EU ETS2
In 2027, the EU ETS2, a second ETS on the European level, is scheduled to become fully operational. It will exist in parallel to the EU ETS (EU ETS1) and will cover emissions from road transportation, buildings, and additional sectors (mainly small industry not covered by the existing EU ETS1). All allowances in the ETS2 will be allocated through auctions, which means that all regulated companies will have to manage their compliance costs and price exposure from the beginning onwards.
ETS2 allowances can be purchased either through primary auctions from 2027 or on the secondary market. Article 30k of the EU ETS Directive provisions a delayed start of the scheme to 2028 in the case of extraordinarily high energy prices. Any other provisions for a potential delay or other amendments are currently not foreseen.
EEX EU ETS2 Futures provide an instrument for companies that seek to hedge their ETS2 exposure well ahead of the ETS2 primary auction start. With the first expiry December 2027 available for trading, EEX ETS2 Futures enable companies to manage their exposure for the first ETS2 compliance year 2027 and beyond.
EU ETS2 Futures
*Expected launch date: 7 July 2025 (pending regulatory approval)
| Contracts | EEX EU ETS2 Futures |
| Underlying | EU ETS2 allowance in the sense of Article 3 (a) of Directive 2003/87/EC (EUETS Directive) which shall be valid only for the purposes of meeting the requirements of Chapter IVa of the EU ETS Directive and which shall be transferable in accordance with the provisions of this Directive, as defined respectively in Article 3 (8a) of Commission Delegated Regulation (EU) 2019/1122 (Registry Regulation) in its respective valid version (referred to as “EU ETS2 allowances”). EU ETS2 allowances are kept in the Union Registry and can be transferred on the respective delivery day. |
| Purchase price | The Purchase Price for delivery under the futures transactions is the final settlement price multiplied by the quantity of EU ETS2 allowances to be transferred. The final settlement price is determined on the Last Trading Day of the respective future |
| Contract volume | 1,000 EU ETS2 allowances (1 lot) |
| Minimum lot size | 1 contract or a multiple thereof |
| Pricing | Pricing in EUR 0.01 per EU ETS2 allowance |
| Minimum price flux | EUR 0.01 per EU ETS2 allowance |
| Contract series | Up to 5 December, 5 April and 12 monthly contracts (first tradable maturity will be December 2027) |
| Last trading day | Last Monday of the maturity month that fulfills the following prerequisite: Neither this Monday nor one of the following four calendar days is a public holiday in Great Britain. If that specific Monday is not an exchange trading day at EEX, the Last Trading Day is the exchange trading day following that Monday. The Management Board of the Exchange may deviate from the preceding definition in individual cases and determine another exchange trading day of EEX as Last trading day, if that deviation is required to adjust with standards usual in the market. The Last Trading Day for each contract will be published by the Management Board of the Exchange prior to introduction of a maturity to trading at the latest. |
| Delivery | The second ECC business day after the last trading day |
| Fulfillment | Deliveries of EU ETS2 allowances are affected by means of recordings in the internal inventory accounts of ECC kept for this purpose which lead to a corresponding change in the number of shares which the Exchange Participants hold in the total stock kept fiduciary (treuhänderisch) in the registry accounts of ECC at the same time. |
| Transfer of EU ETS2 allowances | Each Exchange participant is entitled to demand the transfer of EU ETS2 allowances, held in escrow for them, in the respective ECC escrow accounts at the registry, to a registry account specified by them. There is no entitlement to transfer of EU ETS2 allowances of a particular trading period, provided that the respective EU ETS2 allowances transferred can be used to meet the requirements of The EU ETS Directive at the time of transfer. The demand is executed at the latest on the first ECC Business Day after it is made. |
| Provisions for potential delay of ETS2 primary auction | EU ETS2 allowances will be auctioned for the first time in 2027 pursuant to Article 30c in conjunction with Article 30d of the EU ETS Directive. The first tradable maturity for EEX EU ETS2 Futures will therefore be December 2027. In the event of a postponement of the auctions pursuant to Article 30k of the EU ETS Directive or for other reasons, all open positions in the affected maturities of the EEX EU ETS2 Futures will be closed and corresponding positions in the corresponding maturities of the EEX EU ETS2 Futures of the calendar year in which the auction first takes place will be opened (position transfer), possibly taking into account measures pursuant to Article 8(4) subparagraph 2 of Regulation (EU) 2023/2830 (Auction Regulation). The position transfer, including any necessary cash settlement, will be based on the settlement prices of the affected maturities of the EEX EU ETS2 Futures on the day of the position transfer. The Management Board of the Exchange will announce the day of the position transfer. |
Please note that this document is for informational purposes only and is not legally binding. The Contract Specifications are available on EEX’s Website at Trading Resources > Trading Information > Rules & Regulations alone are legally binding.
Join our webinar EU ETS 2 market outlook
Policy, prices and market-drivers you cannot afford to miss
Market participants can learn how to price, hedge, and manage risk under uncertainty. Join us for a joint webinar hosted with Veyt that will help you evaluate trading options and prepare for success with EU ETS2.
Date: 22/05/2025
Time: 10 AM CEST
Agenda highlights:
- Regulatory outlook — What is happening with policy-makers and what it means to the market
- Futures market launch – Key trends and liquidity signals to watch
- Price forecasts and market balance – What models say about price paths and trading opportunities
Access Options
The markets can be accessed through direct membership options, as well as indirect access providers.
Direct membership
Direct membership requires registration as a trading participant to trade on a specific market or product. Please find out more about direct membership here.
Indirect access
Indirect access is provided through EEX members, such as banks or other intermediaries. Depending on the individual access provider, different services are offered to non-members:
- own trading frontend
- screen of the Access Provider, or
- on behalf service by the Access Provider.
Find out more about Indirect Access (eex.com) and Brokers (eex.com) here.