With the first auctioning of national emission allowances (nEZ) in 2026, national emissions trading in Germany has entered the auction phase. According to the available results, the clearing price was EUR 65.00/nEZ. The allocated volume was 21.34 million nEZ and the total bid volume 291.71 million nEZ. This resulted in an average allocation rate of 7.32%.
The results show that the market launch of the nEHS in 2026 met with strong interest. At the same time, the auction demonstrates that the statutory price corridor does not just exist on paper, but is already of practical relevance to market participants in the very first auction round.
For companies in national emissions trading, 2026 is an important transitional year: after the fixed-price phase from 2021 to 2025, nEZ are now auctioned within a price corridor of 55 to 65 EUR/tCO₂. The German system therefore remains regulatorily contained for the time being, before a more market-based system takes effect with the transition to the EU ETS 2.
At the same time, the start of the regular phase of the EU ETS 2 has been postponed by one year. Instead of 2027, the surrender obligation is now scheduled to begin in 2028. For Germany, this means that the transitional phase in the nEHS is extended. The price corridor therefore remains relevant in 2027 as well, before the previous national price limits are removed following the transition to the ETS 2.
For the companies concerned, the first auction underlines how important it is to assess procurement strategy, register processes, reporting obligations and the regulatory interfaces between the nEHS and the ETS 2 at an early stage.