„EEX has established itself as the leading auction platform for emission allowances in the EU ETS. We will also expand our secondary market offer with further monthly and quarterly maturities to meet market demand.“

    Christian Fleischer, Senior Sales Manager

    Auctioning is the basic principle of allocating allowances within the EU emissions trading system (EU ETS). This means that businesses have to buy an increasing proportion of allowances through auctions. In coordination with the European Commission, Germany and Poland, EEX has published the volumes that will be auctioned in 2020 in the auction calendar. The volumes from September to December 2020 are indicative as they are subject to adjustments in accordance with the Article 14 of the Auctioning Regulation in view of implementation of the Market Stability Reserve.

    EEX has been awarded the role as the common auction platform to auction allowances on behalf of 25 EU Member States and the EEA EFTA States. In this capacity, EEX also conducts emissions auctions for Poland during a transitional period. In addition, EEX has been selected as Germany’s opt-out auction platform.

    In these functions, EEX holds regular auctions of EU general allowances (EUAs) and EU aviation allowances (EUAAs) on its spot market.

    At a glace

    Auctioned product – EU allowances (EUAs)
    Contract Delivery day Contract size Minimum lot size Tick size Fulfilment
    EUAs t+1 1 EUA 500 EUAs (= 500 t CO2eq) EUR 0.01 per allowance Delivery versus payment
    Auctioned product – EU aviation allowances (EUAAs)
    Contract Delivery day Contract size Minimum lot size Tick size Fulfilment
    EUAAs t+1 1 EUAA 500 EUAAs (= 500 t CO2eq) EUR 0.01 per allowance Delivery versus payment

    Emissions Auctions at EEX


    On behalf of the Member States and the EEA EFTA States participating in the common auction platform

    • Auctions for 25 EU Member States and 3 EEA EFTA States
    • Weekly auctions on Monday, Tuesday, Thursday, 11 am CE(S)T


    On behalf of the Federal Republic of Germany

    • Weekly auctions on Fridays, 11 am CE(S)T


    On behalf of Poland

    • Auctions biweekly on Wednesdays, 11 am CE(S)T

    Fees Primary Market

    Combined trading and clearing fee, in €/1,000 allowances (1,000 allowances = 2 lot)*

    EU auctions (including EEA EFTA States) € 3.88
    German auctions € 3.50
    Polish auctions € 3.00

    * The Auctioning Regulation refers to 500 allowances/lot with combined trading and clearing fees of  1.94 €/lot for EU auctions, 1.75 €/lot for German auctions and 1.50 €/lot for Polish auctions.  

    Emission Spot Primary Market Auction Report 2020

    Download

    Download Auction Calender

    More

    Price List EEX

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    Price List ECC

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    Rules and Regulations

    The auctioning of allowances is governed by the EU Auctioning Regulation. This covers the timing administration and other aspects of auctioning. In addition, for all EEX's emissions auctions, the respective rules and procedures of EEX and ECC apply.

    As an important aspect for accessing the auctions, the EU Auctioning Regulation defines the categories of participants who are eligible to apply to bid in the auctions, and requires certain admission criteria to be fulfilled (cf. Article 18 and 19).

    Rules and Regulations

    Participants must be eligible to bid according to EU rules1. Eligible under these rules are:

    • Compliance buyers, bidding on own account, including any parent companies, subsidiaries and affiliates.
    • Investment firms and credit institutions, bidding on own account or on behalf of clients. These firms must be authorised under MiFID (Directive 2004/39/EC) or under the Credit Institutions Directive (Directive 2006/48/EC) respectively.2 
    • Business groupings of compliance buyers, bidding on own account and acting as an agent on behalf of their members.
    • Other intermediaries specifically authorized by the home Member State, bidding on own account or on behalf of clients. 
       
    Date Title Download
    09/10/2017 Eligibility Form Phase 3 Auctions

    PDF English

    PDF German

    27/09/2012 Information Letter on Eligibility for Phase 3 Auctions

    PDF English

    PDF German

    1Reference: Article 18(1) and (2) Auctioning Regulation.
    2These firms must be authorised under MiFID (Market in Financial Instruments Directive 2004/39/EC).

