Dear Sir or Madam,
Last Tuesday, representatives of the European Union’s governments agreed to expand the Market Stability Reserve (MSR) within the European Union Emissions Trading Scheme (EU ETS1). This is intended to prevent sharp upward price fluctuations in the market and to optimise long-term market liquidity.
Until now, the volume of allowances to be cancelled in the EU ETS1 stood at 400 million emission allowances (EUA1); in future, this is set to rise to up to 700 million EUAs. In addition, allowances may be distributed free of charge to industry, provided that they are used for investments in decarbonisation.
Furthermore, a further 100 million allowances are to be made available to industry free of charge between 2026 and 2030.
However, the decisions still need to be ratified by the European Parliament and the Council of Europe; they are scheduled to come into force in December.
Next Tuesday marks the start of the fixed-price phase in Germany’s national emissions trading scheme, with a price of 68 euros per national emissions certificate (nEZ26) for the current year.
Unlike the auction phase, which has a price corridor of between 55 and 65 euros, there is no volume limit in the fixed-price auctions.
Sales take place on Tuesdays and Thursdays; the last opportunity to participate is on Thursday, 3 December 2026.
Due to the regulations of the Leipzig Energy Exchange (EEX) and its clearing house (ECC), participating DCP exchange members must once again register the relevant total volume four days before the participation deadline. It is therefore necessary for both the order and the total amount to be received five days before the auction date. To participate at the first sale, it would be this Wednesday.
Your contact persons will be happy to assist you with any queries.
This week, a total of 11,867,500 EUAs will be auctioned in Leipzig on all five trading days for participants in the EU ETS1.
| Instrument | 16/10/26 | 23/10/26 | Change |
| EUA (December-2026-Future) | 85.41 EUR | 86.26 EUR | +0.85 EUR |
| EUA2 (December-2028-Future) | 70.00 EUR | 70.00 EUR | +0.00 EUR |
| nEZ26 (national German Emission Certificates) | 68.00 EUR | 68.00 EUR | +0.00 EUR |
| UKA (December-2026-Future (UK)) | 63.41 GBP | 64.18 GBP | +0.77 GBP |
| UK Natural Gas (December-2026-Future) | 219.65 GBP | 233.73 GBP | +14.08 GBP |
| ICE Brent Crude Oil (December-2026-Future) | 109.86 USD | 116.72 USD | +6.86 USD |
| EURO (Forex) | 1.1239 USD | 1.1202 USD | -0.0037 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