The European Energy Exchange (EEX) published an updated 2026 auction calendar alongside the preliminary auction schedule for 2027. The revision reflects adjustments to auction volumes resulting from the Market Stability Reserve (MSR), following the publication of the 2025 Total Number of Allowances in Circulation (TNAC) by the European Commission on 29 May.

According to the updated calendar, the daily auction volume for the 25 EU Member States will increase from the current 2.25 million allowances to 2.79 million allowances for the remainder of the year, effective 1 September.

The daily auction volumes for Germany and Poland have also been revised upwards. Germany’s daily auction volume will increase from 1.00 million to 1.55 million allowances, while Poland’s will rise from 1.38 million to 1.95 million allowances.

The final EUA auction of 2026 is scheduled for 14 December, while the first auction of 2027 will take place on 7 January, resulting in a three-week Christmas and New Year break. This seasonal pause is traditionally viewed as supportive for EUA prices due to the temporary reduction in primary market supply.

Auction volumes for 2026 have undergone several adjustments this year, reflecting the regular intra-year revisions related to the MSR, the conclusion of the Recovery and Resilience Facility (RRF) auctioning programme, and the frontloading of 50 million allowances to generate revenue for the Social Climate Fund (SCF). 

EEX also published the preliminary 2027 auction calendar for EUAs. The total auction volume for 2027 is provisionally set at 467.78 million allowances, representing a 3.4% decline from the 484.38 million allowances scheduled for 2026.

The auction volumes scheduled for January through August 2027 already incorporate the reductions resulting from the MSR. By contrast, the volumes for September through December 2027 remain provisional and may be adjusted following the publication of the 2026 TNAC, which is expected by 1 June 2027.