ely esea ching he ole o enewable ene gy sou ces,
li le a en ion has been paid o he mechanisms o ene -
gy o igin gua an ees, hei capabili ies, and bene i s o
he s a e. Conside ing his, he pu pose o his s udy was
o analyse app oaches o he de elopmen o a mechanism
o gua an eeing he o igin o ene gy in he Eu opean Uni-
on and Uk aine. This allows iden i ying he a eas whe e
Uk aine is s ill alling behind he es o he wo ld and o e
ecommenda ions o go e nmen o icials on how o im-
p o e he si ua ion.
MATERIALS AND METHODS
The esea ch pe iod was de ined as 2019 o 2024. The s udy
also used some s a is ical da a o he analysis, namely, hose
ela ed o he numbe o ansac ions in he ade in gua -
an ees o o igin in he Eu opean Union. This in o ma ion
was aken om he websi e o he Associa ion o Issuing
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Ko yk
19
coun y’s dependence on ene gy impo s, especially oil and
gas, which inc eases he coun y’s ene gy secu i y. The use
o such ene gy sou ces helps o educe emissions o ha m-
ul gases and o he pollu an s in o he a mosphe e, which
con ibu es o imp o ing he quali y o he en i onmen
and public heal h. The de elopmen o he enewable
ene gy sec o is con ibu ing o he c ea ion o new jobs
in he a eas o p oduc ion, ins alla ion, main enance, and
esea ch (Alpe & Oguz,2016; Zhange al.,2021). How-
e e , he key hing is ha he use o clean ene gy om
enewable sou ces allows businesses and he go e nmen
o inc ease hei social esponsibili y o socie y by educ-
ing he nega i e impac on he en i onmen and public
heal h. Uk aine has conside able po en ial o enewable
ene gy de elopmen due o i s abundan na u al esou c-
es, such as sola and wind ene gy, bio uels, hyd opowe ,
and e en geo he mal ene gy. The de elopmen o his in-
dus y is somewha p oblema ic in he con ex o he wa :
mo eo e , a signi ican amoun o esou ces has been los .
Conside ing his, he use o a ious app oaches o s imu-
la e he de elopmen o his indus y is s ill impo an in
Uk aine’s cu en s a egy. This also applies o he use o
such a mechanism as gua an ees o elec ici y o igin.
Gua an ees o ene gy o igin a e an essen ial inancial
mechanism o inc easing in es men a ac i eness in he
ene gy sec o . I is used o s imula e he p oduc ion and
consump ion o “g een” elec ici y, i.e., ene gy gene a ed
om enewable sou ces such as wind, sola , hyd opowe
(Kyzym & Rudyka, 2018). The basic idea is ha ene gy
companies ha p oduce g een elec ici y ecei e special
ce i ica es o each megawa -hou o such ene gy p o-
duced. These ce i ica es can be sold on he in e nal o ex-
e nal ma ke . This app oach gene a es addi ional income
o g een ene gy p oduce s, making hei p ojec s mo e
a ac i e o in es o s. Gua an ees o o igin also con i-
bu e o he anspa ency o he elec ici y ma ke and help
consume s o be in o med abou he sou ce o elec ici y,
allowing hem o make an in o med choice in a ou o
clean ene gy. These mechanisms help o educe depend-
ence on coal and o he ha m ul ene gy sou ces, p omo e
he p oduc ion o g een ene gy and con ibu e o he o e -
all imp o emen o he en i onmen .
The popula i y o his ins umen wi hin he Eu opean
Union is only g owing. This is e idenced by some s a is ics.
Speci ically, he olume o ansac ions in his a ea is g ow-
ing apidly, as p esen ed in Figu es1, 2.
