Is Norway enabling GO double counting?

Norway is the largest exporter of guarantees of origin certificates. Yet last month, the country's government published guidance for industry and union leaders that supported a localised approach, opening up the possibility for double counting of GOs.

After Iceland was accused of a similar move last year, we explore whether this latest move is pulling the reliability of the GO market into question amid continuously falling prices.

In this week's episode, Richard speaks to Daniel Arnesson from Veyt about where the confidence is in the GO market, and when prices will start to rise again.

Presenter: Richard Sverrisson - Editor-in-Chief, Montel
Contributor: Gert Ove Mollestad - Norway Editor, Montel
Guest: Daniel Arnesson - Manager of Renewable Power Certificates, Veyt

Editors: Oscar Birk
Producer: Sarah Knowles

Transcript

Richard Sverrisson - Editor-in-Chief, Montel: 0:07

Hello listeners and welcome to Plugged In - the energy news podcast from Montel, where we bring you the latest news issues and changes happening in the energy sector. In this week's episode, we are looking at the guarantees of origin market. Over the last month, some market participants have said that the Norwegian government has laid open the possibility for the double counting of geo certificates. A move that has raised criticism after Iceland was accused of a similar action last year. Has the reliability of the guarantee of origin market been called into question amid a continued fall in prices in 2025? It also begs the question, where is the confidence in the market and when will prices start rising? Again, I'm going to be speaking to Daniel Arnesson, manager of Renewable Power Analysis at Veyt to discuss some of these questions. But first, I'm joined here in Oslo by an Norway editor, Gert Ove Mollestad. Welcome to the podcast, Gert. Thank you. So I gather in recent weeks Norway seems to be opening up for the double counting or double claiming of geos. What's happening, what's occurred?

Gert Ove Mollestad - Norway Editor, Montel: 1:11

Well, in March there was a press release from the Norwegian government stating they, that they had reached some sort of deal or agreement with the industry players and also union players here in Norway. And then it came it was. It wasn't completely unexpected but they stated that there were a, an agreement between the parties that the Norway will prepare some kind of guide for Norwegian companies on methods for calculating greenhouse gas emissions related to electricity consumption. And also that. And there's a web webpage that will show the physical power mix in Norway and or they also stated that that the government would work for inter they would work internationally for a lo, a location based approach which is the opposite of the market. Based geo thing. But still, when we asked the energy ministry what this all meant, then they also said that the Norway will still be a part of the geo market. So it seems that they kind of, intend to ride the two horses at the same time here.

Richard Sverrisson - Editor-in-Chief, Montel: 2:11

They want their cake and they want to eat it.

Gert Ove Mollestad - Norway Editor, Montel: 2:13

Yeah. Precise.

Richard Sverrisson - Editor-in-Chief, Montel: 2:13

Yeah, exactly. And so basically when you're wanting, location based pricing and also market based guarantees of origin. So it seems, you know, it does open for double counting, as I said in the opening question Gert, do you think?

Gert Ove Mollestad - Norway Editor, Montel: 2:25

That was at least what when we talked to market players that followed the geo market very closely they were very adamant that this open for at for double counting. They were very disappointed and surprised also by the move from the government riding the two horses at the same time.

Richard Sverrisson - Editor-in-Chief, Montel: 2:37

But it's clear, Norway. Is the biggest exporter of guarantees of origin in Europe as on a country basis. But still there's a lot of opposition to the whole market in Norway. Why is that?

Gert Ove Mollestad - Norway Editor, Montel: 2:48

Absolutely. And that comes from the industry. They have been very opposed to the system, many of the huge power consumers, because they don't want to as they say, they have a green electricity here in Norway, which, and the physical mix is green. More or less, a hundred percent. And they don't want to pay extra for that, as they say. So they want the benefit from the green power here in Norway. While at the same time the government allows the power companies to export geos and provide revenue for them. So Norway as a whole kind of likes to reap all the benefits here. And that, that's where the double hunting come in.

Richard Sverrisson - Editor-in-Chief, Montel: 3:22

Accusations double counter coming in. Yeah. But I think it is very clear. Norway wants the best of both worlds, but we'll see how long that can continue.

