Fixed-price phase (2021 until 2025)
The fixed-price phase in the national emissions trading system (nEHS) applies for the first five years from 2021 to 2025, during which the fixed price increases annually (with the exception of 2023). This is based on the Fuel Emissions Trading Act (BEHG). The fixed price for a nEHS certificate (nEZ) and thus for one tonne of CO2 amounts to:
- 2021: 25 euros
- 2022: 30 euros
- 2023: 30 euros
- 2024: 45 euros
- 2025: 55 euros
The European Energy Exchange AG (EEX) in Leipzig was awarded the contract for the sale of nEHS certificates during the fixed-price phase up to and including 2025 on 15/03/2021. The German Environment Agency (UBA) had put this task out to tender on a Europe-wide basis as the body responsible for the implementation of the nEHS.
nEHS certificates (nEZ) are being offered for purchase on two dates per week during the fixed-price phase. A calendar containing all sales dates for the current year is available on the EEX website. A time window of six hours is available for the participants to transmit their buy orders during the individual sales dates. A transaction fee of 0.0049 euros (0.0058 euros including if applicable VAT) is charged by EEX for each nEZ purchased. Fixed fees or charges do not apply. A limitation of the purchase volumes per participant at the applicable fixed price for nEHS certificates of the current year is not envisaged in the sales dates during the entire fixed price phase. In the respective following year, a limited post-purchase of nEZ with the vintage of the previous year is possible (paragraph 10(2) Fuel Emissions Trading Act (BEHG), the ‘post-purchase rule’). The balance of nEHS certificates shown on the compliance account of the obligated party as per BEHG as of December 31 of each year forms the assessment basis for this purpose. In the following year, an obligated party as per BEHG can buy up to 10 percent of this balance of nEHS certificates at the previous year’s price on the EEX, or have them bought by intermediaries. Dates for the post-purchase can also be taken from the EEX respective current sales calendar.
The EEX provides further information on various aspects of the sale on its website. The sales results will be published on the EEX website on the same day following the sale.
On 07/10/2022, the German Bundesrat approved the ‘Achtes Gesetz zur Änderung von Verbrauchsteuergesetzen’. With this amendment the reverse-charge procedure also applies for transactions of nEHS certificates in the German law on turnover tax (Umsatzsteuergesetz) (see website of the German Bundestag). The relevant legal bases can be found in Article 12 Number 2 in conjunction with 18 (4) of the act (see BGBl. I from 28/10/2022, p. 1838). The reverse-charge procedure entered into force on 01/01/2023.
Legal basis
(available in German only)
Brennstoffemissionshandelsgesetz (BEHG)
Bundesgesetzblatt Teil I - Haushaltsfinanzierungsgesetz 2024
Brennstoffemissionshandelsverordnung (BEHV)
Deutscher Bundestag - Achtes Gesetz zur Änderung von Verbrauchsteuergesetzen
Auction and sale of nEHS certificates of vintage 2026
In 2026, nEHS certificates of vintage 2026 (‘2026 nEZ’) will be auctioned within a price corridor set at a minimum price of €55 and a maximum price of €65. Within this range, the price will be determined by market demand. Following the auction phase, sales dates will be held throughout 2026 with the sale price set at €68 per nEZ and unlimited sales volume per date. In addition, limited quantities of 2026 nEZ may be purchased at a price of €70 each during the post-purchase period in 2027 up to 31 August. 2026 nEZ may only be used to fulfil surrender obligations in the 2026 reporting year and previous years.
The European Energy Exchange AG (EEX) in Leipzig was awarded the contract for the sale and auction of nEHS certificates from 2026 onwards on 22/09/2025. The German Environment Agency (UBA) had put this task out to tender on a Europe-wide basis as the body responsible for the implementation of the nEHS. For nEZ of vintage 2026, the transaction fee amounts to 0.0059 euros (0.0070 euros including if applicable VAT). The amount of the fixed fees or charges varies depending on the membership model at EEX/ECC.
Below, we provide details on the individual sales phases:
1. Auction phase in 2026
When do the auctions take place?
