Dear Sir or Madam,
It is not only in southern Europe that rapidly advancing climate change – with countless forest fires this year – is demonstrating what Europe must prepare for in the future; the effects are also clearly evident in Germany.
The Rhine, at 1,233 km in length the most important waterway on our continent, is reaching historic lows in cities such as Duesseldorf, Duisburg and Cologne, amongst others. On Saturday, for instance, a water level of just 20 centimetres was recorded on the Rhine in Duesseldorf, the capital of North Rhine-Westphalia.
The consequences are serious not only for shipping, which in some cases requires six vessels to carry the same volume of cargo that would normally be transported by a single vessel. Industry, which relies on raw materials transported via the Rhine waterway, must also adapt to this situation.
Furthermore, agriculture in the Rhineland and other parts of Europe is struggling with the ongoing drought, not least due to falling groundwater levels, which are making it increasingly difficult to provide the necessary irrigation for fields.
It is therefore urgently necessary to use the revenue from CO2 emissions trading for both decarbonisation and the adaptation of businesses and society to climate change, rather than to plug budget deficits.
Last Wednesday, a further 1.387 billion euros flowed into the German Federal Government’s Climate and Transformation Fund (KTF), as a further 21.34 million national emission allowances (nEZ26) were auctioned on the EEX at a price of 65.00 euros.
110 bidders submitted a total bid volume of 515,902,199 nEZ26 at a price of 65.00 euros; the allocation rate was 4.14 per cent, down from 4.63 per cent the previous week.
Of the original 192 million nEZ26, 85.4 million allowances now remain to be auctioned in future auctions within the price corridor of 55 to 65 euros. As the volume of bids is expected to remain high and is likely to rise further, the remaining volume will be almost halved in the next two auctions.
From calendar week 34 onwards, the €65 rule will no longer apply; under this rule, the allocated quantity is more or less doubled when the winning bid price reaches €65.
In accordance with the provisions of the German Fuel Emissions Trading Regulation (BEHV), only two further auction dates will take place if the total auction volume remaining after an auction date falls below three times the volume allocated per auction date (32,013,000 nEZ). Consequently, Wednesday 26 August 2026 is expected to be the last opportunity to purchase allowances at a price of 65 euros.
In the EU ETS1, prices for EUAs in the benchmark contract fluctuated last week within a range of 81.10 to 84.19 euros. On a closing price basis, EUAs fell by 2.6%.
This week, a total of 9,119,500 EUAs from the EU, Polish and German allowances will be offered on all five trading days on the Leipzig Energy Exchange (EEX).
| Instrument | 24/07/26 | 31/07/26 | Change |
| EUA (December-2026-Future) | 83.40 EUR | 81.26 EUR | -2.14 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)) | 59.83 GBP | 59.09 GBP | -0.74 GBP |
| UK Natural Gas (December-2026-Future) | 159.00 GBP | 148.60 GBP | -10.40 GBP |
| ICE Brent Crude Oil (December-2026-Future) | 85.52 USD | 82.23 USD | -3.29 USD |
| EURO (Forex) | 1.1371 USD | 1.1529 USD | +0.0158 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