    Potential bidders must also fulfill admission requirements as set out in the EU Auctioning Regulation3 as well as the exchange rules of EEX. These are:

    • Admission requirements according to EU rules4:
      • Establishment in the EU (except for compliance buyers)
      • Nominated registry account
      • Nominated bank account
      • Appointment of at least one bidder's representative
      • Technical arrangements to give effect to a maximum bid-size (if necessary)
      • Compliance with respective exchange requirements
    • EEX requirements for admission:
      • Liable equity of at least EUR 50,000*
      • Evidence of personal reliability and professional qualification
      • Admission of at least one trader, incl. EEX trader examination **
      • Technical arrangements for trading** and settlement
      •  Recognition as a trading participant by ECC (clearing house)
      • Conclusion of an agreement with a clearing member of ECC

    *Not required for "auction-only" membership at EEX
    ** Not required for "auction-only" membership at EEX, if bidding via EEX Market Supervision
    3Reference: Article 19 Auctioning Regulation
    4Reference: Article 19(2) Auctioning Regulation

    For an overview of measures against money-laundering, terrorist financing, criminal activity or market abuse, please consult the ECC website.

    A full documentation of EU ETS Regulation on auctioning is available on the website of the European Commission.


    Volumes & Timing

    In coordination with the European Commission, EEX has published the volumes that will auctioned in 2020 in the auction calendar. The volumes from September to December 2020 are indicative as they are subject to adjustments in accordance with the Article 14 of the Auctioning Regulation in view of implementation of the Market Stability Reserve.

    These volumes are based on the amount of allowances to be auctioned estimated by the Commission on the basis of the CAP and the free allocation. Further information may be found at the Commission's website.

    For EEX, EUA auctioning includes the following indicative volumes for the whole year 2020:

    Volume 2020 States Details
    493,571,000 25 EU Member States and 3 EEA EFTA States and Innovation Fund Weekly auctions on Mondays, Tuesdays and Thursdays
    131,266,000 Germany Weekly auctions on Fridays
    141,067,500 Poland Biweekly auctions on Wednesdays

     

    For EEX, EUAA auctioning includes the following volumes for the whole year of 2020:

    Volume States  Details 
    4,862,500 25 EU Member States and 2 EEA EFTA States 6 auctions: 15 January, 11 March, 6 May, 1 July, 9 September, 4 November
    752,500 Germany 1 auction: 7 October
    105,500 Poland 1 auction: 8 April

    Further Details on timing and volumes can be found in the Auction Calendar 2020.

    Access to the auctions - direct and indirect

    A single admission team of EEX and ECC or the EEX Sales team will assist you in all aspects of the admission process (the order of the following points can vary):

    1. Establishing a contact

    EEX will assist you with any questions you may have concerning your admission, the admission process itself and the necessary admission forms.

    2. Completing a training

    The completion of the EEX exchange trader training or spot market emission rights training is required, except you choose an auction only membership without technical access.

    3. Choosing a technical connection

    EEX offers you various technical connection opportunities depending on your needs.

    FAQ Participation in Emissions Auctions

    Details to relevant questions including a comparison of the options how to participate in the Emission Auctions can be found in the document "Participation in Emissions Auctions". A presentation especially for, but not limited to, small and medium size operators is available in the document “Participation in Emissions Auctions – explained in 5 minutes”.

     

    Direct access: membership models

    Companies who would like to become a member of EEX's emissions spot market in order to access the auctions must first determine whether they are eligible to bid as per the EU rules and the EEX admission requirements. If so, the applicant has the choice of three EEX Memberships:

    • Full membership
    • Environmental markets membership
    • Auction-only membership

    Membership models

    Access to all EEX Markets (Spot, Derivatives) and products (power, natural gas, emissions, coal).

    If you would like to become a member or if you require more information, please contact the EEX Sales team or the single admission team of EEX and ECC.

