This deliverable analyses the performance of energy certificate markets over time and relates two design features of certification schemes to market performance. More specific, we analyse if the performance of a certificate system depends on (i) the fact if the certifier is a public or private institution and (ii) the adoption of a common international standard. We find that certificate markets are still in their infancies. While increasing shares of renewable electricity are certified, suggesting this trade mechanism is becoming increasingly important, certificate markets still suffer from poor market liquidity and high volatility in prices. Our results imply that private certifiers are associated with lower market volumes while adopting an international standard has a positive effect on certified volumes.