The European Energy Exchange (EEX) successfully conducted the first auction under the German national emissions trading system (nEHS) on 1 July 2026. A total of 21,341,599 nEHS allowances (nEZ) was auctioned at a price of EUR 65/nEZ. As the clearing price reached the upper limit, twice the volume originally scheduled in the calendar was allocated in yesterday’s auction (“EUR 65 rule”).
Peter Reitz, CEO of EEX, comments: “The successful first auction marks an important milestone for emissions trading in Germany. EEX provides transparent, efficient and reliable market mechanisms and actively supports market participants in the transition to the new European emissions trading system, EU ETS 2.”
In 2026, nEHS allowances are being auctioned on EEX for the first time. Auctions take place on a weekly basis, with bids submitted every Wednesday within a two-hour window from 13:00 to 15:00 CET. For nEHS allowances with the 2026 vintage, a price corridor of EUR 55 to EUR 65 applies. In total, over 192 million nEZs will be auctioned in 2026.
Following the nEHS auctions, sales of nEHS allowances with the 2026 vintage in unlimited quantities will take place from November 2026 at the excess quantity price of EUR 68/nEZ. The auction calendar for the national emissions trading system for 2026 is available here.
The transition from a fixed CO₂ price to market-based price formation represents a key step on the path towards the European emissions trading system, EU ETS 2. EEX already offers futures contracts for EU ETS 2 trading and will also conduct the corresponding auctions on its platform in the future. The auctions are part of the CAP4 mandate, recently awarded to EEX, under which the common European platform for phase four (CAP4) auctions within the EU Emissions Trading System (EU ETS) will be operated as well.
The European Energy Exchange (EEX) is a leading energy exchange which builds secure, successful and sustainable commodity markets worldwide – together with its customers and partners. As part of EEX Group, it serves international power, natural gas, environmental, freight and agricultural markets, and provides data, reporting and registry services. EEX is an enabler of the energy transition and decarbonisation, advancing renewables integration through dedicated products and services, including those related to guarantees of origin. More information: www.eex.com