Auctions for nEZ with vintage 2026 will take place once a week (Wednesdays) at EEX for two hours from 01:00 pm to 03:00 pm. The first auction date in 2026 will be on 1st July. The tentative last date for the year is scheduled for 28/10/2026.If, following an auction, the remaining total auction volume falls below three times the regular auction volume per date, only two further auctions will take place. Please note that, depending on the quantity allocated pursuant to the ‘€65 rule’ (see below and paragraph 12(4) BEHV), auction dates at the end of the auction phase may be cancelled. If the ‘€65 rule’ applies in full from the start of the auctions, the last auction date would be 09/09/2026. As soon as this regulation necessitates an adjustment to the auction and sale calendar, EEX will promptly publish an updated version of the auction and sale calendar.
What volumes will be auctioned?
The total auction volume in the nEHS for the year 2026 amounts to 192,085,240 nEZ. The volume per auction date is 10,671,000 nEZ. If the clearing price is 65 euros, the actual volume allocated per auction date may be up to twice as high – the so-called ‘€65 rule’ (see below and paragraph 12(4) and (5) BEHV). This volume allocated in excess of the scheduled quantity is deducted from the remaining total auction volume.
The total auction volume is calculated as the annual emissions cap for 2026, plus the 2026 increment amount, minus the additional demand for the years 2021 to 2025 (paragraph 11(1) BEHV).The cap for the year 2026 is based on the revised emission allocations for Germany pursuant to the EU Effort Sharing Regulation (Regulation (EU) 2018/842) and Implementing Decision (EU) 2020/2126. The adjustments to the emission allocations for the years 2026 to 2030 published in the Official Journal of the European Union on 27/04/2026 (Implementing Decision (EU) 2026/895) shall apply instead of the emission cap pursuant to paragraph 44(2) BEHV. To avoid subsequent corrections, these adjustments as of 27/04/2026 have already been taken into account for the calculation of the 2026 total auction volume, even though a corresponding amendment to the BEHV is still pending.
How does the auction process work?
In line with EU ETS 1 and EU ETS 2, auctions under the nEHS are conducted using the established uniform price auction procedure consisting of one bidding round and a closed order book (without visibility of other bidders' bids). Within the defined price corridor, the minimum bid price is €55 and the maximum bid price is €65 (paragraph 12(1) BEHV). For each individual bidder per delivery account, the total bid volume is limited to 50 percent of the auction volume offered on an auction date.
In the uniform price procedure, the auction price is determined by ranking all eligible bids, starting with the highest bid, according to the bid price. Starting with the highest bid, the bid volumes are added until the offered quantity of nEZ is reached (in this example, 4 million nEZ). The bid price at which the sum of the bid volumes reaches or exceeds the number of nEZ offered determines the auction price (in this case, bid F).
Bidders will be awarded the volume they bid for if their bid price is at least equal to the clearing price. If a bidder’s offer matches the clearing price exactly, their allocation will correspond to the remaining volume available. Depending on the bid structure, this may be less than the volume requested by the bidder. If several trading participants have bid the exact clearing price, their bids will be allocated proportionally at the clearing price.
If the clearing price at an auction corresponds to the maximum price of €65 and the total bid volume at €65 exceeds the planned auction volume, the “€65 rule“ applies: all bidders who have bid €65 will be awarded the bid equal to their bid volume. However, this only applies if the total bid volume at €65 does not exceed twice the planned auction volume for that auction date. However, if the total bid volume is higher, a pro rata allocation at a price of €65 will be made, limited to double of the planned auction volume. The nEZ allocated in excess of the auction volume scheduled for that auction date will be deducted from the remaining total auction volume and the number of remaining auction dates will be reduced accordingly. The €65 rule only applies as long as the remaining auction volume is at least one third of the 2026 total auction volume.
When is an auction date cancelled?
If the total amount of all bids submitted on an auction date is less than the auction volume published in the auction calendar, that auction date will be cancelled (paragraph 11(3) BEHV). Similarly, an auction date may be cancelled if the auction platform experiences technical malfunctions or as a precautionary measure, in cases where there are indications of fraud or other criminal offences against property. Should cancellation occur, the auction will be rescheduled, and a revised auction calendar will be made available.
