With REPowerEU target being a monetary target of EUR 20 billion, there is uncertainty over how much REPowerEU volume that will be required to be auctioned to meet the revenue goal. Even if there has been a gap between the actual and budgeted revenue in 2024, we expect the Commission to do as little as possible for as long as possible with regards of readjusting the remaining auction volumes.
This year, the EUA auction revenues for REPowerEU have fallen short of budget, if we assume the upfront expectation was EUR 75/t on average (see Textbox 1, Figure 1). So far in 2024 the average auction price has been EUR 64/t. With some 65.9 m EUAs sold …
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