Dear Sir or Madam,
The EU continues to regard emissions trading as its key climate policy instrument, but feels compelled to act in response to rising energy prices caused by the current war in Iran. Several heads of state and government have therefore called for emissions trading to be better protected against price fluctuations and are demanding that the Commission put forward proposals to reduce energy prices. Further discussions will follow in June.
In this context, the European Commission intends to provide short-term relief to industrial companies regarding CO2 costs and plans to increase the Market Stability Reserve (MSR). The MSR already regulates the supply of allowances to manage the European Emissions Trading System (EU ETS). In addition, the guidelines for the free allocation of emission allowances are to be revised, taking industry concerns into account. According to Ursula von der Leyen, the Commission intends to propose both measures in the coming days.
Furthermore, the Commission is working on a comprehensive reform of the EU ETS. According to von der Leyen, this reform is to be developed in close cooperation with the Member States and relevant stakeholders. A key element is the planned extension of the allocation of free emission allowances to industry beyond 2034. The aim of this measure is to curb high volatility in emissions trading and thereby minimise potential impacts on electricity prices and supply chains.
Prices of EU emission allowances therefore remained under pressure last week, with the benchmark contract trading in a range between €63.07 and €70.35. After hitting an 11-month low on Thursday, EUAs rose on Friday to a daily high of €69.80 following the publication of the results of the European Commission’s consultations.
This week, too, the energy markets will be guided by developments in the Middle East and political developments regarding the planned containment of energy prices.
Last Friday, the EEX updated the trading calendar for the national emissions trading scheme. Auctions are now scheduled to take place between 1 July and 28 October 2026 within a price range of between €55.00 and €65.00, every Wednesday between 13:00 and 15:00. In each auction, 10,833,000 nEZ with the year code 2026 will be offered. At the last auction 6,000 more.
The change of the day of the week from Monday to Wednesday was made in response to requests from several market participants.
Between Tuesday 3 November and Thursday 3 December 2026, the fixed-price auctions with unlimited volume are then scheduled to take place at a price of €68.00, on Tuesdays and Thursdays between 09:00 and 15:00. There has been no change here.
| Instrument | 13/03/26 | 20/03/26 | Change |
| EUA (December-26-Future) | 69.16 EUR | 67.66 EUR | -1.50 EUR |
| EUA2 (December-28-Future) | 66.46 EUR | 66.54 EUR | -0.08 EUR |
| nEZ25 (national Emission Allowances (D)) | 55.00 EUR | 55.00 EUR | +0.00 EUR |
| UKA (December-26-Future (UK)) | 39.54 GBP | 37.14 GBP | -2.40 GBP |
| UK Natural Gas (December-26-Future) | 122.19 GBP | 151.46 GBP | +29.27 GBP |
| ICE Brent Crude Oil (December-26-Future) | 81.97 USD | 85.87 USD | +3.90 USD |
| EURO (Forex) | 1.1417 USD | 1.1572 USD | +0.0155 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.)
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With kind regards,
Your Advantag – Team