Gert Ove Mollestad - Norway Editor, Montel: 3:29

Yeah. And that's an exciting thing to watch closely. Yes. Yeah.

Richard Sverrisson - Editor-in-Chief, Montel: 3:32

Perfect. Gert, thank you very much. I'm delighted to welcome Daniel Arnesson, manager of Renewable Power Analysis at Veyt. A Warm welcome back to the podcast Daniel.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 3:43

Thank you, Richard. It's a pleasure to be here.

Richard Sverrisson - Editor-in-Chief, Montel: 3:45

Before we talk about the current dynamics in the guarantees of origin market I'd like to discuss a little bit about the current geopolitical reality and its implications for geos and also for the, for renewables expansion, growth of renewables, both on this continent and elsewhere. What's market sentiment like at the moment? Would you say.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 4:05

Well, obviously it's quite bearish. Any uncertainty to any market is not that great. And the implications of tariff first of all, we have seen it back and forth in terms of the reality of the tariffs. So that's. The uncertainties there. And then there's huge uncertainties with respect to its true implications because supply chains are complex and everything, so it's difficult to see how this is gonna play out when they are and if they are implemented. Some are supposed to be implemented on China now at least. So what kind of ripple effect will that have to the global economy that's gonna be.

Richard Sverrisson - Editor-in-Chief, Montel: 4:45

That's an important question, I think.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 4:46

Yeah. It's important and very complex.

Richard Sverrisson - Editor-in-Chief, Montel: 4:49

And as you mentioned, it's almost changing certainly day by day or hour by hour. It seems to have come a little bit down now from the rollercoaster we saw last week. Daniel, obviously oil and gas prices have been directly affected and have tumbled quite a bit. Certainly did in the previous week or early April when the tariffs were announced early mid-April. But for, it's a little bit harder for, to discern that for markets such as the guarantees of origin market, isn't it? It's not, there's no direct kind of link as such.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 5:19

No, it's not direct. And but it's not immune. So the market sentiments, there is the spillover there, but the price movement you may see it's not directly co connected to any rational kind of fundamental analysis of the market, but rather market sentiment spillover and then it's difficult to say what. What's affecting the market in terms of the tariffs or if there are other. Things that we're probably gonna discuss in the podcast that might affect it, like changing policies in Europe and so forth.

Richard Sverrisson - Editor-in-Chief, Montel: 5:56

And we'll cut go into more detail on those for sure. Daniel. But does it affect investor appetite? Sort of. And you, you mentioned uncertainty, unpredictability, volatility, it. Does mean that some investors may hold back? Does it?

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 6:08

Certainly, because you the risk is suddenly a lot higher in the market. And the, as I said, the implications on the economy is harder to assess. There is these questions like, how will industry fare. That is, I would say also for the guarantees of origin market, it's a very essential question because, or essential, it's a very important question because a lot of the incentives that have come as of late in the EU have shifted from just focusing on supply to end consumers, and that's. Corporate demand, but also a lot industrial and strong incentive for in industries to consume renewable or carbon free electricity. And obviously if it hits those, then it's gonna have a, an impact on prices of geos but also prices of demand or also demand of electricity. And this is one thing we have seen going we have seen an increasing number of negative power prices, and that is a result of, a rapid capacity build out in supply and a demand that doesn't match that. And if we have a demand side that then is suffering, then that balance can be shifted even more. And that is obviously a risk.

Richard Sverrisson - Editor-in-Chief, Montel: 7:27

A absolutely. And I think if you look at the dynamics there, you sense that. If industry is struggling in a global trade war, the resources and the revenue and the appetite to, to engage in procuring more renewables or buying guarantees of energy is lessened.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 7:46

Of course. And there I see even before this announcement with the tariffs and so forth, the European Union went out with a clean industrial deal and there is a lot of emphasis on decarbonized procurement and other incentives for industry. And I really think that, and we have shifted focus a lot more on, you know, like how will. Public funds be spent to support the green transition support industry. That's a lot of talk of militarization or the spending in on defense. Like how will that look, will it be spending on green, a green military in a way, if you look at, procurement. Procurements there. But there's clear, there's a clear intention at least we see in the EU to support the industry. And we see Germany, for instance, with their kind of whatever it takes package to, to to support the green transition. And that will be. Very important going forward.

