Today, the delegated regulation amending the ETS Auctioning Regulation to ensure continued successful auctions in phase 4 of the EU ETS (2021-2030) was published in the Official Journal of the European Union.
This publication follows the end of the two-months scrutiny period after adoption without any objection from the European Parliament and the Council of the European Union. The delegated regulation will enter into force on 28 November 2019 (20 days after its publication).
The delegated regulation is the first general revision of the Auctioning Regulation since the start of the auctions in 2012. The legislation governing the auctions of emission allowances needed to be changed to take into account new rules for phase 4 of the EU ETS (2021-2030) agreed as part of the 2018 revision of the ETS Directive. The changes concern in particular the use of the common auction platform to monetise the allowances dedicated to the Innovation and Modernisation Fund.
Technical changes were also necessary to take account of the fact that emission allowances are classified as financial instruments under the European financial legislation since the beginning of 2018.
In addition, while the auction process is widely seen as working well and the overall architecture of the auction process remains unchanged, some rules were improved and simplified based on experience from over six years of auctions in phase 3 of the EU ETS (2013-2020).