    Access to both or either the Spot and Derivatives markets for emissions products only (EUA, EUAA, CER, ERU) as well as participation in trading in Guarantees of Origin contracts.

    If you would like to become a member or if you require more information, please contact the EEX Sales team or the single admission team of EEX and ECC.

    The following membership alternatives are free of charge (no fees for membership or technical access, only transaction fees apply):

    • Access via Market Supervision: EEX Market Supervision enters bids on behalf of the member, via the Primary Auction Bidding form
    • Trader Access: Direct access to the EEX Spot Auction Platform; the member can enter, modify and cancel bids

    If you would like to become a member or if you require more information, please contact the EEX Sales team or the single admission team of EEX and ECC.


    Further information on the admission process can be found on the 'Admission Process' section of the website. EEX Admission forms are available on the EEX website.

    Indirect access: Participants eligible to bid on behalf of clients in primary auction

    According to Article 60 (3) Auction Regulation (EU No. 1031/2010), auction platforms must publish a list of the names and contact details of all participants admitted to bid on behalf of clients in the emissions auctions. For participation via these participants please contact these companies directly, using the contact details below.

    Companies

    Address Ian Newman
    5, Aldermanbury Square, EC2V 7HR London, UK
    Telephone 0044 203 192 9130
    Fax
    E-mail commodities@uk.abnamroclearing.com
    Website www.abnamroclearing.com

     

    Address 80 Hammersmith Road, London W14 8UD, UK
    Telephone 0044 207 348 3512
    Fax 0044 207 348 3505
    E-mail trading@cf-partners.com
    Website www.cf-partners.com
    Address Mysia 2, 00-496, Warsaw, Poland
    Telephone 0048 22 340 1200
    Fax 0048 22 625 01 90
    E-mail co2.pgedm@gkpge.pl
    Website www.gkpge.pl/dom-maklerski
    Address 4, Splaiul Unirii, Building B3, Bucharest
    4, 030121, Romania
    Telephone 0040 21 207 48 80
    Fax 0040 21 207 48 98
    E-mail Adrian.simionescu@viennainvestment.ro
    Website www.viennainvestment.ro

    For participation via these participants please contact these companies directly, using the contact details above.

    Fees Primary Market

    Combined trading and clearing fee, in €/1,000 allowances (1,000 allowances = 2 lot)*

    EU auctions (including EEA EFTA States) € 3.88
    German auctions € 3.50
    Polish auctions € 3.00
    * The Auctioning Regulation refers to 500 allowances/lot with combined trading and clearing fees of 1.94 €/lot for EU auctions, 1.75 €/lot for German auctions and 1.50 €/lot for German and Polish auctions.

    If your company is attending the emissions auctions as a Non-Clearing Member it needs to contract a Clearing Member for EEX > Spot Market > Emissions. Such a contract might include additional fees for the clearing of allowances won in the auctions. These fees are to be agreed upon bilaterally between your company and the Clearing Member. Information on Clearing Members admitted at EEX/ECC is available at ECC's website in the section About ECC > Partners > Clearing Members. This comprises information on which markets the Clearing Members are offering their services.

    Price List EEX

    more

    Price List ECC

    more

    Benchmark Fees and Components

    > Further information on fees charged for the Common Auction Platform for 03 Feb 2020 until 31 Aug 2020

    Download

    Auction Design

    For all auctions of general allowances (EUAs) and for all auctions of aviation allowances (EUAAs), 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

    More information

    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

    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

    Members who are successful in the auction will have the payment for and the delivery of the EU Allowances won in the auction executed via their delivery account at the ECC.

    For more details on the ECC delivery process, please consult the ECC website.


    M7 Auction System

    Access to the auctions will be available via the M7 EUA Primary Auction Service. The auction platform is a web-based system easily accessible via the internet, with a dedicated login and password provided to admitted members by the EEX Market Supervision department.

    Existing EEX emissions spot market members who satisfy the requirements of being eligible to bid under the EU rules may access the auctions via their Spot login and password.