Figu e 1. The numbe o ansac ions o ene gy gua an ees in he Eu opean Union in 2019-2024, mln Tw/h
No es: da a o 2024 is p o ided o a pe iod o 3 mon hs
Sou ce: compiled by he au ho o his s udy based on da a om Associa ion o Issuing Bodies(2024)
Figu e 2. Da a on he numbe o ansac ions
o gua an ees o o igin in he Eu opean Union
in 2019-2024, bln Tw/h
No es: da a o 2024 a e p o ided o a pe iod o 3 mon hs; dashed
line alues indica e p ojec ed da a o he whole yea , based on he
da a o he i s h ee mon hs
Sou ce: de eloped by he au ho o his s udy based on da a om
Associa ion o Issuing Bodies(2024)
0
200000000
400000000
600000000
800000000
1000000000
1200000000
1400000000
1600000000
Issue T ans e Impo Expo Expi e Cancel own
domain
Cancel ex-
domain
Tw/h
2019
2020
2021
2022
2023
2024
0
2
4
6
8
10
12
2019 2020 2021 2022 2023 2024
As Figu es1, 2 show, he numbe o ansac ions o
di e se ypes ela ed o he pu chase o sale o gua an ees
o ene gy o igin is cons an ly g owing. This demons a es
he e ec i eness o his ini ia i e, as well as he bene i s
o all ma ke pa icipan s, including enewable ene gy
p oduce s. I is also impo an o analyse da a ela ed o
he pu chase and sale o ene gy ab oad, pa icula ly in he
EU coun ies. Da a b oken down by impo and expo
olumes is p esen ed in Tables1-3. As Tables 1-3 show,
o di e en coun ies, Uk aine becomes an expo e and
an impo e , espec i ely, a di e en imes. Thus, be-
o e 2023, Uk aine was mo e o an expo e o elec ici-
y o Eu ope, while since 2023, due o Russia’s s ikes on
he ene gy in as uc u e, he coun y has inc easingly
needed o impo elec ici y o supply consume s. The
Gua an ees o elec ici y o igin as a inancial mechanism...
Uni e si y Economic Bulle in | Vol. 19, No. 1
20
solu ion o a oid being so ulne able o a acks on key
c i ical in as uc u e is o decen alise he ene gy sys em
and ansi ion i o enewable sou ces. The p ice o ene gy
o ene gy ade be ween Uk aine and o he coun ies was
oughly es ima ed using day-ahead ma ke indices (DAM)
(Table4). Using he da a in Table 4, one can oughly es i-
ma e Uk aine’s losses om elec ici y impo s. This in o -
ma ion is p esen ed in Figu e 3.
Table 1. Da a on elec ici y expo s by Uk aine o selec ed Eu opean coun ies in 2020-2024, MWh
Yea 2020 2021 2022 2023 2024*
Hunga y 2,110,181 1,570,433 192,840 0 43,959
Slo akia 41,279 301,453 461,668 150,052 27,465
Romania 868,262 642,412 337,687 14,698 46,291
Poland 1,489,718 811,506 1,079,790 53,370 76,508
To al 4,509,440 3,325,804 2,071,985 218,120 194,223
No es: *– da a a e based on in o ma ion un il June 2024
Sou ce: de eloped by he au ho o his s udy based on Ene gy Map(2024)
Table 2. Da a on Uk aine’s elec ici y impo s om selec ed Eu opean coun ies in 2020-2024, MWh
Yea 2020 2021 2022 2023 2024*
Hunga y 516,096 66,449 25 0 416,193
Slo akia 1,473,699 308,149 4,245 558,574 296,506
Romania 89,397 40,608 2 103,062 245,908
Poland 0 0 0 60,678 114,446
To al 2,079,192 415,206 4,272 722,314 1,073,053
No es: *– da a a e based on in o ma ion un il June 2024
Sou ce: de eloped by he au ho o his s udy based on Ene gy Map(2024)
Table 3. Elec ici y ade balance o Uk aine wi h Eu opean coun ies in 2020-2024, EUR
Yea 2020 2021 2022 2023 2024*
Hunga y 1,594,085 1,503,984 192,815 0 -372,234
Slo akia -1,432,420 -6,696 457,423 -408,522 -269,041
Romania 778,865 601,804 337,685 -88,364 -199,617
Poland 1,489,718 811,506 1,079,790 -7,308 -37,938
To al 2,430,248 2,910,598 2,067,713 -504,194 -878,830
No es: *– da a a e based on in o ma ion un il June 2024
Sou ce: de eloped by he au ho o his s udy based on Ene gy Map(2024)
Table 4. DAM p ices in selec ed EU coun ies and Uk aine in 2020-2024, EUR/MWh
Yea 2020 2021 2022 2023 2024* Change
Hunga y 39 113.85 271.7 106.82 71.04 82%
Slo akia 34.01 102.75 264.94 104.73 70.57 107%
Romania 39.47 111.42 265.3 103.74 72.71 84%
Poland 46.65 87.03 166.72 111.65 82.66 77%
Uk aine 42.17 56.61 78.23 85.42 79.11 88%
No es: *– da a a e based on in o ma ion un il June 2024
Sou ce: de eloped by he au ho o his s udy based on Ene gy Map(2024)

Uni e si y Economic Bulle in | Vol. 19, No. 1
Ko yk
21
As Figu e 3 shows, Uk aine has had a nega i e ba-
lance o o eign ade in elec ici y since he beginning
o Russia’s ull-scale in asion o Uk aine: he alues we e
-57.3mln EUR in 2023 and -62.5mln EUR in 2024, which
could ha e been sa ed i enewable ene gy sou ces had
been be e de eloped in he coun y. In he Eu opean
Union, he p inciples o applica ion o gua an ees o ene -
gy o igin a e desc ibed in he Di ec i e o he Eu opean
Pa liamen and o he Council No. 2009/28/EC (2009).