Sales phase in 2026
Sales of nEZ with vintage 2026 at the excess quantity price (68 euros) will take place twice a week (Tuesdays and Thursdays) for six hours each day from 09:00 am to 03:00 pm at EEX from 03/11/ 2026 until presumably 03/12/2026. At these sales dates the price per 2026 nEZ will be €68 (paragraph 14 BEHV). There will be no limit on the purchase volumes of 2026 nEZ per participant at the 2026 sales dates.
Post-purchase phase in 2027
The volume of 2026 nEZ that an obligated party as per BEHG may acquire in 2027 is restricted to up to 10 percent of the 2026 nEZ balance reported on 31/12/2026 in the compliance account of an obligated party. The price for acquiring the post-purchase volume of 2026 nEZ will be €70 per nEZ in 2027 (paragraph 15 BEHV). The last date for post-purchases will be 31/08/2027. The 2027 dates will be published on the EEX website at least two months before the first sale date and will take place at least once a week.
Climate Change 49/2025: Umsetzung des Preiskorridors im nationalen Emissionshandel (nEHS) im Jahr 2026
Market-based fixed price phase (from 2027)
Under current legislation, nEZ will be sold at a market-based fixed price from 2027 onwards.
As a result of the postponement of the start of the regulatory phase of the EU ETS 2 to 2028, nEZ of vintage 2027 will be sold in the third and fourth quarters of 2027 on the basis of the EU ETS 1 volume-weighted average price in the respective penultimate quarter (paragraph 17 BEHV).
For the emission volumes remaining in the nEHS after the start of the regulatory phase of the EU ETS 2 in 2028, sales will commence in the third quarter of 2028. The market-based fixed price for nEZ of vintage from 2028 onwards will correspond to the volume-weighted average price in the EU ETS 2 for the respective penultimate quarter (paragraph 16 BEHV).
The applicable price will be published at least two months prior to the respective start of each quarter. There will be no restrictions on the volume of nEZ offered for sale on the specified sales dates. The nEZ of vintage from 2027 onwards will be valid for the entire trading period.
Legal basis
(available in German only)
Brennstoffemissionshandelsgesetz (BEHG)
Brennstoffemissionshandelsverordnung (BEHV)
Framework data for admission to the EEX
Obligated parties as per BEHG and other people entitled to admission pursuant to BEHG may submit an application for admission to the European Energy Exchange (EEX) for direct participation at the auctions and sales. The admission requirements can be viewed on the EEX website.
Note
The following information must be taken into account for direct participation in the 2026 auctions: Participants who have previously only participated in nEHS sales outside the regulated market (payment via SEPA transfer) and are not yet admitted to the regulated market of EEX require separate admission to participate directly in the auctions due to market regulatory requirements. Please note the deadlines communicated by EEX for the complete submission of documents. Participants who are already admitted to stock exchange trading and clearing on the EEX/ECC and have participated in fixed-price sales in the nEHS will generally be automatically admitted to the auctions. All participants already admitted to the fixed-price phase will be able to continue participating in the fixed-prices sales from November 2026 onwards without having to reapply for admission.
In addition to direct participation in the sale and auction, it is also possible in principle to acquire the nEHS certificates via another admitted participant (intermediary). Admission to the EEX is therefore not mandatory.
EEX held an online seminar on 26/11/2025 on the topic of ‘Auctions and sales from 2026 onwards’. In addition to information on the auction design, details on direct admission to the auctions and sales from 2026 onwards, as well as indirect access, were explained.
EEX Web-Seminar 2025: Marktzugang zur Teilnahme am nationalen Emissionshandel (nEHS)
EEX last organised an online seminar on the subject of ‘Access to sales’ on 03/04/2024 which was primarily aimed at new obligated parties as per BEHG from 2024. In addition to information about gaining direct access via EEX, an overview of accessing EEX via intermediaries was also provided. For this purpose, a number of intermediaries briefly introduced themselves.
EEX Web-Seminar 2024: Marktzugang zur Teilnahme am nationalen Emissionshandel (nEHS)
For questions and comments on the online seminars, please contact E-mail: nehs@eex.com directly.