    Bidder Handbook M7 Auction
    2018-02-08 Bidder Handbook M7 Auction User Guides and Manuals M7 Auction System pdf (914 KB)

    M7 Auction System - Tutorial

    The following tutorial informs about the key features of the M7 Auction System.

     

    Notice: To activate the video, please click on the picture. Please note that after activation your data will be forwarded to YouTube.

    M7 Auction System - View-Only Access (Auction Results only)

    EEX offers a free View-Only Access for the M7 Auction System to the public. You will not be able to see bids, but you will be able to see the auction clearing price, the total volume of bids submitted and the total revenue earned from the auction immediately after the auction. Independently this information and much more data will be provided in the Primary Auction Report within 15 minutes after each auction.

    If you are interested in the View-Only Access, we kindly ask you to provide memberreadiness@ecc.de with your following contact data: name, company, address, telephone number and email address. You will then receive the log-in data.

    André Tzschoppe

    Senior Project Manager

    +49 341 2156-527 andre.tzschoppe@eex.com

    FAQ "Emissions Auctions"

    more

    Emissions News

    > Customer Information & Press Releases

    more

    Download Auction Calender

    More

    EEX Group Brochure: Markets and Products 2020

    More

    EEX Product Codes

    > Shortcodes, WKN, ISIN

    Download

    Archive

    The archive provides you with current and historic information on EUA and EUAA Primary Market Auctions run at EEX.

    EUA Primary Market Auction Report
    2019-09-03 Emission Spot Primary Market Auction Report 2019 Market Data EUA / EUAA Primary Market Auction Report xls (264 KB)
    2012-10-09 History EUA Primary Auction Spot - Germany Market Data EUA / EUAA Primary Market Auction Report zip (5 MB)
    2011-12-13 History EUA Primary Auction Spot - Lithuania Market Data EUA / EUAA Primary Market Auction Report zip (74 KB)
    2011-10-27 History EUA Primary Auction Spot - The Netherlands Market Data EUA / EUAA Primary Market Auction Report zip (147 KB)
    Auction Calendar & Annex
    2020-07-01 EUA Primary Auction Calendar History 2020-- Calendar Auction Calendar zip (6 MB)
    2019-12-20 EUA Primary Auction Calendar History 2019 Calendar Auction Calendar zip (6 MB)
    2018-09-21 EUA Primary Auction Calendar History 2018 Calendar Auction Calendar zip (5 MB)
    2017-11-03 EUA Primary Auction Calendar History 2017 Calendar Auction Calendar zip (6 MB)
    2016-10-25 EUA Primary Auction Calendar History 2016 Calendar Auction Calendar zip (7 MB)
    2014-12-19 EUA Primary Auction Calendar History 2015 Calendar Auction Calendar zip (3 MB)
    2014-07-29 EUA Primary Auction Calendar History 2014 Calendar Auction Calendar zip (2 MB)
    2013-09-30 EUA Primary Auction Calendar History 2013 Calendar Auction Calendar zip (5 MB)
    2013-09-30 EUA Primary Auction Calendar History 2012 Calendar Auction Calendar zip (2 MB)

    Admission, Guidance, FAQ:

