Auctioning Regulation November 2013 amendments are rather technical, but not entirely.
The Auctioning Regulation has already been amended to allow the early auctioning of 120 million phase three allowances in 2012, with a corresponding reduction of the volumes auctioned in 2013 and 2014 by 60 million allowances in each year (Commission Regulation (EU) No 1210/2011 of 23 November 2011 amending Regulation (EU) No 1031/2010 in particular to determine the volume of greenhouse gas emission allowances to be auctioned prior to 2013 (OJ L 308, 24.11.2011, p. 2)), as well as to list an auction platform to be appointed by Germany (Commission Regulation (EU) No 784/2012 of 30 August 2012 (OJ L 234, 31.08.2012, p. 4), the next potential amendment involves the so-called 'back-loading' issue.
The above notwithstanding, the EU Climate Change Committee on 18 June 2013 supported Germany's choice of European Energy Exchange (EEX) as its definitive opt-out auction platform under the Auctioning Regulation. The Committee backed an amendment to the Regulation to list EEX in its Annex as Germany's definitive opt-out auction platform, which means the Auctioning Regulation will apply to its auctions in full (EEX also conducts auctions as the common auction platform).
The said amendment to the Auctioning Regulation also provides for a number of technical changes, e.g. introducing more flexibility regarding the timing of aviation allowance auctions.
During further legislative procedure the European Parliament and the Council did not raise objections with respect to this amendment and in effect it materialized in Commission Regulation No 1143/2013 of 13 November 2013 amending Regulation (EU) No 1031/2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/EC of the European Parliament and of the Council establishing a scheme for greenhouse gas emission allowances trading within the Community in particular to list an auction platform to be appointed by Germany (OJ L 303, 14.11.2013, p. 10).
On the occasion of clearing the status of EEX as an auction platform the Regulation 1143/2013 made several other changes to the Auctioning Regulation.
Among them are:
- Technical adaptations necessary due to current delays in auction monitor appointment: additions in places providing for the auction monitor competences of the phrase: "if appointed" (new Article 7, paragraph 7, Article 8, paragraph 3 of the Auctioning Regulation);
- Changes in the publication of the auction calendar: auction platform should determine and publish the bidding windows, individual volumes, auction dates as well as the auctioned product, payment and delivery dates of emission allowances to be auctioned in individual auctions each calendar year, by 30 September (instead of 28 February in the earlier text) of the previous year (amendment to Article 11, paragraph 11 of the Auctioning Regulation);
- Clarification on the relation of the admission to the auctions and becoming a member of or a participant in the secondary market: admission to the auctions must not be dependent on becoming a member of or a participant in the secondary market organised by the auction platform or any other trading place operated by the auction platform or by any third party (Article 16, paragraph 1a of the Auctioning Regulation).
Although the complete catalogue of November 2013 amendments is more elaborate, the European Commission is rather right assessing them as mostly of technical nature.
However, changes in the dates of publication of the auction calendar: 30 September (instead 28 February in the earlier text) of the previous year have the potential to influence significantly on carbon market trading behaviors.