Dear Sir or Madam,
The European Energy Exchange has published the auction calendar for the coming year for the European Emissions Trading Scheme (EU ETS1).
A total of 339,476,500 EUAs are to be auctioned via the common auction platform CAP4, comprising 77,631,500 EUAs for Germany and 49,770,500 EUAs for Poland.
From January to August 2027, each CAP4 auction will comprise 2,043,000 EUAs, 1,290,000 EUAs for Germany and 1,685,000 allowances for Poland. The volumes for September to December 2027 are provisional and are expected to change as a result of future adjustments to the market stability reserve.
This week, a total of 7,739,500 EUAs will be offered for auction on the EEX over four trading days, as the Polish auction is not taking place this time.
A further 10,671,000 German national emission allowances will also be put up for auction next Wednesday. This week marks the final application of the €65 rule, which is expected to result in twice the usual volume being allocated once again.
Consequently, there will in all likelihood be around 43 million allowances remaining next week, and only the 10.67 million allowances scheduled for auction will be put up for auction in the following week.
Last week, demand from the 111 bidders in total rose to a volume of 535 million allowances, which is why the allocation of the 21.3 million nEZ26 allowances fell to 3.99 per cent.
Should demand continue to rise or even simply remain stable, this would mean that, for the auction on 19 August, the allocation of the 10.7 million allowances would fall below 2 per cent.
In accordance with Section 12(5) of the BEHV, the €65 rule no longer applies if the remaining auction volume prior to an auction date amounts to less than one third of the
total auction volume (64,028,413 nEZ).
Currently, 64,035,915 nEZ are still available ahead of the upcoming Wednesday auction, which is why this rule does not apply and, consequently, the volume – which is approximately double – should come into effect.
On average, 21,341,554 nEZ were issued in the previous six auctions. As 42,694,361 allowances will still be available after this week’s auction, if this average were to hold, 32,023,361 nEZ26 remaining after next week’s auction (calendar week 34) – approximately 10,000 more than the 32,013,000 nEZ, below which all remaining allowances will be auctioned off.
Consequently, a further 10,671,000 nEZ26 will be auctioned in calendar week 35, and the final auction is expected to take place in calendar week 36 on 2 September, with a volume of 21.4 million allowances.
| Instrument | 31/07/26 | 07/08/26 | Change |
| EUA (December-2026-Future) | 81.26 EUR | 83.29 EUR | +2.03 EUR |
| EUA2 (December-2027-Future) | 66.55 EUR | 66.55 EUR | +0.00 EUR |
| nEZ26 (national German Emission Certificates) | 65.00 EUR | 65.00 EUR | +0.00 EUR |
| UKA (December-2026-Future (UK)) | 59.09 GBP | 60.50 GBP | +1.41 GBP |
| UK Natural Gas (December-2026-Future) | 148.60 GBP | 141.47 GBP | -7.13 GBP |
| ICE Brent Crude Oil (December-2026-Future) | 82.23 USD | 79.99 USD | -2.24 USD |
| EURO (Forex) | 1.1529 USD | 1.1558 USD | +0.0029 USD |
(EUA, EUA2, UKA, Natural Gas, Crude Oil and Euro Currency shows day-end-exchange quotes of the benchmark contract. This market information has just an informational character and are no advice or offer to trade emission allowances or their futures and options. If you want to unsubscribe, please reply to this mail.)
Please call our international carbon desk if any further questions exist: +49.2831.1348220 or book here a call with one of our specialists.
With kind regards,
Your Advantag – Team