    Auction-only
    2018-04-17 Auction only (Electronic Bidding) Emissions Primary Auctions - Archive Auction-only Admission Forms zip (2 MB)
    2018-04-17 Information sheet Admission as “auction only” Participant for the European Energy Exchange Spot Market -Checklist Emissions Primary Auctions - Archive Auction-only Admission Forms pdf (158 KB)
    2018-04-13 Auction only (Trading on Behalf) Emissions Primary Auctions - Archive Auction-only Admission Forms zip (2 MB)
    2017-07-05 Starter Kit Auction only (Electronic Bidding) Emissions Primary Auctions - Archive Auction-only Admission Forms zip (988 KB)
    2017-07-05 Starter Kit Auction only (Trading on Behalf) Emissions Primary Auctions - Archive Auction-only Admission Forms zip (919 KB)
    2017-02-10 A05 Antrag auf Zulassung als „Auction only“- Börsenteilnehmer am Spotmarkt der European Energy Exchange Emissions Primary Auctions - Archive Auction-only Admission Forms pdf (465 KB)
    2017-02-10 A05 Application for Admission as „Auction only“- Exchange participant on the Spot Market of the European Energy Exchange Emissions Primary Auctions - Archive Auction-only Admission Forms pdf (296 KB)
    2012-11-16 Merkblatt Neuzulassung als „Auction only“-Börsenteilnehmer am Spotmarkt der European Energy Exchange Emissions Primary Auctions - Archive Auction-only Admission Forms pdf (96 KB)
    Auctioneers
    2017-07-07 Application Form Auctioneers Emissions Primary Auctions - Archive Auctioneers pdf (168 KB)
    2017-02-10 Application Form Auctioneers Emissions Primary Auctions - Archive Auctioneers pdf (244 KB)
    2012-10-02 Arrangement with Auctioneers Emissions Primary Auctions - Archive Auctioneers pdf (354 KB)
    Eligibility Form
    2017-10-09 Eligibility Form Phase 3 Auctions Emissions Primary Auctions - Archive Eligibility Form pdf (116 KB)
    2016-03-30 Eligibility Form Emissions Primary Auctions - Archive Eligibility Form pdf (100 KB)
    2016-03-30 Berechtigungsformular Emissions Primary Auctions - Archive Eligibility Form pdf (97 KB)
    2014-01-14 Eligibility Form Phase 3 Auctions Emissions Primary Auctions - Archive Eligibility Form pdf (107 KB)
    2012-10-15 Berechtigungsformular (English) Emissions Primary Auctions - Archive Eligibility Form pdf (53 KB)
    2012-10-05 Eligibility Form (German) Emissions Primary Auctions - Archive Eligibility Form pdf (37 KB)
    2012-09-27 Information Letter on Eligibility for Phase 3 Auctions (English) Emissions Primary Auctions - Archive Eligibility Form pdf (44 KB)
    2012-09-27 Information Letter on Eligibility for Phase 3 Auctions (German) Emissions Primary Auctions - Archive Eligibility Form pdf (42 KB)
    Guidance for Bidders
    2020-01-31 Participation in Emissions Auctions (2020) Emissions Primary Auctions - Archive Guidance for Bidders pdf (361 KB)
    2020-01-31 Participation in Emissions Auctions for small and medium Operators – explained in 5 minutes (2020) Emissions Primary Auctions - Archive Guidance for Bidders pdf (168 KB)
    2018-02-13 Participation in Emissions Auctions (2018) Documents Guidance for Bidders pdf (431 KB)
    2017-12-31 Participation in Emission Auctions for small and medium Operators - explainded in 5 minutes (2017) Documents Guidance for Bidders pdf (352 KB)
    2017-08-29 Participation in Emissions Auctions (2017) Documents Guidance for Bidders pdf (665 KB)
    2015-12-14 Brochure "Guidance for Bidders" (2015) Emissions Primary Auctions - Archive Guidance for Bidders pdf (844 KB)
    Emission Intermediaries
    2017-02-27 Customer presentation “Indirect auction access via Belektron” Emissions Primary Auctions - Archive Emission Intermediaries pdf (121 KB)
    2017-02-27 General conditions Emissions Primary Auctions - Archive Emission Intermediaries pdf (436 KB)
    2017-02-23 Flyer EEX Emissions Auctions Emissions Primary Auctions - Archive Emission Intermediaries pdf (59 KB)
    2017-02-02 EUA Auctions - Emission Intermediaries Emissions Primary Auctions - Archive Emission Intermediaries pdf (174 KB)
    2017-02-02 EUA Auktion - Vermittler Kundenhandel Emissions Primary Auctions - Archive Emission Intermediaries pdf (183 KB)
    FAQ
    2020-03-12 FAQ EUA Auctions (English) Emissions Primary Auctions - Archive FAQ pdf (307 KB)
    2020-03-12 EUA Auctions / EUA Auktion - FAQ - History Emissions Primary Auctions - Archive FAQ zip (1 MB)
    2017-11-27 EUA Auction - FAQ (English) Emissions Primary Auctions - Archive FAQ pdf (212 KB)
    2017-11-27 EUA Auktion - FAQ (Deutsch) Emissions Primary Auctions - Archive FAQ pdf (215 KB)
    2017-09-21 EUA Auctions - FAQ (English) Emissions Primary Auctions - Archive FAQ pdf (147 KB)
    2017-09-21 EUA Auktion - FAQ (Deutsch) Emissions Primary Auctions - Archive FAQ pdf (213 KB)