Richard Sverrisson - Editor-in-Chief, Montel: 8:46

Absolutely. Let's take a sort of deep dive in, into what's happening in the guarantees of origin market and the dynamics there. Prices fell sharply last year and have continued down this year in 2025. Do you think they will start rising again and when do you think they will do?

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 9:03

Yeah. So we presented during the Rex market meeting last week. We do or. In Amsterdam. We did present our preliminary results, but that is in the backdrop of a lot of policy changes that have come as of a recent but there we see that the market will tightening going forward, and that's as a result of this increasing role that we see geos playing not only for suppliers and their. For their disclosure of the supplied electricity, but also for end consumers in their reporting obligations. And we saw we got national cancellation data from different registries and they are showing that for 2024 when the corporate sustainability reporting directive first rollout for the first set of companies there, we have seen an increase. In demand. And that can obviously also come from lower prices. But we've seen similar things happening historically when they have been shifted in or policies has changed, strengthened the role of geos. And. If this trend continues, we do see a tightening on market and we also see that from market participants. The market is still traded in contango. What is currently affecting the market, I would say is that. In terms of supply from 2024, there's a lot more certainty as of there was 20, 24 was a good year, so we know that we come with that in, in the luggage going into 2025, but we don't know what the demand was. But our preliminary numbers shows that they are positive. So we do think that when this more certainty as. With respect to the cancellations and possibly supported also by 2025, so far has not been that. A lot of renewable power production prices will start increasing again.

Richard Sverrisson - Editor-in-Chief, Montel: 11:02

That's very interesting. But before we continue, Daniel, I'd just like for those listeners who are hearing the word cancellation, what does that mean? In, in, in terms of just a brief aside, a brief, you know, explanation of that term and its implications for the guarantees of origin markets. Daniel, could you explain to those listeners?

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 11:18

Yeah, of course. So essentially cancellation is. The materialization of the demand. That's how you make use of the guarantees of origin. The only other way that guarantees of origin can fall outta the system is by them expiring. So that's essentially a measurement of the demand.

Richard Sverrisson - Editor-in-Chief, Montel: 11:38

Exactly. So when a company buys a, A Geo, for example, it will then. Cancel it. Yeah, exactly. And that's then that's out of the system and the move on and exactly. Yeah, exactly. Yeah. Perfect. But. Do you still think then that this supply demand balance will tighten towards 2030? And we are seeing prices historically, not at that low point, but certainly given recent moves around 10 euros for a garage and certainly much lower than that. Do you expect to see them moving higher towards 2030?

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 12:10

Yes, we do think so. And that is essentially because we see the market tightening going forward. We think. So in our models there's also like the demand side is one thing, but also on the supply side, we see like the market is struggling from these two con consecutive years of high supply. But we've also seen weather is not that. It's been exceptionally in 2024. Generally that don't last. And we see that this year it's a dry year. It's mild as well. So it's not as much production from Hydro here in the Nordics. But we also see that the negative. Power prices that we've seen the high interest rate that has dampened the investments a bit. We saw a couple of failed auctions for new installations, and more importantly as well, maybe is also like the difficult. Conditions on the power market can also affect whether or not you continue production or you decommission power generation in Germany for those, that power generation that falls under the support system.'cause currently if you get support in Germany, you can't get guarantees of origin

Richard Sverrisson - Editor-in-Chief, Montel: 13:25

if you get subsidies there from the end.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 13:27

Exactly. Yeah. Exactly.

