Today, the Climate Change Committee, in which all Member States are represented, discussed and endorsed the European Commission's proposal for a Regulation to amend the EU ETS Auctioning Regulation in view of the forthcoming implementation of the Market Stability Reserve (MSR) as of January 2019.
This concerns mainly changes to the determination of auction calendars made necessary by the fact that feeds of allowances into and releases from the MSR will take place over a 12-month cycle from September to August, while auction calendars are drawn up for a 12-month calendar year cycle.
In addition the draft Regulation contains provisions necessary for the appointment of ICE Futures Europe as the United Kingdom's second opt-out auction platform.
The Commission will now submit the draft Regulation amending the Auctioning Regulation to the European Parliament and the Council for their scrutiny. Provided that they raise no objections within three months, the Commission will then adopt and publish the Regulation, after which it will directly enter into force.