Tuesday, July 23, 2024

Partial clearance for first NZ ETS auction of 2024

The first New Zealand Emissions Trading Scheme (NZ ETS) auction of 2024 resulted in a partial clearance today, marking the first time New Zealand Units (NZUs) have been sold at auction since December 2022.

Climate Change Minister, Simon Watts said that while today’s auction result was positive for auction participants, there was still work to do to restore confidence and stability to the ETS. 

“Ensuring that New Zealand has a strong and stable ETS is crucial to support meeting our emissions budgets and targets,” said Mr Watts.

In today’s auction, 2,974,300 units sold, of a total 3,525,000 units available.

A partial clearance occurs when there are sufficient bids for some but not all of the NZUs on offer. This can happen when all bids are above the confidential reserve price, or when the confidential reserve price is calculated less than the auction floor price.  

The next auction will be held on the 19 June 2024.

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