Timing, frequency and distribution of the volume of allowances
1. An auction platform shall conduct auctions separately through its own regularly recurring bidding window.
The bidding windows for auctions of allowances referred to in Article 13 conducted by the common auction platform shall be separate from the bidding windows for auctions of allowances referred to in Articles 10 and 11.
The bidding window shall be opened and closed on the same trading day and shall be kept open for no less than two hours. There shall be at least a two-hour delay between two consecutive bidding windows. The bidding windows of any two or more auction platforms shall not overlap.
The bidding windows for auctions of allowances referred to in Articles 10, 11 and 13 shall not overlap. From 1 January 2025, the allowances referred to in Articles 10 and 11 shall be auctioned in the same bidding windows.
2. The auction platform shall determine the dates and times of the auctions taking account of public holidays that affect international financial markets and any other relevant events or circumstances that might affect the proper conduct of the auctions. No auctions shall be held in the two weeks over Christmas and New Year of each year.
3. In exceptional circumstances, any auction platform may, after having consulted the Commission, change the times of any bidding window by giving notice to all persons likely to be affected. The auction platform concerned shall take the utmost account of the Commission’s opinion on the change, where such an opinion is delivered.
4. The common auction platform shall conduct auctions of allowances referred to in Articles 10 and 13 at least on a weekly basis. The common auction platform shall conduct auctions of allowances referred to in Article 11 at least every two months. From 1 January 2025, provisions of this paragraph applying to allowances referred to in Article 10 shall also apply to allowances referred to in Article 11.
By way of derogation from the first subparagraph, the common auction platform may conduct auctions of allowances referred to in Article 13 at other frequencies in the first six auctions, provided that this is necessary to improve the participation in the auctions and ensure the smooth operation of the auction process.
Where the common auction platform conducts auctions in one or two days a week, no other auction platform shall conduct an auction on those days.
Where the common auction platform conducts auctions on more than two days a week, it shall choose two days on which no other auctions may take place. It shall publish those days no later than at the publication of the auction calendar as referred to in Article 12(2).
5. The volume of allowances referred to in Articles 10 and 11 to be auctioned on a common auction platform shall in principle be distributed evenly over the auctions held in a given calendar year.
The volume of allowances referred to in Article 13 to be auctioned on a common auction platform shall in principle be distributed evenly over the auctions held in a given calendar year, except for the additional volumes to be auctioned in accordance with Article 30d, point (2), of Directive 2003/87/EC, which shall in principle be distributed evenly in the period up to 31 May 2028.
Where the annual volume of allowances of a Member State cannot be distributed evenly over the auctions in a given calendar year in accordance with the rules for minimum volume bid set out in Article 6(1), the relevant auction platform shall distribute that volume over fewer auctions, ensuring that the volume is auctioned, in principle, at least every quarter.
Circumstances preventing the conduct of auctions
An auction platform may cancel an auction where the proper conduct of that auction is disrupted or is likely to be disrupted. The volume of allowances of the cancelled auctions shall be distributed in accordance with Article 7(9).
Annual volumes of auctioned allowances in respect of maritime transport activities and stationary installations
1. The volume of allowances in respect of maritime transport activities referred to in Article 3ga of Directive 2003/87/EC and in respect of stationary installations falling within the scope of Chapter III of that Directive to be auctioned in any given calendar year shall be the volume of allowances established in accordance with Article 10(1) and 10(1a) of that Directive.
2. The volume of allowances to be auctioned by each Member State in any given calendar year shall be based on the volume of allowances established pursuant to paragraph 1 of this Article and the share of allowances of that Member State determined pursuant to Article 3ga(3) and Article 10(2) of Directive 2003/87/EC.
3. The volume of allowances referred to in paragraphs 1 and 2 of this Article shall take into account changes pursuant to any of the following provisions:
(a)
Article 3gb, Article 10a(5a), Articles 10c and 10ca, Article 10d(4), Article 10e(3), Article 12(3-e) and (4), and Articles 24, 27, 27a and 29a of Directive 2003/87/EC;
(b)
Article 1 of Decision (EU) 2015/1814;
(c)
Article 6 of Regulation (EU) 2018/842 of the European Parliament and of the Council ( 21 ) .
4. Any change to the volume of allowances to be auctioned in a given calendar year other than the changes referred to in Article 14 shall be accounted for in the volume of allowances to be auctioned in the subsequent calendar year.
