Dear customers, partners and friends of EEX, 

Since the beginning of the year, environmental markets at EEX have continued to show strong momentum and increasing strategic relevance within the utility landscape. Both emissions and Guarantees of Origin (GO) markets recorded strong growth, driven by growing participation and sustained demand, with EUA volumes rising significantly year-on-year and GO futures reaching new record levels.

Building on this development, GO markets have further strengthened their position as a key growth segment, supported in particular by the continued expansion of our derivatives offering, including longer maturities. Emissions markets, meanwhile, remain highly dynamic, characterized by elevated price volatility and strong trading activity.

EEX has also reinforced its leading role in emissions primary auctions. As the EU’s common auction platform operator since 2012, we are proud to have been re-awarded the contract for the upcoming CAP 4 system and remain committed to providing best-in-class services for compliance, including support for upcoming developments such as the EU-ETS2, for which futures contracts were launched last year. In addition, we will expand our auction services with the launch of German national ETS (nEHS) auctions in July.

At the same time, we recently expanded our environmental product range with UK ETS derivatives, complementing EEX’s UK portfolio, where trading in power and gas has grown significantly over the past few months. Driven by strong customer demand, this underlines our ambition to further diversify our offering while supporting transparent and efficient carbon markets globally.

Looking ahead, we expect this positive momentum to continue. Regulatory developments, decarbonisation demand and market integration will further drive activity across environmental markets, which together with power and gas form an increasingly interconnected ecosystem. 

At EEX, we remain committed to developing these markets together with you, enhancing liquidity and providing innovative solutions to support the energy transition. 

Please scroll below to see further details.

Steffen Köhler 

CCO | EEX

Environmental futures and options on Nodal Exchange posted mixed volume and open interest results in Q1 2026. Volume was 211,847 contracts, down 6% from a year earlier, while open interest rose to 448,391 lots, up 7%. 

In more detail, North American carbon markets in the California, Regional Greenhouse Gas Initiative (RGGI) and Washington posted volume of 63,133 contracts in Q1, up 70% from a year earlier. Open interest ended Q1 at 53,018 lots, up 3%. Renewable energy certificate (REC) futures and options volume was 146,353 lots, down 11% from a year earlier, while open interest in RECs rose to 53,018 lots, up 3%. 

Also, Nodal Exchange and IncubEx announced the successful launch and first trade of financially settled California Carbon Allowance (CCA) futures and options contracts on 30 March 2026. DRW and Gator Trading Partners were parties to the first exchange trade, brokered by Tullett Prebon on 30 March. The trade volume was 10 lots (10,000 CCAs) of Dec-26 Financial CCA futures at a price of $29.18. 

Environmental markets continue to show resilience across most North American markets as various states continue to consider adjustments to their carbon programs. Nodal and IncubEx are also working on new contracts for 2026 that complement the current suite of more than 125 environmental listed futures and options contracts. 

UK ETS: UKA Futures and Options go-live 26 May 2026 

EEX has strengthened its environmental markets portfolio with the launch of derivatives on the UK Emissions Trading System (UK ETS), introducing UK Emission Allowance (UKA) futures and options. 

This marks an important step in expanding access to the UK carbon market, offering enhanced price discovery, risk management and compliance opportunities, while broadening carbon trading and investment across UK and European markets. 

The launch aligns with strong growth in EEX’s UK energy markets, where power and gas trading volumes have increased significantly, further reinforcing the link between environmental and energy markets. Overall, UKA derivatives represent a key milestone in EEX’s strategy to expand its environmental product suite and support liquid, transparent carbon markets. 

See contract specifications on the product page: UK ETS Futures and Options 

We are pleased that the first trade was concluded on day one between Centrica and CFP Energy, brokered by Tradition Energy and Commodities. We thank all market participants, including market makers and initiators. EEX remains committed to developing new contracts in line with market demand and will continue engaging with clients to expand its UKA offering. 

For further information, please contact your key account manager or our sales team. 

EEX has published a revised auction calendar for EU Emission Allowances (EUA) for 2026, reflecting updates to the European Climate Law. From June onwards, the schedule incorporates the auctioning of 50 million allowances to support the Social Climate Fund in 2026. Thereof 40 million allowances are from the quantity which could otherwise be allocated for free and 10 million allowances are from the quantity which was planned to be auctioned by the Member States. Further changes may occur later in the year due to Market Stability Reserve operations and developments related to the Recovery and Resilience Facility. 

In this tutorial, you will learn how to use the nEHS Sales Platform. Building on the existing system, it offers a familiar environment for participants. The video walks you through the login process and highlights the key functionalities.