For all auctions of general allowances (EUAs) and for all auctions of aviation allowances (EUAAs) for 2012, the common rules of the EU Auctioning Regulation apply. This also includes the main requirements for the auction's design:

At a glance

Auctioned product

- EUAs valid for compliance in the 3rd trading period of the EU ETS (2013-2020)
- EUAAs valid for compliance in the 3rd trading period of the EU ETS respectively

Auction delivery

Next-day delivery (T+1)

Auction format

Single round: Bids will be submitted during one given bidding window

Sealed bid: Bids will be submitted without seeing other participant's bids

Uniform price: All successful bidders will pay the same auction clearing price.

Lot size

500 allowances

Submission and withdrawal of bids

Submission of bids

  • Bids may be submitted, modified and withdrawn during the bidding window
  • Only authorized persons are entitled to place bids (bidder's representatives) 

Each bid shall state

  • Bid volume as integral multiples of lots of 500 allowances
  • Price in Euro for each allowance (in two decimal points)
  • Identity of the client when bidding on behalf 

Each bid may only be withdrawn

  • During the bidding window
  • Genuinely mistaken bids can be unwound only under restrictive conditions by EEX upon request of the bidder's representative

Determination of auction clearing price

All successful bids will be allocated at the auction clearing price, determined as follows:

  • Bids are sorted in descending order of the price bid
  • Bid volumes are added, starting with the highest bid; the price at which the sum of volumes bid matches or exceeds the volume of allowances auctioned, shall be the auction clearing price
  • Tied bids will be sorted through random selection according to an algorithm
  • All bids with a price higher than the auction clearing price are successful; Execution of bids made at the auction clearing price depends on their ranking in the random selection
  • Partial execution of orders may be possible for the last successful bid matching the auction clearing price, depending on the remaining quantity of allowances