On Monday, the European Energy Exchange (EEX) published the revised 2025 auction calendar along with the newly introduced 2026 schedule. The update reflects adjusted volumes due to reductions by the Market Stability Reserve (MSR), based on the 2024 Total Number of Allowances in Circulation (TNAC), released by the European Commission in May.

According to the new calendar, between September 2025 and August 2026, the auction volume is reduced by 275.5 million allowances. This marks the largest annual cut in EU ETS supply since 2021, exceeding the 266.8 million allowances withdrawn for the year 2023 and the 272.3 million allowances withdrawn for 2022.

According to a calculation by Carbon Pulse, the volume of allowances to be auctioned on behalf of EU member states during the final four months of this year has been reduced by 6% compared to the same period in 2024.

The final auction of 2025 is set for December 15, while the first auction of 2026 is scheduled for January 8, creating a three-week holiday pause over the Christmas and New Year period—a break that is traditionally seen as a bullish market signal.