The German Emissions Trading Authority (DEHSt) published this week its report on the country’s auction results for March as well as for the first quarter of 2024.  The document also “contains a comprehensive overview of secondary market developments,” as stated by DEHSt.

According to the agency, trading volumes on both the primary and the secondary market reached 2,96 million allowances in the first quarter of 2024, around 17,5% increase compared to the same period in 2023. 

Source: DEHSt, graphic by EMBA Power

This represents the highest volume for the first quarter since DEHSt began compiling quarterly reports in 2018. Furthermore, the trading volumes in March 2024 reached the highest level since March 2022, exceeding the one billion allowances mark. 

The report also noted that in the three months this year, 5% of the total traded volume was related to auctions. Member States sold 134 million allowances on the primary market, 5,5% higher than in the same period last year. 

DEHSt also revealed that operators of ETS-covered installations and aircraft operators purchased on the primary market around 56% of the auctioned volumes in March, significantly higher compared to just 41% in January. 

However, the interest was lower than in February when compliance buyers purchased approximately 62 % of the auctioned volumes. “The average of the past 12 months for this parameter is at around 57 % and continues to show a downward trend,” noticed the agency.