Tag: VER

Dear Sir or Madam,

The final quarter has begun and EEX has published new auction calendars for the coming year, for both the EU ETS1 and the EU ETS2.

Auctions in the EU ETS1 will commence on 7 January 2027, with 2,215,500 EUAs from the EU’s allocation, 1,685,000 EUAs from Poland and 1,290,000 from Germany.

Similarly, the so-called ‘Early Auctions’ will begin in the EU ETS2, even though this scheme does not start until a year later. A total of 293,717,500 EUA2 are to be auctioned.

In January, 5,350,000 allowances will be auctioned three times a week; in the first two weeks of February, 3,687,000 EUA2 will be auctioned each week. From the third week of February until 31 December 2027, 1,843,000 emission allowances for the buildings and transport sectors will be put on the market at the auctions, which take place on Mondays, Tuesdays and Thursdays.

Although the Polish auction in the EU ETS¹ is not scheduled to take place this week, a total of 10,506,000 EUAs will be auctioned across all five days this week.

The Polish auction will be replaced by the auction of 584,000 EUAs from Norway.

Instrument	25/09/26	02/10/26	Change
EUA (December-2026-Future)	86.78 EUR	84.42 EUR	-2.36 EUR
EUA2 (December-2027-Future)	66.55 EUR	66.55 EUR	+0.00 EUR
nEZ26 (national German Emission Certificates)	68.00 EUR	68.00 EUR	+0.00 EUR
UKA (December-2026-Future (UK))	59.42 GBP	60.98 GBP	+1.56 GBP
UK Natural Gas (December-2026-Future)	185.08 GBP	190.11 GBP	+5.03 GBP
ICE Brent Crude Oil (December-2026-Future)	97.44 USD	102.25 USD	+4.81 USD
EURO (Forex)	1.1391 USD	1.1253 USD	-0.0138 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

Dear Sir or Madam,

The Rhine water level in Dusseldorf stood at minus five centimetres yesterday, Sunday, and the trend is set to continue downwards over the coming week. No significant rainfall is expected on the Rhine or its tributaries in the coming days either.

For the Rhine shipping industry and its customers, this situation represents a very heavy financial burden, as vessels can only carry a fraction of their usual cargo and parts of the transport have to be shifted to road.

As US President Trump has rejected Iran’s proposal – which would ultimately have resulted in the Strait of Hormuz being reopened – the cost of fossil fuels, which had fallen last week, could rise again.

Wednesday marks the deadline for the surrender of emission allowances in the EU ETS1, as well as for certificates in the nEHS. To avoid exorbitant penalties, it is therefore crucial to ensure there are no delays here.

Allowances in the nEHS with the year code 2025 can no longer be delivered in time via the transfer lists, unless they are transferred directly by the holder today or on Tuesday before 12:00.

In the EU ETS1, this can still be done on the final day, provided absolutely nothing goes wrong and the transfer is made from a trader account that has the recipient account on its list of trusted accounts. Plant operator accounts also experience a time delay.

EUAs have shown relatively little price movement over the past week, trading in the range of 85.38 and 87.75 euros. From the middle of next week, the end of the submission deadline could lead to lower demand and consequently falling prices.

On the EEX, a total of 11,868,000 EU emission allowances will also be auctioned across all five trading days.

Instrument	18/09/26	25/09/26	Change
EUA (December-2026-Future)	86.89 EUR	86.78 EUR	-0.11 EUR
EUA2 (December-2027-Future)	66.55 EUR	66.55 EUR	+0.00 EUR
nEZ26 (national German Emission Certificates)	68.00 EUR	68.00 EUR	+0.00 EUR
UKA (December-2026-Future (UK))	59.36 GBP	59.42 GBP	+0.06 GBP
UK Natural Gas (December-2026-Future)	202.25 GBP	185.08 GBP	-17.17 GBP
ICE Brent Crude Oil (December-2026-Future)	99.29 USD	97.44 USD	-1.85 USD
EURO (Forex)	1.1486 USD	1.1391 USD	-0.0045 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

Dear Sir or Madam,

Notwithstanding the fact that the European Parliament is meeting today in Strasbourg to vote on whether to extend the list of goods covered by the Carbon Border Adjustment Mechanism (CBAM) (Carbon Border Adjustment Mechanism) and that, furthermore, no further cancellation of allowances exceeding the previous limit of 400 million is to take place within the EU ETS¹, EU Emissions Allowances (EUAs) are trending upwards in the run-up to the end of the submission period.

