European Commission - Directorate General for Climate Action
European Commission - Directorate General for Climate Action
05/04/2026 | Press release | Distributed by Public on 05/04/2026 10:30
Forthcoming publication of the annual surplus indicator (total number of allowances in circulation) for the Market Stability Reserve under the EU Emissions Trading System
On 29 May 2026 at 18:00 CET, the European Commission will publish the total number of allowances in circulation (TNAC) on the EU carbon market in 2025.
The annual publication of the TNAC plays an important role in the functioning of the Market Stability Reserve (MSR) of the EU Emissions Trading System (EU ETS). It determines whether allowances are withdrawn from the auction volume and placed in the MSR or released from the MSR and auctioned.
The MSR was established in the Decision 2015/1814. The purpose of the MSR is to avoid having a structural surplus of allowances on the EU carbon market, with the associated risk that this would prevent the EU ETS from giving the investment signal needed to meet the EU's emission reduction target.
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Publication date
4 May 2026
AuthorDirectorate-General for Climate Action
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