I desc ibes ha gua an ees o o igin a e p ima ily used
o p o e o cus ome s ha ene gy comes om enewable
sou ces, p e en ing double coun ing and o he analo-
gous e o s (Bekun,2022). Gua an ees o o igin can be
ans e ed be ween holde s bu should no be sold: he
Di ec i e also desc ibes ha he sale o such ce i ica es
can suppo ene gy p oduce s and inc ease he e iciency
and widesp ead use o ene gy among o he coun ies. Im-
p o ing he quali y o in o ma ion o consume s on he
dis ibu ion o ene gy be ween coun ies and en e p ises
is also conside ed signi ican (Šu iće al.,2021).
The speci ics o his mechanism a e desc ibed in de-
ail in A icle15 o Di ec i e o he Eu opean Pa liamen
and o he Council No.2009/28/EC(2009). I s a es ha EU
Membe S a es mus ensu e ha gua an ees o o igin will be
issued upon eques by enewable ene gy p oduce s, wi h
each gua an ee ep esen ing 1 MWh o ene gy and can-
no be duplica ed o he same uni o ene gy. Ene gy om
enewable sou ces is coun ed only once, which p e en s
double coun ing. The gua an ee is alid o 12 mon hs and
is cancelled he ea e ; he ele an au ho i ies o e see he
issuance, ans e , and cancella ion o gua an ees, ensu ing
accu acy and independence om p oduc ion and supply
ac i i ies. The gua an ees hemsel es should con ain de ails
such as ene gy sou ce, p oduc ion da es, ene gy ype, p o-
duc ion capaci y in o ma ion, suppo scheme bene i s, ope-
a ing da es, issuance de ails, and a unique iden i ie . Im-
po an ly, all Membe S a es should ecognise gua an ees o
o igin issued by o he Membe S a es as p oo o ce ain ele-
men s, wi h he possibili y o e using ecogni ion based on
easonable doub s as o accu acy, eliabili y, o e aci y. The
EU, among o he hings, has a sys em o ce i ica es in o-
duced by he Associa ion o Issuing Au ho i ies. This sys em
ha monises he issuance, sale, and cancella ion p ocesses,
acili a ing c oss-bo de ade h ough a single Eu opean
elec onic cen e. To ake pa , go e nmen s mus de el-
op p o ocols ha ollow he ules o he Eu opean Ene -
gy Pe o mance Con ac ing Sys em and ob ain app o al.
The Gua an ee o O igin is usually issued a e opening an
accoun in he na ional elec onic egis y, ce i ying ene-
wable ene gy gene a ion de ices and con ac ing he egis y
ope a o . Auc ions o hese gua an ees a e held based on
he olume o elec ici y p oduc ion, and he winne s a e
de e mined by he maximum bid p ices. The p oceeds om
he sale a e also used as a me hod o suppo ing enewable
ene gy p oduce s. All ope a ions a e ca ied ou elec oni-
cally wi hin a specially c ea ed pla o m (Phane al.,2020).
