The auction calendar for the period September 2025 to August 2026 will be published by the end of July. We expect the update to be consistent with last year’s release on 31 July. The updated auction schedule will include the Market Stability Reserve (MSR) intake, but uncertainty remains as to whether REPowerEU volumes will be adjusted, and whether the first maritime compliance cancellation will be included. In this analysis we look at the volumes in question and the likely timeline for each element.