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The certificate business is being wound down by the policy that created it: property-rights revenue fell from 39,6m zł to 17,7m zł.
Beyond power and gas, TGE runs the markets and registers for the paper of Poland's energy policy: property rights in certificates of origin for renewable and efficient energy, and guarantees of origin for green power. These instruments exist because the law creates them, and TGE earns twice on them: once when they trade and once when they are issued and cancelled in the register it operates.
The line is shrinking, and the filings say why. Revenue from trading property rights fell from 39,6 million złoty in 2017 to 17,7 million in 2025, and revenue from operating the register from 30,6 million to 19,6 million1. Cancelled property rights, which is what generators must redeem to meet their obligation, fell from 19,0 terawatt-hours in 2023 to 8,0 in 2025 as the obligation to redeem green certificates was reduced2.
Guarantees of origin are the part that grows with the energy transition rather than with a subsidy scheme: 53,2 terawatt-hours were traded in 2025 and 27,9 cancelled3. Energy-efficiency rights also rose, to 129 000 tonnes of oil equivalent4.
So this is a policy business whose older half is being wound down by policy. The certificates earned TGE more than the electricity market did in 2017; by 2025 they earned less than gas5. The figure to watch is register revenue; a further fall would mean the certificate schemes are ending rather than changing.
Property-rights trading revenue fell from 39,6m zł in 2017 to 17,7m zł in 2025 as the redemption obligation was cut.
These markets exist because policy requires the certificates, so volumes follow the rules as much as demand. Rising volumes say the obligations are being enforced; a change in the rules could shrink them overnight.
Source: TGE statistical data ↗- ReportedRevenue from trading property rights fell from 39,6 million złoty in 2017 to 17,7 million in 2025, and revenue from operating the register from 30,6 million to 19,6 million.GPW Group Basic financial data workbook (to Q2 2026) - consolidated income statement 2007-2025, EBITDA and margins, employee and external-service costs — 2015-2025 · publ. September 2026 · source ↗
- ReportedCancelled property rights, which is what generators must redeem to meet their obligation, fell from 19,0 terawatt-hours in 2023 to 8,0 in 2025 as the obligation to redeem green certificates was reduced.GPW Management Board report on 2025 - TGE: electricity and gas volumes 2021-2025, share of consumption, certificates of origin and guarantees of origin, the draft reinstatement of the exchange obligation (80% electricity, gas 55% to 85%) — FY2025 · publ. March 2026 · source ↗
- ReportedGuarantees of origin are the part that grows with the energy transition rather than with a subsidy scheme: 53,2 terawatt-hours were traded in 2025 and 27,9 cancelled.GPW Management Board report on 2025 - TGE: electricity and gas volumes 2021-2025, share of consumption, certificates of origin and guarantees of origin, the draft reinstatement of the exchange obligation (80% electricity, gas 55% to 85%) — FY2025 · publ. March 2026 · source ↗
- ReportedEnergy-efficiency rights also rose, to 129 000 tonnes of oil equivalent.GPW Management Board report on 2025 - TGE: electricity and gas volumes 2021-2025, share of consumption, certificates of origin and guarantees of origin, the draft reinstatement of the exchange obligation (80% electricity, gas 55% to 85%) — FY2025 · publ. March 2026 · source ↗
- ReportedThe certificates earned TGE more than the electricity market did in 2017; by 2025 they earned less than gas.GPW Group Basic financial data workbook (to Q2 2026) - consolidated income statement 2007-2025, EBITDA and margins, employee and external-service costs — 2015-2025 · publ. September 2026 · source ↗