In Uk aine, he e is a ele an Resolu ion o he Cabi-
ne o Minis e s o Uk aine No.227-2024-p(2024). I s pu -
pose is o ensu e he condi ions o he unc ioning o he
egis e , which would be designed o con i m he o igin o
ene gy p oduced om he ele an sou ces, he p ocess o
egis a ion o he elec ici y indus y i sel , as well as he
issuance, ci cula ion, and edemp ion o hese gua an ees,
and inspec ions o acili ies p oducing such ene gy. The
go e ning body is he Na ional Ene gy and U ili ies Regu-
la o y Commission (NEURC). Wi hin he amewo k o
his egis e , he issuance, ans e , edemp ion, and cancel-
la ion o gua an ees is pe o med exclusi ely be ween use s
o he egis e by means o elec onic eques s. A i s co e, i
should ensu e a sa e, e icien , and anspa en go e nance
sys em wi hin he ma ke o ene gy gua an ees. The NEURC
is also he egis y adminis a o , which is esponsible o
he p ope unc ioning o he so wa e, he accu acy o he
in o ma ion in i , manages accoun c ea ion, access igh s,
and suppo s he p ocess o issuing, ans e ing, and e-
deeming gua an ees. The ewi h, by 31 Decembe , he ad-
minis a o mus publish he indica o o he en i onmen al
alue o elec ici y o he nex yea . Use s o his echnology
also ha e co esponding obliga ions, namely, o en e only
ue and comple e in o ma ion when using he egis e .
The Resolu ion also desc ibes he condi ions o egis-
a ion o he ele an elec ici y gene a ing acili ies. Fo
his, he use mus p o ide de ailed in o ma ion abou he
gene a ing acili y, including he da e o i s s a o ope a-
ion, loca ion, de ails o g id connec ion, echnology and
ype o enewable ene gy, capaci y, comme cial me e ing
da a, and some o he s. The adminis a o e iews he in-
o ma ion wi hin en business days: i he da a is comple e
and accu a e, he egis a ion is con i med, and i no , use s
ecei e a no i ica ion o co ec and esubmi he in o ma-
ion. Subsequen ly, one can eques o change indi idual
Figu e 3. Da a on Uk aine’s losses/income
om elec ici y ade (deduc ion o elec ici y impo s
om expo s) in 2020 o 2024, mln EUR
No es: *– da a a e based on in o ma ion un il June 2024
Sou ce: de eloped by he au ho o his s udy based on Ene gy
Map(2024)
-100
-50
0
50
100
150
200
Cash low om o eign ene gy ade in Uk aine
2020
2021
2022
2023
2024*
Gua an ees o elec ici y o igin as a inancial mechanism...
Uni e si y Economic Bulle in | Vol. 19, No. 1
22
da a on powe uni s, i necessa y, o eques o emo e a
uni om he egis e . In his case, each enewable ene gy
uni mus be sepa a ely egis e ed i he use owns o has
legal g ounds o se e al uni s. The comme cial me e ing
adminis a o uploads ce i ied comme cial me e ing da a
o he egis e by he 20 h day o he mon h ollowing he
ope a ional pe iod: gua an ees o o igin a e au oma ical-
ly gene a ed based on his ce i ied da a, con i ming he
amoun o elec ici y supplied o he g id o used o own
consump ion. The con en o he gua an ees should include
he ype o enewable ene gy sou ce, da es o ene gy e-
lease and p oduc ion, loca ion, capaci y, and cha ac e is-
ics o he plan , da e o commissioning, coun y o issue
and da e, en i onmen al alue, and a unique iden i ica ion
numbe . Such a gua an ee ce i ies he owne ’s igh s o
he en i onmen al alue and bene i s o enewable ene gy
p oduc ion. Any egis y use can be a wa an y holde ,
excep whe e legal es ic ions apply; hey a e alid o 12
mon hs a e p oduc ion and mus be edeemed wi hin 18
mon hs. Ou s anding wa an ies will be cancelled a e 18
mon hs. Use s can ans e gua an ees o elec ici y o igin
using he egis y’s unc ionali y by c ea ing an elec o-
nic eques , de ailing he numbe and unique iden i ie s o
gua an ees, egis a ion numbe s o he sende ’s and eci-
pien ’s accoun s. I bo h use s ag ee o he ans e , i akes
place, bu can be cancelled wi hin 24 hou s. The pu chase
and e i ica ion o gua an ees o o igin o enewable ene gy
in Uk aine is also o med acco ding o a ce ain algo i hm,
which also includes e i ica ion by he esponsible au ho i-
ies in case o complain s, appeals, o any iola ions.
