The final auction for German 2026 national emissions certificates (nEZ) today, 9 September drew bids far exceeding available volumes. Market participants are now shifting their focus to the secondary market and the supplementary purchase phase starting in November.
A total of 110 participants bid for 496,856,346 nEZ at €65 each. Only 10,682,308 certificates were allocated, leaving the allocation rate virtually unchanged at just over 2pc.
Many entities obligated under Germany's Fuel Emissions Trading Act (BEHG) have still been unable to secure enough certificates to meet compliance requirements after the auction. These companies must now either buy nEZ on the secondary market or acquire extra certificates from November at the fixed price of €68/nEZ.
Supply on the secondary market remains very limited, according to market participants. Most auction participants with compliance obligations under the BEHG have generally not yet met those obligations.
As a result, the main sellers are typically firms that bought nEZ solely for resale at a profit. Offer prices are generally quoted at €66.50-67.50/nEZ.
