European Investment Bank NER300 auctions
As announced last autumn, the Bank has arranged for exchange-based auctions for the monetisation of the NER300 allowances to complement other trading instruments already in use. EIB NER300 auctions will provide an additional sales instrument for NER300 monetisation. The Bank will continue using other available sales instruments to bring the volume smoothly to the market and will continue its expected monthly sales pattern and volume.
The Bank has agreed with both eligible exchanges, the European Energy Exchange (EEX) and ICE Futures Europe (ICE), for EIB NER300 auctions to be conducted.
EIB NER300 auction design:
As a general approach, EIB NER300 auctions are designed in line with established market standards.
EIB NER300 auctions will be split into two blocks of two months each. For the first auction block from 7 June – 31 July, the Bank has chosen EEX to conduct the auctions on behalf of the EIB. For the second auction block from 1 August – 30 September, the Bank has chosen both EEX and ICE to conduct the auctions on behalf of the EIB. The format for the auction in August and September will be as follows:
- Format: single-round, sealed bid, uniform price auction
- Frequency: daily
- Volume: 500k/auction - 2.5million/week - 10million/month
- Contract: EUA Dec13 - full exchangeability with secondary market contract
- Bidding window: open for 2hrs
- Auction timing: 5pm CET on Wednesdays, 3pm CET on all other days
- Fees for auction participants: the same or less than for normal secondary market trading to avoid price discount in auction price.
Please find a detailed EIB NER300 auction calendar for the first block of auctions (June-July) here.
The EIB NER300 auction calendar for the second block of auctions (August-September) can be found here.
Further information and admission details can be found on EEX’s homepage at http://www.eex.com/en/ and ICE’s homepage at https://www.theice.com.
