Tag: EUAA

Dear Sirs and Madams,

With the UN Climate Change Conference just a few months away, EU member states have now agreed in the Council of Europe to reduce their greenhouse gas emissions by 66.25 to 72.5 per cent by 2035 compared to 1990 levels. Climate Commissioner Hoekstra describes this as internationally ambitious. The figures are based on existing targets.

The EU Commission is also working on a draft price cap for EU ETS2 emissions trading for heating and fuels, based on an initiative by Czechia and other countries.

Czech Prime Minister Fiala sees this as a success for the initiative, but emphasised that he wanted to prevent emissions trading in these areas altogether, although no majority was reached, as he told CNN.

The architecture of the EU ETS2 as envisaged so far is therefore by no means as secure as the EU had originally imagined. Legislators need to act swiftly here, as the trading system is due to start in just 15 months.

Last Thursday, the final auction for 2024 national emission allowances (nEZ24) took place on the EEX. Due to the end of the submission deadline at the end of the month, companies should now have purchased all certificates in order to avoid penalties of €100 per nEZ24 not submitted. These penalties are payable in addition to the certificate prices.

In the last trading week, European emission allowances in the EU ETS1 were bullish again, moving along an upward trend line that had formed since the end of August towards €80. On a weekly closing basis, EUAs closed with a gain of 2.3%.

Here, too, the deadline for compliance is 30 September 2025, and the penalties are also an additional €100 per EUA not surrendered. As prices are not expected to fall significantly by the end of the month, it is advisable to stock up on any EUAs still required in good time so that they are available for surrender on time.

Due to the biweekly absence of the Polish Wednesday auction, 2,162,500 EUAs, or 15.8% fewer certificates, will be auctioned this week than in the previous week.

UPCOMING DATES

30/09/2025	End of the submission period for German national emission allowances (nEZ24) for year 2024
30/09/2025	End of the submission period for European emission allowances (EUA/EUAA) for the year 2024
04/12/2025	Last auction for German national emission allowances in 2025 (nEZ25)
15/12/2025	Last auction for European emission allowances (EUA) in 2025
07/01/2026	First auction for European emission allowances (EUA) in 2026

Instrument	12/09/25	19/09/25	Change
EUA (December-25-Future)	75.77 EUR	77.55 EUR	+1.78 EUR
EUA 2 (December-28-Future)	88.52 EUR	90.42 EUR	+1.90 EUR
nEZ25 (national Emission Allowances (D))	55.00 EUR	55.00 EUR	+0.00 EUR
UKA (December-25-Future (UK))	56.11 GBP	57.60 GBP	+1.49 GBP
UK Natural Gas (December-25-Future)	88.26 GBP	87.68 GBP	-0.58 GBP
ICE Brent Crude Oil (December-25-Future)	66.54 USD	66.04 USD	-0.50 USD
EURO (Forex)	1.1733 USD	1.1746 USD	+0.0013 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,

Last week, Munich hosted the IAA, where manufacturers from all over the world presented their latest vehicles and studies. Most of these were electric vehicles, which are showing ever-improving charging performance and range.

This once again sparked the debate as to whether a ban on combustion engines is the right way forward.

Given that CO₂ pricing for the transport sector in Germany is now in place through the national emissions trading scheme, which is to be introduced across the EU in 2027, the question arises as to whether this is necessary.

CO₂ pricing and the incipient shortage of certificates, which should go hand in hand with the promotion of electric mobility, make the ban on combustion engines obsolete. Anyone who can use a calculator will come to the conclusion that driving a combustion engine is simply financially unattractive and becoming increasingly expensive.

And the few who are financially unaffected should still be allowed the pleasure of being overtaken by an electric car, which costs only a fraction of the price, in their expensive petrol super sports car.

At the beginning of last week, prices in the EU ETS1 moved above an important resistance line towards €78, but by Wednesday there was not much momentum left in the market and on Thursday profits were taken.

The EEX is also auctioning a total of 13,657,500 EUAs on all five trading days this week, which corresponds to an increase of 18.8% compared to the previous week.

Please note: This week, on Tuesday and Thursday, the last auctions for German national emission allowances under the BEHG with the annual identifier 2024 (nEZ24) will take place. Accordingly, all companies subject to the levy that still have a requirement should contact us as soon as possible in order to participate in the auctions under the 10% rule or to cover any additional requirements on the OTC market.

