Analysis of the effectiveness of the tokenisation mechanism of «Guarantees of Origin» for electricity and its impact on the «green» transformation of electric power companies

Abstract

The article presents a comprehensive analysis of the efficiency of the mechanism for tokenizing Guarantees of Origin (GoO) of electricity and its impact on the development of the «green» transformation of energy sector enterprises. The conceptual and technological aspects of tokenization have been examined, including the application of blockchain technologies, smart contracts, and digital assets in the form of non-fungible tokens (NFTs). Particular attention has been paid to identifying the key attributes of tokens that ensure their transparency, security, and uniqueness, as well as to the integration of the tokenization mechanism into the financial, economic, and regulatory infrastructure of the energy market. The main factors shaping the demand for GoO tokens have been analyzed, among which the most significant are political regulations and state incentives, including the establishment of mandatory quotas for the use of «green» energy, the provision of tax benefits for enterprises compensating their emissions, and the imposition of penalties for exceeding environmental standards. An assessment of the economic feasibility of tokenization, potential risks, and possible benefits for producers of «green» electricity, consumers, andinvestors has been carried out. It has been determined that the economic activity of polluting enterprises directly affects their willingness to invest in tokens, since during periods of increased production and profitability, enterprises have more resources to participate in emission compensation mechanisms, whereas in crisis periods their financial capacities are limited. The development of a secondary market for digital assets contributes to token liquidity, the formation of market prices, and the creation of conditions for the effective functioning of a financial-ecological ecosystem, thereby promoting the further development of low-carbon electricity generation. Based on the results of the study, conclusions have been drawn regarding the role of tokenization as a tool for stimulating decarbonization, enhancing the liquidity of «green» assets, and creating a transparent financial-ecological ecosystem. Recommendations have been formulated for optimizing the GoO tokenization mechanism, improving its efficiency, and promoting the development of the low-carbon energy sector, ensuring a balance between environmental objectives, economic feasibility, and the interests of market participants.