REPowerEU – status and what could come

Auction volumes for REPowerEU will not be adjusted in the coming months. Any potential adjustment by the European Commission of REPowerEU volumes hinges on the development of the EUA auction price in the first half of 2025. In a scenario with H1 average auction price close to EUR 80/t, we expect the Commission will take no action. At an average auction price of EUR 75/t, however, volumes are most likely subject to an upward revision from September 2025.