Any volume of allowances that cannot be auctioned in a given calendar year due to the rounding required by Article 6(1) shall be accounted for in the volume of allowances to be auctioned in the subsequent calendar year.
5. The distribution of allowances pursuant to Article 10a(8) of Directive 2003/87/EC shall be determined taking into account the following:
(a)
the volume of allowances and the date when they are made available to the Innovation Fund pursuant to Article 9, fourth paragraph, Article 10a(1), (1a) and (5b), Article 10a(8), first, third and fourth subparagraphs, and Article 10e(4) of Directive 2003/87/EC;
(b)
the frontloading of allowances for the Innovation Fund pursuant to Article 10a(8), second subparagraph, of Directive 2003/87/EC;
(c)
the volume of allowances to be auctioned for the Recovery and Resilience Facility pursuant to Article 10e(2) until 31 August 2026.
Without prejudice to the first subparagraph, the annual volume of allowances to be auctioned pursuant to Article 10a(8) of Directive 2003/87/EC shall be at least 40 000 000 allowances. That volume shall be reflected in the auction calendar referred to in Article 12 of this Regulation.
6. The initial annual volume of allowances to be auctioned pursuant to Article 10e(2) and (3) of Directive 2003/87/EC shall be as follows:
(a)
for 2024: 86 685 000 allowances;
(b)
for 2025: 86 685 000 allowances;
(c)
for 2026: 58 000 000 allowances.
The annual volume of allowances that need to be auctioned to reach the revenue referred to in Article 10e(2) and (3) of Directive 2003/87/EC may be adjusted to ensure that the objectives set out in Article 10e of that Directive are met. For the purposes of that adjustment, the revenue already obtained, the average auction clearing price for the six preceding calendar months, and the time remaining until 31 August 2026 shall be taken into account and the auction calendars shall be adjusted accordingly in accordance with Article 14(1), point (o) of this Regulation.
If the auction revenue referred to in Article 10e(2) and (3) of Directive 2003/87/EC is reached before the date of the last auction scheduled for the Recovery and Resilience Facility, the subsequent auctions of allowances for that Facility shall be immediately suspended in line with the relevant provisions for suspension of such auctions set out in Delegated Regulation (EU) 2019/1122. The relevant auction calendars shall be adjusted accordingly in accordance with Article 14(1), point (e) of this Regulation.
Annual volumes of auctioned allowances in respect of aviation
1. The volume of allowances in respect of aviation activities referred to in Article 3b of Directive 2003/87/EC to be auctioned each calendar year shall be the volume of allowances established in accordance with Articles 3c and 3d of that Directive.
2. The volume of allowances to be auctioned by each Member State in any given calendar year shall be based on the volume of allowances established pursuant to paragraph 1 of this Article and the share of allowances of that Member State determined pursuant to Article 3d(3) of Directive 2003/87/EC.
3. Any change to the volume of allowances to be auctioned in a given calendar year other than the changes referred to in Article 14 shall be accounted for in the volume of allowances to be auctioned in the subsequent calendar year.
4. Any volume of allowances that cannot be auctioned in a given calendar year due to the rounding required by Article 6(1) shall be accounted for in the volume of allowances to be auctioned in the subsequent calendar year.
Auction calendar for individual auctions of allowances referred to in Articles 10 and 11 auctioned by the common auction platform
1. The common auction platform shall, after consulting the Commission, determine the auction calendars, including the bidding windows, the individual auction volumes, the auction dates, the auctioned product and the payment and delivery dates for the allowances referred to in Articles 10 and 11 to be auctioned in individual auctions each calendar year.
2. The common auction platform shall publish the auction calendar for a given calendar year by 31 July of the previous calendar year with regard to allowances referred to in Articles 10 and Article 11 of this Regulation, or as soon as practicable thereafter, provided that the Commission has instructed the central administrator of the Union Registry to enter the auction table corresponding to the auction calendar into the Union Registry, in accordance with Delegated Regulation (EU) 2019/1122.
3. The auction calendars for allowances referred to in Articles 10 and 11 shall be determined and published separately. From 1 January 2025, the common auction platform shall determine and publish joint auction calendars for allowances referred in Articles 10 and 11 in accordance with Delegated Regulation (EU) 2019/1122.
Annual volumes and calendars for individual auctions of allowances in respect of buildings, road transport and additional sectors
1. The volume of allowances referred to in Article 30a of Directive 2003/87/EC to be auctioned in any given calendar year from 2027 shall be the volume of allowances established in accordance with Articles 30c and 30d of that Directive.
