From this year on The KWH Group buys Guarantees of Origin (GOs) for electricity. It guarantees that all the electricity used by our Finnish subsidiaries are produced with hydropower. The guarantees cover all the electricity used since the beginning of 2021.
– We have made an agreement with Gasum that we buy GOs guaranteed for the amount of our annual electricity consumption. We have thus reached one important sustainability goal we have. Already earlier some of our companies were using renewable electricity, but now the rest of our Finnish subsidiaries are following. The agreement applies to all electricity purchased within the framework of the group agreement, which is currently over 95% of all electricity consumption we have in Finland, says Carl-Magnus Tidström, Head of Administration and Finance.
GOs for electricity are certificates that can be used to verify that electricity has been produced from renewable energy sources. An electricity producer must verify the proportion of renewable energy sources. Verification takes place by cancelling an amount of guarantees of origin corresponding to the amount of electricity marketed as renewable. GO tells how, where and when the electricity has been produced.
The guarantee of origin system is Europe-wide and involves most European countries. National bodies oversee the EU system and directive. In Finland, the Finnish Energy Authority monitors compliance with the law on guarantees of origin and the marketing of electricity.