The app oaches used in bo h he EU and Uk aine a e
qui e simila . I can be obse ed ha all he app oaches
and mechanisms desc ibed in he egula ions a e compa-
able, and hus can be easily applied in he u u e a e he
coun y’s accession o he EU. Al hough he mechanism o
gua an ees o ene gy o igin has only jus been launched in
Uk aine, gi en he p ac ices o EU coun ies, one should
expec qui e posi i e esul s om i in he con ex o en-
su ing he de elopmen o his a ea. Fu he mo e, he
ha monisa ion o he p ac ices o gua an ees o o igin will
subsequen ly open he la ge EU ma ke o he coun y
in he con ex o c oss-bo de ade in enewable ene gy
ce i ica es, which will c ea e new incen i es o he de e-
lopmen o he sec o . O e all, he implemen a ion o he
p inciples and p ac ices o he sys em o gua an ees o
ene gy o igin will lead o he mode nisa ion o Uk aine’s
ene gy sec o , p omo e i s economic de elopmen and al-
low i o mo e e ec i ely wi hs and he c ises ha o en
a ise in he cu en en i onmen .
DISCUSSION
The de elopmen o enewable ene gy sou ces is c ucial o
Uk aine’s ene gy secu i y and en i onmen al sus ainabili-
y, conside ing he possibili y o educing ene gy impo s
om o he coun ies, lowe ing ca bon dioxide emissions,
c ea ing jobs, and o he posi i e componen s. In u n,
gua an ees o o igin a e a new and e ec i e mechanism
o suppo enewable ene gy companies. These gua an ees
ensu e anspa ency in he elec ici y ma ke and in o m
consume s abou he sou ce o hei ene gy, p omo ing
he use o clean ene gy. The EU p inciples on ene gy o i-
gin gua an ees a e consis en wi h Uk aine’s goals and
p ac ices. Bo h sys ems aim o p e en double coun ing,
acili a e c oss-bo de ade, and suppo enewable ene gy
p oduce s. The simila i ies be ween he EU and Uk aine’s
app oaches sugges u u e in eg a ion and coope a ion, po-
en ially opening new ma ke s and new oppo uni ies o
Uk aine in he EU ene gy ma ke . Such ha monisa ion o
p ac ices could lead o mode nisa ion o Uk aine’s ene gy
sec o , economic g ow h, and imp o ed esilience o c ises.
Scien is s conclude in hei s udies ha he de e-
lopmen o enewable ene gy sou ces is c ucial o ensu-
ing he coun y’s e ec i e economic de elopmen . Thus,
L.Yupinge al.(2021) conduc ed a s udy based on da a
om A gen ina in he pe iod om 1970 o 2018. They ha e
shown ha enewable ene gy consump ion and globalisa-
ion educe CO2 emissions, educe dependence on ossil
uels, and allow o an ac i e in es men . Scien is s no ed
he signi icance o u he implemen a ion o ele an poli-
cies aimed a de eloping enewable ene gy in A gen ina
and o he coun ies. A.Sha i e al.(2020) also concluded
ha he use o his ype o ene gy educes he ecological
oo p in in he long un based on da a om Tu key. This
is p ima ily due o a educ ion in dependence on ossil u-
els, which leads o some o he posi i e e ec s, including
inc eased economic esilience o c isis si ua ions. The e-
sea che s ecommended ha he go e nmen should con-
inue o pu sue a policy o educing dependence on os-
sil uels, p omo e in es men in he indus y and s i e o
achie e sus ainable de elopmen goals.
A. Anwa e al.(2021) conduc ed an analogous s udy
based on da a om he Associa ion o Sou heas Asian
Na ions (ASEAN) coun ies. The indings showed ha he
consump ion o non- enewable ene gy inc eases ca bon
emissions, which is why i is impo an o swi ch o enew-
able ene gy sou ces in all coun ies. Pa icula a en ion
was paid o de eloping coun ies, as he apid de elopmen
o he economy c ea es a need o inc ease ene gy capaci-
y in he coun y. Conside ing his, he apid in oduc ion
o enewable sou ces will allow no o inc ease he bu den
on he coun y’s en i onmen al s a e by inc easing he
a e o economic g ow h, which was also no ed in E.Do-
gane al.(2020).