2. The volume of allowances to be auctioned by each Member State in any given calendar year shall be based on the volume of allowances established pursuant to paragraph 1 of this Article and the share of allowances of that Member State determined pursuant to Article 30d(5) of Directive 2003/87/EC.
3. The volume of allowances referred to in paragraphs 1 and 2 of this Article shall take into account changes pursuant to Article 30e(3) or Articles 30h and 30j of Directive 2003/87/EC or pursuant to Article 1a of Decision (EU) 2015/1814.
4. The common auction platform shall, after having consulted the Commission, determine the auction calendars, including the bidding windows, the individual auction volumes, the auction dates, the auctioned product, and the payment and delivery dates for the allowances to be auctioned each calendar year in individual auctions in accordance with paragraph 2 of this Article. It shall publish the auction calendar for a calendar year by 31 July of the preceding year, or as soon as practicable thereafter, provided that the Commission has instructed the central administrator of the Union Registry to enter the auction table corresponding to the auction calendar into the Union Registry in accordance with Delegated Regulation (EU) 2019/1122.
5. The annual auction volumes of allowances referred to in Article 30d(3) and (4) of Directive 2003/87/EC shall be auctioned together with the respective annual volumes of allowances referred to in paragraph 1 of this Article before 31 August each year. The initial annual volume of allowances to be auctioned in 2027 pursuant to Article 30d(3) and (4) of Directive 2003/87/EC shall be 350 000 000 allowances.
6. Where 75 % of the maximum annual amount of revenue referred to in Article 30d(4) of Directive 2003/87/EC is not generated by 30 June of any given year, the initial annual volume of allowances to be auctioned for the Social Climate Fund shall be increased for the period from September to December of that year.
If the maximum annual amount of revenue is reached earlier than initially foreseen in the auction calendar, the subsequent auctions of allowances for the Social Climate Fund shall be immediately suspended in line with the relevant provisions for suspension of such auctions set out in Delegated Regulation (EU) 2019/1122.
In both cases, the auction calendar shall be adjusted accordingly without undue delay in accordance with Article 14(1), to either increase the number of allowances auctioned for the Social Climate Fund for the period from September to December or to auction any excess volume on behalf of the Member States.
Adjustments of auction calendars and of the volume of allowances to be auctioned
1. The determinations and publications of the annual volumes to be auctioned and of the bidding windows, the distribution of allowances, dates, auctioned product, payment and delivery dates in connection with individual auctions pursuant to Articles 10, 11 and 13 and Article 31(3) shall not be modified except for adjustments due to any of the following:
(a)
the cancellation of an auction pursuant to Article 7(5) and (6), Article 9 and Article 31(4);
(b)
the suspension of an opt-out platform that is provided for in Delegated Regulation (EU) 2019/1122;
(c)
a decision by a Member State pursuant to Article 29(7);
(d)
a settlement failure referred to in Article 36(5);
(e)
the suspension of a process provided for in Delegated Regulation (EU) 2019/1122 that impacts the auction calendars;
(f)
allowances remaining in the reserve for new entrants provided for in Article 10a(7) of Directive 2003/87/EC and allowances not allocated pursuant to Article 10c and Article 10ca of that Directive;
(g)
a unilateral inclusion of additional activities, greenhouse gases or sectors pursuant to Article 24 or Article 30j of Directive 2003/87/EC;
(h)
a measure adopted pursuant to Article 29a or Article 30h of Directive 2003/87/EC;
(i)
the entry into force of amendments to this Regulation or to Directive 2003/87/EC;
(j)
withholding of allowances from the auctions pursuant to Article 22(4);
(k)
the necessity for an auction platform to avoid conducting an auction in breach of provisions laid down in this Regulation or in Directive 2003/87/EC;
(l)
adjustments necessary pursuant to Articles 1 and 1a of Decision (EU) 2015/1814;
(m)
a cancellation of allowances pursuant to Article 12(4) of Directive 2003/87/EC;
(n)
adjustments necessary pursuant to Article 10a(9) of Directive 2003/87/EC;
(o)
adjustments necessary pursuant to Article 10e of Directive 2003/87/EC;
(p)
adjustments necessary pursuant to Article 30d or Article 30e(3) of Directive 2003/87/EC.
2. The auction platforms concerned shall publish the adjusted auction calendars 4 weeks prior to their date of application, or as soon as practicable thereafter. This requirement shall not apply to adjustments referred to in paragraph 1, points (a) to (e).
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