UPCOMING DATES

18/09/2025	Last auction date for national emission allowances (nEZ24) on the EEX with the year identifier 2024 at a price of €45.00
30/09/2025	End of the submission period for German national emission allowances (nEZ24) for year 2024
30/09/2025	End of the submission period for European emission allowances (EUA/EUAA) for the year 2024
04/12/2025	Last auction for German national emission allowances in 2025 (nEZ25)
15/12/2025	Last auction for European emission allowances (EUA) in 2025
07/01/2026	First auction for European emission allowances (EUA) in 2026

Instrument	05/09/25	12/09/25	Change
EUA (December-25-Future)	76.04 EUR	75.77 EUR	-0.27 EUR
EUA 2 (December-28-Future)	89.64 EUR	88.52 EUR	-1.12 EUR
nEZ25 (national Emission Allowances (D))	55.00 EUR	55.00 EUR	+0.00 EUR
UKA (December-25-Future (UK))	56.12 GBP	56.11 GBP	-0.01 GBP
UK Natural Gas (December-25-Future)	87.14 GBP	88.26 GBP	+1.12 GBP
ICE Brent Crude Oil (December-25-Future)	65.11 USD	66.54 USD	+1.43 USD
EURO (Forex)	1.1719 USD	1.1733 USD	+0.0014 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,

In 2024, Germany emitted 4.4 million tons of CO2 or its equivalents in other greenhouse gases (CO₂e) more than would have been permitted under the European Climate Protection Regulation.

The goal of the Climate Protection Regulation is European climate neutrality by 2050, with an initial interim step being a 40% reduction in all emissions in the EU by 2030 compared to 2005, the start of EU emissions trading.

As Germany still has a lot of catching up to do in the building and transport sectors, national emissions trading (nEHS) was introduced in 2021 with the Fuel Emissions Trading Act, which is set to replace the fixed price phase for the first time next year with a trading margin of between €55 and €65, and will be replaced by the new EU Emissions Trading System 2 (EU ETS2).

Last week, the Federal Environment Agency published a partial report on an analysis of the implementation of the price corridor in the nEHS in 2026. The Öko Institute and Fraunhofer Institute for Systems and Innovation Research ISI were commissioned to carry out this analysis.

The specific aim was to clarify the issue of the fixed price phase, namely whether continuing the fixed price phase in 2026 would make sense from an economic perspective and whether the administrative effort involved in changing the system for just one year would be justified.

The scientists came to the conclusion that it was likely that the obligated companies would calculate with 65 euros in the sense of conservative hedging and pass these prices on to their customers.

Ultimately, the study concluded that continuing the fixed price phase for one year in 2026 would make sense from an economic, distributional policy, and administrative perspective and should definitely be considered. The expected shortage in the nEHS and EU ETS2 as well as modelling results on expected prices would argue in favour of a fixed price at the upper end of the price corridor of €65 per nEZ26.

The likelihood of the fixed price phase continuing at a price of €65 per ton of CO2 in the coming year has increased accordingly as a result of the study’s findings.

Prices in the EU ETS1 have been noticeably bullish over the past week, as market participants are focused on the end of the submission deadline for 2024.

After overcoming technical resistance, EUAs rose by 4.2% based on weekly closing prices and closed above the €76 mark in the December 2025 benchmark contract, where the upward trend stopped at another technical resistance line located in this area.

If the EUAs overcome this, for which there are good reasons, the next relevant technical resistance would be just below the €82 mark. If the current resistance proves too strong, the price would find its next support lines in the range around €74.00, €72.50, and €70.95.

The Leipzig-based EEX is offering four auctions this week with a total of 11,495,000 EUAs, which represents a 15.8% decline in auction volume compared to last week.

UPCOMING DATES

18/09/2025	Last auction date for national emission allowances (nEZ24) on the EEX with the year identifier 2024 at a price of €45.00
30/09/2025	End of the submission period for German national emission allowances (nEZ24) for year 2024
30/09/2025	End of the submission period for European emission allowances (EUA/EUAA) for the year 2024
04/12/2025	Last auction for German national emission allowances in 2025 (nEZ25)
15/12/2025	Last auction for European emission allowances (EUA) in 2025
07/01/2026	First auction for European emission allowances (EUA) in 2026

Instrument	29/08/25	05/09/25	Change
EUA (December-25-Future)	72.53 EUR	76.04 EUR	+3.05 EUR
EUA 2 (December-28-Future)	88.24 EUR	89.64 EUR	+1.00 EUR
nEZ25 (national Emission Allowances (D))	55.00 EUR	55.00 EUR	+0.00 EUR
UKA (December-25-Future (UK))	52.19 GBP	56.12 GBP	+2.98 GBP
UK Natural Gas (December-25-Future)	91.78 GBP	87.14 GBP	+0.75 GBP
ICE Brent Crude Oil (December-25-Future)	66.77 USD	65.11 USD	-1.78 USD
EURO (Forex)	1.1720 USD	1.1719 USD	+0.0034 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,

Last week, Thyssenkrupp called for a weakening of the EU Emissions Trading System (EU ETS 1) by allowing industry to continue to receive partially free emission allowances until 2050. This would be a total of 11 years longer than planned in relation to the implementation of the Paris Climate Agreement targets.

Competitors such as Salzgitter AG, Dillinger and Saarstahl, on the other hand, have spoken out clearly against extending the issuance of free allowances and thus weakening the impact of emissions trading, as this would penalise those companies that have actively worked on decarbonisation.

