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The Rise and Fall of REGO Prices

REGO prices have plummeted – but is this a short-term dip or a sign of deeper change?

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Over the last two years, the price of Renewable Energy Guarantee of Origins (REGOs) rose to a peak in late 2023 before gradually declining to lows not seen since 2021. Analysis conducted as part of our latest Green Certificates Survey shows that for the 2024-25 Fuel Mix Disclosure (FMD) year, REGO prices have fallen from >£15/MWh in Oct 2023 to <£1/MWh in April 2025 (Figure 1). In this blog we explore the drivers behind this decline in REGO prices before considering the outlook for prices and what the future could hold for REGOs more broadly.

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