Richard Sverrisson - Editor-in-Chief, Montel: 13:29

But so you see, if I understand you correctly here, you're saying what the supply side is going to not keep pace at a similar rate as it has done over the last couple of years. It's gonna slow down a touch, or

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 13:42

at least now and we this is op often how it is in markets, right? It's you see this cyclic. How they are responding to the prices. 2022 was very high prices, and we have the like, emergency measures with respect to the war in Ukraine that boosted the investments and installations. Now we have a different kind of macroeconomic condition with high it was high interest rate. They are slowly settling down. They're not where they were before,

Richard Sverrisson - Editor-in-Chief, Montel: 14:14

absolutely. But they're not coming down as quickly as maybe some had wanted or hoped even or expected. You mentioned the eus corporate sustainability directive, so the CSRD another lovely acronym here in the Guarantees Warranty market, but how crucial is that for the demand for guarantees of origin going forward?

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 14:33

Yeah, so the CSRD. It's one puzzle of many. So it's not the driver here. What it does is that it does provide an incentive for end consumers to use guarantees of origin because it has this rule that if you want to disclose the energy mix, then it's guarantees of origin. If it's carbon accounting, then you need to use both location based. Accounting and market based is essentially engaging in guarantees of origin. But it's still voluntary, right? It's still voluntary. So the pure incentive there is that companies want to appear good in their sustainability reporting. What I think will. An even more important instrument, and I mentioned it or come several instruments under it, is the clean industrial deal. How will that materialize? What kind of incentive will we see? Like the strongest incentive I see now in the market is the CO2 compensation schemes, like the state aid for energy intensive industries where they can engage in energy transition measures. And get funds essentially for the cost that they incur from higher power prices due to the carbon scheme. And I think we will need to see more of those things.

Richard Sverrisson - Editor-in-Chief, Montel: 15:56

Dealing with the carbon emission side or dealing with the renewable energy side or the guarantees of origin side, you mean

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 16:01

rather dealing with I would say the ability of. European industry to compete globally. Yeah. So supporting like the industry in a global market where the, there is less carbon pricing because in Europe we have, historically have been progressive there,

Richard Sverrisson - Editor-in-Chief, Montel: 16:21

and there, there are measures in place which the notorious one is the Carbon border Adjustment mechanism or CBAM. That's a clear one, but I think you know it's an increasingly complex picture. And also where the geopolitics are coming into role. The market is certainly changing in terms of the trade dynamics and flows, but it's absolutely clear that the European Union wants to support its industry and wants to ensure that it remains competitive, whether. I think some of the factors here are out of its own hands. I think in terms of global dynamics happening at the moment. But, I think there's a couple of areas I'd like to touch on with you Daniel, and one is this market based versus location based, that these are the kind of issues here as well as some of the hourly versus yearly versus monthly matching or guarantees of origin. Those to me are the, they seem to be very much discussed. They've been discussed for several years now. How do you currently perceive. The confidence in the market, Daniel, there have been, there's been criticism against double claiming. So for example, the Isen case now also Norway saying it will work for a location based approach that allows companies claim renewables based on the local production mix rather than on the market base, which you highlighted earlier, the use of or buying guarantees of origin. What's happening at the moment. There seems to be some of, a little bit of a split here.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 17:38

Yeah so this discussion has been, ongoing for a very long time.

Richard Sverrisson - Editor-in-Chief, Montel: 17:43

Yeah. You sound as though you're a bit weary. Weary by Daniel. Yeah.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 17:46

Yeah. No, but and obviously it was, there was a spotlight put on it when the AIB imposed export ban on on Iceland.

Richard Sverrisson - Editor-in-Chief, Montel: 17:56

That's the Association of Issuing Bodies, which is the kind of organization that, that provides the brawls for the check my kids.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 18:01

Yeah, exactly. Thanks for clarifying. Yeah. So that kind of brought that to light again and, and there is this issue with generally in the eu there is. They adopt the Red two and Soforth. Norway is after there, they haven't implemented the renewable energy directive. Two still discussions. And that strengthened the role of geos.

Richard Sverrisson - Editor-in-Chief, Montel: 18:23

So the directive does. Yeah.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 18:24

Yeah. The directive does. Parallel to that has always been this debate in Norway between, like the power generation industry and the manufacturing industry in Norway and the manufacturing industry has been very much. Pushing for a location based method, because simply then they don't have to do much because they have very clean electricity here. But if you have the market base, suddenly the electricity in Norway is becoming quite dirty.

