The official number of oversupply of emission allowances (EUAs) in the EU ETS continues to shrink despite the sharp demand drop in 2023 (CO2 output dropped 16% according to the verified emission data revealed on 3 April). For the upcoming period from September 2024 to August 2025, the market stability reserve is expected to withhold 266 Mt compared to 273 Mt in the same period 2023-2024. This year’s total number of allowances in circulation reflects the 2023 emission drop and the first injected REPowerEU volumes.
The official oversupply number or total number of allowances in circulation (TNAC) is released annually by the European Commission by 1 June. Based on the 2023 verified emissions released last week we estimate the 2024 TNAC to be around 1.1 billion EUAs. T…
A weekly cap of what moved EUA prices and a clear view of the week ahead. We set out the drivers, their directional impact, and what matters next.
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