The German Emissions Trading Authority (DEHSt) published last week its report on the country’s auction results for the first quarters of 2023. The document also “contains a comprehensive overview of secondary market developments,” as stated by DEHSt.

Between January and September 2023, the traded volume on both the primary and secondary market totaled around €6,43 billion allowances.  The figure is 5% below the same period last year and the lowest since 2017. The biggest traded volume for the first three quarters was recorded in 2021 with 8,28 billion allowances.

 

Source: DEHSt, Chart by EMBA Power

The report also revealed that in September, on the primary market, installation and aircraft operators purchased just 52% of the auctioned volumes “the lowest level since July 2020,” well below the 66% which is the average of the past 12 months. The remaining 48% of the auctioned volumes was purchased by credit institutions, investment firms and business groupings.

The highest demand from compliance buyers was recorded in November 2022 when operators of EU ETS covered installations or aircraft operators purchased approximately 88% of the auctioned volume.

Also notable were the German auction revenues achieved in September 2023, “the highest monthly revenue since the start of sales/auctioning in 2008.” Overall, around 10,7 million EUA were auctioned on behalf of Germany with a total value of €889 million which “flowed entirely into the Climate and Transformation Fund.”