The e is also a ce ain syne gy wi h he de elopmen
o he s ock ma ke , as desc ibed in V.Zeqi aje al.(2020).
No ably, o Uk aine, he de elopmen o enewable ene gy
sou ces s ays he p incipal a ea o he coun y’s de elop-
men . A coun y can gain a no ewo hy numbe o bene-
i s om implemen ing such sys ems, bo h in e ms o
economic de elopmen and en i onmen al p o ec ion, as
well as some o he a iables. Fo ins ance, his will allow
Uk aine o achie e a g ea e le el o ene gy independence,
which is essen ial in imes o c isis. Fu he mo e, his al-
lows o decen alisa ion o he sys em, which educes i s
Uni e si y Economic Bulle in | Vol. 19, No. 1
Ko yk
23
dependence on he ailu e o indi idual la ge nodes. How-
e e , he ques ion a ises as o whe he his sys em can be
de eloped in imes o wa : ha is why he ci cula ion o
gua an ees o ene gy o igin can be one o he mos e ec i e
ools o suppo enewable sou ces.
М. Mulde & S. Zome (2016) and also A.Wimme s &
R.Madlene (2023) assessed ade unde unce ain y in he
Eu opean ma ke o g een ene gy gua an ees. Gua an ees
o o igin we e designed o disclose in o ma ion abou he
p oduc ion o clean elec ici y, bu do no ha e he e ec
o incen i ising inc eased p oduc ion. To ha e a posi i e
impac on p oduce s’ decisions, p ices should be highe
han cu en EU p ices: his should be in luenced by he
go e nmen , among o he hings, as he o ma ion o a
mo e e icien ma ke o gua an ees o o igin can lead o
be e condi ions o he de elopmen o enewable ene gy.
The s udy achie ed somewha di e en esul s: conside -
ing he inc ease in he exchange o gua an ees o o igin, a
conclusion was made abou he e ec i eness o his ini ia-
i e. I i had no been e ec i e, he e would ha e been no
inc ease in olumes: he ins umen is a guably in demand.
Al hough he e a e challenges in he con ex o de eloping
enewable ene gy sou ces wi hin he associa ion, hei de-
elopmen o gua an ees o o igin has p o en o be one o
he mos e ec i e app oaches o s imula e he de elopmen
o he sec o .
U. Calikoglu & M.A.Koksal(2022) analysed he de-
mand o g een elec ici y and gua an ees o enewable en-
e gy o igin in he Tu kish ma ke . The esea che s conduc -
ed a su ey among indus ial consume s, p oduce s, and
supplie s o elec ici y and showed ha companies gene-
ally p e e g een ene gy, while ano he 20% a e willing o
o e pay o i . They a e also pa icula ly ocused on his,
conside ing he enewable ene gy goals o he Pa is Ag ee-
men , which a e a p io i y in he con ex o he coun y’s
long- e m policy. Wi h his in mind, he esea che s con-
cluded ha i is necessa y o de elop in as uc u e o he
de elopmen o enewable ene gy, one o which hey de-
ine as buil a ound gua an ees o o igin. Analogous esul s
we e ob ained when assessing he si ua ion on his ma ke
in EU coun ies: i was shown ha ansac ions wi h gua-
an ees o ene gy o igin a e g adually inc easing, which sug-
ges s an inc ease in hei popula i y among ma ke playe s.
T. Ma insen & M. Mouille on(2020) assessed he ana-
lysis o he po en ial o gua an ees o o igin o inc easing
new enewable ene gy sou ces in he No dic ene gy sys em.
They no ed ha he success o he model depends on s a-
ble ma ke de elopmen , which ensu es su icien demand
o addi ional issues o his ype o gua an ee. The analysis
compa es he p oduc ion o enewable ene gy, speci ically
wind and sola ene gy, o ecas ing he g ow h and iabili y
o he sec o . Showing he g owing demand o gua an ees
o ene gy o igin, he esea che s poin ed o he need o c e-
a e new and di e se acili ies o mee he g owing demand.
I was concluded ha he policy o in oducing such gua -
an ees does ha e he po en ial o inc ease he sha e o e-
newable ene gy use and educe CO2 emissions in coun ies.