The revenues from emissions trading are earmarked and are to be used for the transformation to a climate-neutral society. This is the purpose of the German Climate and Transformation Fund (KTF).

Now, the German Ministry of Finance has come up with the idea of using funds from the KTF for other purposes, namely to purchase emission allowances from other countries if Germany fails to meet its greenhouse gas reduction targets in the coming years.

As the Expert Council on Climate Issues has determined, Germany will emit approximately 224 million tonnes of CO₂ or its equivalent in other greenhouse gases too much by 2030, for which Finance Minister Klingbeil (SPD) must now find funds.

This idea has been strongly criticised by both the Union and the opposition.

Last week, the prices of EU emission allowances in the benchmark contract ranged from €71.31 to €73.30. The EUAs remained technically oriented and gained a moderate 0.6% on a weekly closing basis.

A total of 13,657,500 emission allowances will be auctioned on the EEX on all five trading days this week, representing an increase of 20.3% compared to the previous week.

UPCOMING DATES

18/09/2025	Last auction date for national emission allowances (nEZ24) on the EEX with the year identifier 2024 at a price of €45.00
30/09/2025	End of the submission period for German national emission allowances (nEZ24) for year 2024
30/09/2025	End of the submission period for European emission allowances (EUA/EUAA) for the year 2024
04/12/2025	Last auction for German national emission allowances in 2025 (nEZ25)
15/12/2025	Last auction for European emission allowances (EUA) in 2025
07/01/2026	First auction for European emission allowances (EUA) in 2026

Instrument	22/08/25	29/08/25	Change
EUA (December-25-Future)	72.53 EUR	72.99 EUR	+0.46 EUR
EUA 2 (December-28-Future)	88.24 EUR	88.64 EUR	+0.40 EUR
nEZ (national Emission Allowances (D))	55.00 EUR	55.00 EUR	+0.00 EUR
UKA (December-25-Future (UK))	52.19 GBP	53.14 GBP	+0.95 GBP
UK Natural Gas (December-25-Future)	91.78 GBP	86.39 GBP	-5.39 GBP
ICE Brent Crude Oil (December-25-Future)	66.77 USD	66.89 USD	+0.12 USD
EURO (Forex)	1.1720 USD	1.1685 USD	-0.0035 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,

Military activities are a largely underestimated factor in global climate change. Despite their enormous emissions, they are hardly taken into account in international climate agreements such as the Kyoto Protocol and the Paris Agreement. The recording of military emissions is mostly voluntary – many countries cite security concerns and publish no or only incomplete data.

According to estimates, the Gaza War has so far caused at least 32 million tonnes of greenhouse gas emissions. The war in Ukraine has produced as much as 230 million tonnes in the last three years, and the German armed forces also cause greenhouse gas emissions of approximately 10 million tonnes annually.

According to a working paper by the German Institute for International and Security Affairs (SWP), military emissions account for around 5.5% of global greenhouse gas emissions. This figure includes both direct emissions from combat operations and indirect emissions from infrastructure, logistics and reconstruction.

Armed conflicts are therefore a significant but often overlooked driver of climate change. The estimated emissions from individual wars show that military activities not only cost human lives but also jeopardise climate targets. Greater integration of military emissions into climate policy is therefore urgently needed.

European emission allowances (EUAs) continued to follow technical charts last week and settled above the 200-day line, which has been considered strong support in recent weeks. On Thursday, EUAs broke through the 38-day line to the upside and closed the week with a gain of 2.6%.

This week, a total of 11,350,000 EUAs will be auctioned on four trading days. Due to the biweekly cancellation of the Polish Wednesday auction, this represents a decrease of 15.4% compared to the previous week.

In the German national emissions trading system, auctions for emission allowances with the annual identifier 2024 (nEZ24) will only take place for another four weeks at a price of 45 euros under the 10% post-auction purchase rule on the EEX.

The last fixed-price auction for nEZ24 will take place on Thursday, 18 September 2025, and purchase orders can be placed here until 3 p.m..

In order to avoid technical problems, difficulties with payment transactions or other unforeseen circumstances, we recommend that you do not wait until the last week.

Our specialists will be happy to answer any questions you may have about emissions trading.

Instrument	15/08/25	22/08/25	Change
EUA (December-25-Future)	70.68 EUR	72.53 EUR	+1.85 EUR
EUA 2 (December-28-Future)	86.37 EUR	88.24 EUR	+1.87 EUR
nEZ (national Emission Allowances (D))	55.00 EUR	55.00 EUR	+0.00 EUR
UKA (December-25-Future (UK))	50.80 GBP	52.19 GBP	+1.39 GBP
UK Natural Gas (December-25-Future)	86.46 GBP	91.78 GBP	+5.32 GBP
ICE Brent Crude Oil (December-25-Future)	66.14 USD	66.77 USD	+0.63 USD
EURO (Forex)	1.1699 USD	1.1720 USD	+0.0021 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