Dear Sir or Madam,
The European Commission has decided that EU member states will be allowed to auction around 4% more European Emission Allowances (EUAs) in the period from September to December 2024 than in the same period last year. The reason for this was the cost of switching the energy supply in order to end dependence on Russia.
A few days ago, the European Energy Exchange (EEX) published its current auction calendar for the period from September to December of this year.
This means that 13,404,500 EUAs will be auctioned on all five trading days this week, when the Polish primary market auction takes place on a regular basis, compared to 14,582,500 in a comparable week in September.
In addition, there will only be a few auction-free days, as in the weeks in which there are usually no Polish auctions on Wednesdays, either EU auctions are held or Northern Ireland auctions.
In total, 8.2 million more EUAs will be auctioned than was planned in the original auction calendar, which would mean additional revenue of 574.0 million euros at the current price of around 70 euros.
The last auction of 3,248,000 EUAs this year will take place on Monday, 16 December 2024.
In the previous trading week, EUA prices repeatedly found support at the 200-day and 38-day lines, although they were only able to overcome the strong resistance of a sideways downward resistance line intraday.
The 38-day line is currently turning slightly upwards at EUR 69.55, while the 200-day line is still showing bearish tendencies and currently stands at EUR 67.44.
If the EUAs are unable to sustainably break through the resistance of the sideways downwards line in the new trading week, the price will fall below the EUR 70 mark again and probably test the support of the 38 and 200-day lines.
| (Average Quotes Exchange / OTC) | |||
| Instrument | 02/08/24 | 09/08/24 | Change |
| EUA (December-2024-Future) | 70.58 EUR | 70.14 EUR | -0.44 EUR |
| VER (Natural Carbon Offsets) | 0.78 USD | 0.48 USD | -0.30 USD |
| VER (CORSIA eligible Carbon Offsets) | 0.18 USD | 0.14 USD | -0.04 USD |
| nEZ (German National Carbon Units) | 45.00 EUR | 45.00 EUR | +0.00 EUR |
| ICE Brent Crude Oil (Benchmark Future) | 78.17 USD | 80.32 USD | +2.15 USD |
| EURO (Currency.. Forex) | 1.0911 USD | 1.0914 USD | +0.0003 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,
Advantag Services GmbH