OSLO (Reuters) – The European Energy Exchange (EEX) has published a revised auction calendar for 2023 EU emission allowances (EUA) to reflect changes to volumes owing to European Union regulations, it said late on Wednesday.
The adjustments start on July 3 and include the Recovery and Resilience Facility (RRF), a temporary instrument to sell additional allowances to raise a possible 8 billion euros ($8.8 billion) for measures to increase EU resilience from the energy crisis spawned by the war in Ukraine.
This will result in an additional 16,199,377 allowances in 2023, EEX said.
At the same time, auction volumes between September and December will be reduced to reflect allowances removed from Market Stability Reserve (MSR), a tool that adjusts allowances in circulation based on actual emissions the previous year.
This reduces auction volumes by 90,783,578 allowances, according to a separate statement from the European Commission.
In addition, the volume of a single EUA auction on behalf of Northern Ireland on Oct. 4 has been lowered to 1 million EUAs, from 1.248 million previously, also as part of the MSR adjustment.
“As a result of the updates to the auction calendars for 2023, a total volume of 517,587,000 EUA will be auctioned by EEX in 2023,” it said.
Preliminary figures published by the EEX had showed 2023 auction volumes of 592,135,000 EUAs, including the Northern Irish volumes.
($1 = 0.9104 euros)
(Reporting by Nora Buli; Editing by David Goodman)