A. Pe yk & P. Adamik(2023) in es iga ed gua an ees
o o igin as a ma ke mechanism o ene gy ansi ion in Po-
land. They no ed he p esence o a s ong posi i e co ela ion
be ween p ices o gua an ees o o igin and elec ici y p ices
in he coun y. Thus, acco ding o he model, an inc ease in
he p ice o elec ici y by PLN 1 leads o an inc ease in he
p ice o gua an ees o o igin o elec ici y by PLN 0.0049.
The ewi h, he p ice inc ease does no a ec he dynamics o
ade in his ins umen , which is cons an ly g owing. This
demons a es he e ec i eness and g owing popula i y o
he mechanism o Di ec i e o he Eu opean Pa liamen and
o he Council No.2009/28/EC(2009) in Poland. Resea ch-
e s also no ed ha he in oduc ion o such a ma ke mech-
anism as gua an ees o ene gy o igin has led o be e esul s
in he de elopmen o ag icul u al p oduc ion and ce ain
p ocessing sec o s, which also con i ms he e ec i eness
and ole o s imula ing he in oduc ion o enewable en-
e gy in en e p ises. O e all, conclusions on he popula i y
o his di ec i e in he EU coun ies we e also made in he
s udy. Conside ing his, i can be assumed ha he popu-
la i y o he ins umen will likely inc ease in Uk aine o e
ime, and hus he possible e ec i eness o he ins umen
o gua an ees o ene gy o igin in he coun y as a whole.
CONCLUSIONS
The s udy concluded ha he de elopmen and use o e-
newable ene gy sou ces is a key a ea o Uk aine’s u u e
g ow h, e lec ing global ends owa ds sus ainable ene gy
p ac ices. Conside ing his, i becomes impo an o use
new mechanisms o suppo and de elop i , o achie e mo e
e ec i e esul s in he con ex o i s u u e de elopmen .
To achie e hese goals, he ene gy gua an ee ins u-
men was de eloped o se e as a ca alys o in es men
in he ene gy sec o , s imula ing he p oduc ion and con-
sump ion o g een elec ici y om enewable sou ces. The
s udy showed ha he issuance and sale o enewable ene -
gy ce i ica es con ibu e o ma ke anspa ency and en-
able consume s o make a choice in a ou o sus ainable
ene gy. This is especially ue in EU coun ies, whe e he
demand o his ins umen is g owing apidly in he cu -
en en i onmen . This end e lec s he mu ual bene i s
o bo h ma ke pa icipan s and enewable ene gy p o-
duce s. The s udy also assessed da a on elec ici y ade be-
ween Uk aine and he EU. Based on he analysis o expo
and impo da a, i was concluded ha wi h g ea e oppo -
uni ies o independen elec ici y p oduc ion ( he mos
e ec i e app oach o which is enewable ene gy in imes
o wa ), he coun y could sa e qui e a lo o money (EUR
57.3mln and EUR 62.5mln in 2023 and 2024, espec i ely)
due o he lack o ene gy impo s.
The s udy concluded ha he s uc u e o he EU Di-
ec i e on Gua an ees o Ene gy O igin should se e as a
model o he de elopmen o an analogous mechanism in
Uk aine in he u u e. This is caused by many easons, in-
cluding he p o en e ec i eness o hese app oaches and
he bene i s ha he coun y can gain om hei imple-
men a ion. This is ano he s ep owa ds he uni ica ion o
Gua an ees o elec ici y o igin as a inancial mechanism...
Uni e si y Economic Bulle in | Vol. 19, No. 1
24
enewable ene gy ma ke s be ween in e na ional economic
ac o s, which could lead o an in lux o new in es men s
in he indus y om Eu opean companies. I he coun y
could p o ide i sel wi h elec ici y on i s own, including
om enewable sou ces, his si ua ion could ha e been
a oided and conside able amoun s o unds could ha e
been sa ed. Despi e he wa , Uk aine has aken he i s
s eps owa ds his by c ea ing a ele an esolu ion.
Ne e heless, u he wo k needs o be done in his
a ea, p o iding oppo uni ies o u he deepe in e ac ion
o hese ma ke s be ween he EU and Uk aine. Fu he e-
sea ch is needed o analyse he possibili y o in oducing
o he mechanisms o suppo enewable ene gy in Uk aine,
especially in imes o wa .
ACKNOWLEDGEMENTS
None.
CONFLICT OF INTEREST
None.
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