Richard Sverrisson - Editor-in-Chief, Montel: 18:52

And that's very hard for some people to understand.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 18:55

Yeah, it can be. And, but that's essentially a way of introducing a market incentive to drive renewables, right? Without that. In a location, like you wouldn't have anything that drives the renewable energy capacity build out except for support. This is the mechanism, the problem we see in the EU and with respect to the guarantees of origin system is that. It has in very much been developed through an experimental approach. So the directive sets goals and countries transpose the kind of rules in the directive and in, in a way that can't contradict the goal of the directive, but. They have different natures. And on top of that, connecting to what you were calling in terms of temporal matching. So some countries have temporal matching, annual, others have not. Many have not. So you can use one old certificates for later years as long as they are still haven't expired. So that's one thing. And then another thing is that. Top of that, you have policies within the EU in the proximity of the regulation, of the guarantees of origin system that is driving demand in different ways. And for instance, one regulation is the CO2 compensation scheme that many countries have implemented. Norway is one of them. And in Norway, the politician has implemented a system which is driven by the location based method. And that's an interpretation of. The commission's guidelines on this area where they say you need to consume carbon free electricity.

Richard Sverrisson - Editor-in-Chief, Montel: 20:42

So there's a contradiction here, you're

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 20:43

saying? Yeah. So other countries, most other countries, except for France, which have a kind of a hybrid approach, but most other countries have implemented a market-based approach there. So like in order to claim that you are. Consuming carbon free or renewable electricity, you need to combine that with the guarantees of origin in all you don't, which essentially triggers this double counting across policy.

Richard Sverrisson - Editor-in-Chief, Montel: 21:08

So it's a Norway problem more than anything.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 21:10

Yeah. Yeah. But but that's one policy of many. And then you have the CSRD. You have discussions on the green claims directive, and one of the issues I see in Europe is that there's not as sufficient dialogue across or harmonization across these policies.

Richard Sverrisson - Editor-in-Chief, Montel: 21:28

Ideally, you'd want a single overarching directive or a policy that covered all these bases rather than have it having it so fragmented and obviously it increases the complexity and the cost for companies to to comply with all these regimes. But where do you see this landing in Norway, market versus location based? I mean,

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 21:45

I can't see this, so you can't be part of the internal market. And then say only in certain aspects. I see. I think the transposition of renewable with transposition essentially means that you implement a national law, the renewable energy directive too. I see that as crucial. And when that has done. I can't see a way out of, nor for Norway here, like in a way it's more politics. The discussions I think of you know, pushing for location based or so forth, whatever's gonna happen with market based and location based, it needs to happen on an EUEA level, not Norway itself.

Richard Sverrisson - Editor-in-Chief, Montel: 22:26

Going for the exception here. And I think obviously that debate is about to start. Some directives are gonna be pushed through the Norwegian parliament. Others will, are said to be waiting so waiting in the wings for a few years. So we'll see how that develops Daniel. But I think I can imagine the debates will rage in the months and to come. You mentioned this matching issue. That's the other thing that I wanted to bring up with you. Now this is certainly comes to fore with many, 24 7 kind of matching programs out there. But how would. A possible move towards monthly of an hourly matching affect the market dynamics and price levels. Is it realistic short term? You're saying going from a yearly matching system to hourly or, or monthly that's quite a step forward, isn't it?

