Category: General

Dear Sir or Madam,

Germany plans to auction a total of 96,764,500 emission allowances at the EEX in Leipzig this year.

Due to the shutdown of the Neurath A and Frechen power plant units in 2022 as part of the Coal Phase-Out Act, approximately 890,000 tonnes of CO₂ will not be emitted in 2023.

A large portion of the relevant allowances have already been retired as part of the market stability reserve (MSR). The Federal Environment Agency has now announced that Germany will withdraw a total of 514,000 EUAs from the market in such a way that they will not be auctioned on the EEX. The auction calendar will be adjusted accordingly in the coming weeks.

On Wednesday, new proposals from the European Commission regarding the EU climate targets for 2040 are expected. It is highly likely that there will also be intensive discussions about the launch of EU ETS 2.

Austria has now joined an initiative originating in the Czech Republic, which is already supported by 15 countries, including Italy, Poland, Slovenia, Belgium, Croatia and Germany.

These countries have written a letter calling for changes to the EU ETS 2, which is set to start across Europe in 2027 for the building and transport sectors.

The initiative has expressed concerns about the unpredictability of prices at the start and is calling for improvements for businesses and consumers to be made before the launch.

The background to this is the fear of political risks if emissions trading causes energy prices to rise too sharply before accompanying and appropriate compensation and support measures have been put in place.

With only 18 months to go before the EU ETS is scheduled to start, there is therefore a need for urgent action.

Prices in the EU ETS 1 fell by another 2.8% in the past trading week after a ceasefire between Iran and Israel last week.

Brent crude oil fell significantly more sharply, losing 10.1% over the week, while British gas lost as much as 16.2%.

However, as the ceasefire in the Middle East is very fragile, renewed military conflict could lead to a backlash on the energy markets.

A total of 11,346,500 EUAs are being offered for auction on the European Energy Exchange in the current trading week. This is 15.4% less than in the previous week, as the Polish Wednesday auction is not taking place.

Instrument	20/06/25	27/06/25	Change
EUA (December-25-Future)	72.97 EUR	70.96 EUR	-2.01 EUR
EUA 2 (December-28-Future)	81.40 EUR	81.48 EUR	+0.08 EUR
nEZ (national Emission Allowances (D))	55.00 EUR	55.00 EUR	+0.00 EUR
UKA (December-25-Future (UK))	51.00 GBP	48.12 GBP	-2.88 GBP
UK Natural Gas (December-25-Future)	111.89 GBP	93.78 GBP	-18.11 GBP
ICE Brent Crude Oil (December-25-Future)	72.27 USD	64.98 USD	-7.29 USD
EURO (Forex)	1.1523 USD	1.1719 USD	+0.0196 USD

(EUA, EUA 2, 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

Dear Sir or Madam,

The old year seems to have flown by and here we are in 2025.

But what’s new in the field of carbon emissions trading? The price per tonne of CO2 in the national German emissions trading scheme has risen from 45 to 55 euros net, an increase of 22.22% after a 50% increase in the previous year.

In addition, due to the new elections in Germany on 23 February 2025, the start of auctions in national emissions trading has been postponed from mid-January to the second quarter of 2025; it will probably not be possible to participate in an auction here before May. We will keep you informed.

In the EU Emissions Trading System (EU ETS), however, auctions will resume tomorrow and a total of 10,170,500 EUAs from the contingents of the EU, Poland and Germany will be auctioned on all remaining trading days this week.

But there is also a lot going on in emissions trading outside the EU. Dubai is introducing a digital platform for aviation emission certificates (CORSIA) and since the United Arab Emirates also wants to be climate neutral by 2050, a reporting requirement will come into force in May for companies that emit more than 500,000 tonnes of CO2. This is intended to be a preliminary stage for an emissions trading system that follows the EU’s cap-and-trade mechanism.

In the aforementioned election campaign in Germany, some parties want to blame the miserable economic situation in Germany on climate protection. Professor Ottmar Edenhofer, climate economist and director of the Potsdam Institute for Climate Impact Research (PIK), has clearly shown that this is not the case.

In an interview with the Neue Osnabrucker Zeitung, he explained that a quarter of all global emissions are already priced and that 30% of the world’s regions have managed to decouple their economic growth from emissions growth.

In the new year, prices for greenhouse gas emissions in the EU ETS rose significantly again. Based on the weekly closing prices, the benchmark future for December 2025 rose by a further 6% over the four trading days, with EUAs managing to return above the 75-euro mark.

The reasons for this included a rise in the gas price due to the alleged intentional destruction of the Estlink2 power cable and the restart of auctions this week on the EEX.

If you need the year-end-quotes 2024 for your bookkeeping, you can find it on our website.

(Average Quotes Exchange / OTC)
Instrument	27/12/24	03/01/25	Change
EUA (December-2025-Future)	71.56 EUR	75.94 EUR	+4.38 EUR
VER (Natural Carbon Offsets)	0.44 USD	0.40 USD	-0.04 USD
VER (CORSIA eligible Carbon Offsets)	0.40 USD	0.44 USD	+0.04 USD
nEZ (German National Carbon Units)	45.00 EUR	55.00 EUR	+10.00 EUR
ICE Brent Crude Oil (Benchmark Future)	73.80 USD	76.88 USD	+3.08 USD
EURO (Currency.. Forex)	1.0421 USD	1.0307 USD	-0.0114 USD

(The VER quotes are average rates (carboncredits.com), which can be used within the framework of CORSIA and voluntary carbon offsetting. EUA. Crude Oil and Euro Currency shows day-end-exchange quotes. This market information has just an informational character and are no advice or offer to trade carbon emission rights 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.

With kind regards,

Your Advantag – Team