Last week, EUAs traded within a range of 83.91 to 86.66 euros; the closing price of 85.52 was consequently 1.6 per cent higher than the previous week.

The renewed escalation in the Iran conflict has once again driven up prices for fossil fuels sharply over the past week, with Brent crude oil breaking through the US$100 mark once more.

This is immediately evident at petrol stations, which is why many people in Germany, too, are now considering buying an electric car. There are now 30,000 pre-orders for the new VW ID. Polo, and prices for second-hand electric vehicles are also continuing to rise, as very few people now believe the Middle East conflict will end any time soon.

Last week, the final auction for German national emission allowances with the year code 2026 took place on the Leipzig Energy Exchange (EEX) within a price range of 55 and 65 euros. The winning bid of 65 euros was to be expected, and the 110 bidders in total received an allocation of 2.2 per cent. The remaining quantity auctioned amounted to 10,682,308 nEZ26.

From 3 November 2026, nEZ26 can once again be ordered on the EEX at a fixed price of 68 euros for a month; in the meantime, we are endeavouring to procure allowances for our clients on the market at a price below this level.

On Thursday, the final auction for 2025 national emission allowances will take place; these can be purchased under the 10 per cent top-up scheme. Due to the regulations of the EEX Clearing House (ECC), we require your trading order by 12:00 at the latest if you wish to participate, and your payment must be received by 16:00 at the latest. Otherwise, participation will no longer be possible.

Due to the transfer deadlines in the registry, no purchases should be commissioned later than next Monday, so as not to miss the submission deadline and avoid incurring penalties for unsubmitted allowances.

Instrument	04/09/26	11/09/26	Change
EUA (December-2026-Future)	84.18 EUR	85.52 EUR	+1.34 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))	59.73 GBP	62.45 GBP	+2.72 GBP
UK Natural Gas (December-2026-Future)	183.05 GBP	203.19 GBP	+20.14 GBP
ICE Brent Crude Oil (December-2026-Future)	92.32 USD	99.78 USD	+7.46 USD
EURO (Forex)	1.1614 USD	1.1599 USD	-0.0015 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

Dear Sir or Madam,

In our latest market news, we reported that Turkey is set to introduce a national emissions trading scheme, and now Brazil has also decided to introduce market-based pricing for greenhouse gas emissions from next year.

The scheme will begin with a reporting requirement for companies emitting more than 10,000 tonnes of CO₂; from 25,000 tonnes onwards, companies will be required to reduce emissions or enter into offsetting arrangements within the trading system. A total of 17 economic sectors will be phased in over three stages in 2027, 2029 and 2031.

In Germany’s national emissions trading system, the final auction will take place next Wednesday with a price range of between 55 and 65 euros. The final 10,682,741 nEZ with the year code 2026 will be put up for auction, and one does not need to be a prophet to predict that the maximum price of 65 euros will be the result here too.

Last Wednesday, the total volume of bids fell by nearly 21 million to 508 million allowances; the number of bidders fell by four to 108. As a result, the allocation rate rose slightly to 2.1 per cent.

In the European Union Emissions Trading Scheme (EU ETS1), prices rose by 1.8 per cent last week despite a significant increase in fossil fuel prices, with the weekly high reaching 84.91 euros in the benchmark contract.

A total of 9,922,500 EUAs will be auctioned on four days this week on the EEX, as the Polish Wednesday auction is not taking place this week as per the regular schedule.

Instrument	28/08/26	04/09/26	Change
EUA (December-2026-Future)	82.73 EUR	84.18 EUR	+1.45 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))	59.39 GBP	59.73 GBP	+0.34 GBP
UK Natural Gas (December-2026-Future)	169.38 GBP	183.05 GBP	+13.67 GBP
ICE Brent Crude Oil (December-2026-Future)	86.12 USD	92.32 USD	+6.20 USD
EURO (Forex)	1.1584 USD	1.1614 USD	+0.0030 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