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    Auction Design

    For all auctions of general allowances (EUAs), 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 4th trading period of the EU ETS (2021-2030)
    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    • Bids may be submitted, modified and withdrawn during the bidding window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    Each bid may only be withdrawn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.


    André Tzschoppe

    Contact for enquiries

    For any questions related to the EU ETS Auctions, get in touch with our Expert for Environmental Markets, Business Development.

    Get in touch with
    André Tzschoppe

    Sales Emissions

    +44 207 862 7555 sales@eex.com

    Market Operations

    +49 341 2156-331 auctions@eex.com

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