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ICE was appointed to host emissions auctions on behalf of the UK Government’s Department for Business, Energy and Industrial Strategy (BEIS) following the announcement from the UK Government and Devolved Administrations in December 2020 of the planned launch of a UK ETS to replace the UK’s participation in the EU ETS. The introduction of a UK scheme provides continuity of emissions trading for businesses established in the UK. Operators in the emissions space will therefore be familiar with many of the features and processes of the new UK scheme.
For further information on the UK ETS, please see the website of the Department for Energy Security and Net Zero.
In order to access auctions on ICE Futures Europe, all participants must satisfy the eligibility and admission criteria set out in Articles 16 and 17 of the The Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021 (“the UK Auctioning Regulations”) and have the necessary regulatory permissions or exemptions.
All participants must apply for admission to the auctions to an Exchange Member, an Auction-only Access Provider or directly to the Exchange. For a list of Auction-only Access Providers, please contact ICE Futures Europe. All participants must have an arrangement in place with an ICE Clear Europe Clearing Member.
The practical arrangements vary according to whether you are an Exchange Member, an existing non-Exchange member participating in ICE Emissions markets or a new participant. SMEs who are neither Exchange Members nor an existing market participant can access the auctions as new participants. Details of these arrangements can be found in the ICE Contract Rules and Procedures and are summarised in How to Participate.
During the emissions auctions, bids can be submitted on WebICE, ICE's front-end trading platform. WebICE is widely recognised for its state-of-the-art trading infrastructure which delivers flexibility, connectivity and reliability to participants across the globe.
Successful bidders pay a fee to ICE of £1.75 per contract, which equates to £0.0035 per allowance.
Auctions of United Kingdom Allowances (UKAs) take place every other Wednesday throughout the year, between 12.00 and 14.00 UK time.
The first auction of United Kingdom Allowances (UKAs) will takes place on 19 May 2021, between 12.00 and 14.00 UK time.
See below for the full auction schedule of auction dates and volumes.
Please visit the ICE Report Centre for UKA auction results.
ICE Contract Rules & Procedures Sections 7F1 and 7F2 (Pending end of consultation via Circular)