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 23:09

Yeah, for sure. Essentially the tight to the matching gap is the more the market would be. Affected by short term drivers weather, essentially. And you mentioned hourly and monthly. And, but to be honest, we don't have. Annual matching in Europe. Some countries do. Spain is a good example of that, but many countries don't have, and that gives rise to a bit of frustration in the market, I think, because I think people think they're there on unequal terms in a way. But the problem there that people are pointing to is that you can use old, like you can use 2024 for disclosure of. 2025 consumption of electricity, and that is people highlighting as a problem. I'm not to say like one of the benefit with this is that it support liquidity in the market. The downside is of course, what we have seen now, like a large oversupply have been built up in the market as companies or suppliers and so forth are rolling over Old. And swapping forward, so a market balance is slowly building up and we have estimated that based on calculations that it's 178 terawatt hours that rolled over from to 2024 and 2024 is yes to. Be established, right? And obviously that is like a wet blanket on prices and that is frustrating for many in the UK market, for instance, they don't have, to my knowledge, at least any matching requirement there either. But there they have a market that is very short, so the all certificates have been consumed. Essentially it's operating as a annual. Matching matched market, and that's where I generally say like the biggest problem with the. Geo market, if we would talk about it, is pushing, driving demand a bit because then you have a situation where it gives the right price signal, but if you don't work on the demand, and that is quite problematic in, in a market, I would say, where you. Talk a lot about CFDs and different ways of supporting new power generation to get in without talking about the demand side. And that is something that I think was negative with the stop the clock on the CSRD. The positive aspect there though is that it still have rolled out for. First set of companies and it has ripple effect because these companies Scope three emissions are smaller comp companies, scope two emission and Scope two is electricity. So that it has ripple effects that can mitigate that, and that's why we are shifting our focus a bit. To the clean industrial deal and see how companies can,

Richard Sverrisson - Editor-in-Chief, Montel: 25:55

because this is the element of that the corporate sustainable directive was, was postponed as you mentioned. Yeah. So stop the clock. So that's obviously a crucial element here for the demand side, and that's that we should. Probably mentioned that earlier, or I should have anyway, Daniel. So they're very remiss of me. But I think if we have a sort of final question, I think, we probably will be discussing these kind of matching issues for a few more months, maybe years. I hope not. But maybe if the, if the policy makers do their job and put these. In place, then maybe they'll put some sort of end to the discussion. But it has been ongoing now for many years. But the US is an interesting market. I mean it's some of the biggest buy of renewable certificates are companies in the us Do you think this de. Demand will decline following sort of Trump's policies. He is obviously he hates offshore wind, but I'm not sure if he's ambivalent to onshore. But he certainly, you know, drill, baby drill is his motto, is his, how does that affect renewables in the US do you think?

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 26:50

Jumping to the US market there one of the thing is the federal government don't have much to say on electricity policies in the US because it's a, it's. The mandate of the state, and that's how the equivalent to the guarantees of origin market has evolved. That the Rex market, the renewable energy certificates, and those are very much the market there is driven by the renewable portfolio standards that they have, which essentially it's a quota on the suppliers. They need to have a certain percentage in the supplied electricity and also the voluntary demand. I don't think it will have that much effect. It could have some on market sentiments, but it could also have the reverse effect that states just go in and say, oh, now we gotta do more. But. Then we probably talk in blue states rather than red states.

Richard Sverrisson - Editor-in-Chief, Montel: 27:42

Exactly. Yeah. But it's a, as you rightly pointed out it's a matter for the federal states rather than for the governments. Yeah. Federal governments.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 27:47

Yeah. Yeah. And then some of the, some companies in the US are operating in Europe as well. They're like, they're also operating in a different regulatory environment where the CSRD is actually in place for some bigger US companies at least. So then they need to comply with those rules.

Richard Sverrisson - Editor-in-Chief, Montel: 28:07

But as you say Daniel, it's there's a huge amount of uncertainty and I think that's something that we can expect to continue for the coming weeks and months at least, maybe. And it'll keep us on our toes and very busy. I'm sure Daniel.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 28:19

Sure. There's a big need for our analytical expertise these days.

Richard Sverrisson - Editor-in-Chief, Montel: 28:23

Absolutely. And for the news that covers these markets as well.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 28:26

Yeah, for sure.

Richard Sverrisson - Editor-in-Chief, Montel: 28:27

So thank you again for joining us. Daniel.

Daniel Arnesson - Manager of Renewable Power Certificates, Veyt: 28:29

Thank you, Richard. It was a pleasure.

Richard Sverrisson - Editor-in-Chief, Montel: 28:32

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