    Auction Tutorial

    Please find below the link to the available video tutorial for the EUA Primary Market Auctions.

    Auction Tutorial
    2013-09-23 Video Tutorial EUA Auction Emissions Primary Auctions - Archive Auction Tutorial zip (4 MB)
    2013-01-24 ComXerv EUA Primary Auction Service - Bidder Handbook Emissions Primary Auctions - Archive Auction Tutorial pdf (962 KB)

    Rules, Regulations, Price Lists:

    EEX Exchange Rules, EEX Trading Conditions and EEX Contract Specifications can be found in the section Markets > Trading Ressources > Rules & Regulations on EEX's website:

    EEX Exchange Rules, Trading Conditions and Contract Specification
    2017-11-15 EEX Contract Specifications - History Emissions Primary Auctions - Archive Rules, Regulations, Price Lists zip (36 MB)
    2017-04-03 EEX Exchange Rules - History Emissions Primary Auctions - Archive Rules, Regulations, Price Lists zip (11 MB)
    2017-04-03 EEX Trading Conditions - History Emissions Primary Auctions - Archive Rules, Regulations, Price Lists zip (6 MB)

    Arrangements on Primary Auctions of Emission Allowances

    The arrangements on primary auctions of emission allowances provide details on applicable rules, legislative framework, rules & regulations, requirements, auction design, conduction of the auctions, clearing and settlement, contract specifications and further relevant information.

    Arrangements on primary auctions
    2015-05-05 Arrangements on primary auctions of emission allowances on the spot market of the European Energy Exchange (EEX) under Commission Regulation (EU) No 1031/2010 and clearing and settlement of such transactions through European Commodity Clearing AG (ECC) – Emissions Primary Auctions - Archive Rules, Regulations, Price Lists Arrangements on Primary Auctions of Emission Allowances pdf (354 KB)

    EEX Price List

    The EEX Price List can be found in the section Trading > Price List on EEX's website.

    Benchmark Fees and Fee Components

    Benchmark Fees and Fee Components
    2020-01-30 Benchmark Fees and fee components Emissions Primary Auctions - Archive Rules, Regulations, Price Lists Benchmark Fees and Fee Components pdf (104 KB)
    2018-12-07 Benchmark fees and fee components Emissions Primary Auctions - Archive Rules, Regulations, Price Lists Benchmark Fees and Fee Components pdf (103 KB)
    2017-11-27 Benchmark fees and fee components Emissions Primary Auctions - Archive Rules, Regulations, Price Lists Benchmark Fees and Fee Components pdf (140 KB)
    2017-10-02 Benchmark fees and fee components Emissions Primary Auctions - Archive Rules, Regulations, Price Lists Benchmark Fees and Fee Components pdf (94 KB)
    2017-01-24 Benchmark fees and fee components Emissions Primary Auctions - Archive Rules, Regulations, Price Lists Benchmark Fees and Fee Components pdf (93 KB)

    Emissions News

    > Customer Information & Press Releases

    more

    Price List ECC

    more

    ECC Clearing Specifications

    more

    André Tzschoppe

    Senior Project Manager

    +49 341 2156-527 andre.tzschoppe@eex.com

    FAQ "Emissions Auctions"

    more