EEX launches EU ETS2 auction and spot market from 18 January 2027

What the new carbon market means for fuel suppliers, ssLNG and Bio-LNG buyers

On 9 November 2026 the European Energy Exchange (EEX) confirmed that from 18 January 2027 it will open primary auctions and a secondary spot market for EU ETS2 allowances. ETS2 covers CO₂ emissions from fuel combustion in buildings, road transport and additional sectors outside the existing EU ETS1. For participants in the small-scale LNG and Bio-LNG value chain this is not a distant regulatory footnote — it is a new cost layer that will sit on top of molecule and logistics prices from 2027 onward.

1. What is being launched

EEX will list two new spot contracts for ETS2 allowances (EUA2):

Source: EEX Customer Information, 9 November 2026.

Primary auctions (AEU2): Bidding window 13:00–15:00 CE(S)T on scheduled auction days. Exact dates and volumes will be published in the official EEX 2027 Auction Calendar.

Secondary spot (SEU2): Continuous trading on the T7 system, integrated into EEX TT Screen and available via Trayport and other platforms. Off-book registration is supported.

Physical delivery: Allowances are delivered to the participant’s ECC delivery account (T+1 if matched by 16:00, T+2 if later). Transfer to a Union Registry trusted account is possible via ECC Member Area.

2. Why this matters for ssLNG and Bio-LNG

ETS2 puts a carbon price on fuels used in road transport and buildings — the same end-use segments that buy most small-scale LNG and an increasing share of Bio-LNG. From 2027, fuel suppliers (and in many cases their customers) will need to surrender ETS2 allowances for the CO₂ content of the fuel they place on the market.

• Fossil LNG / natural gas: Full CO₂ factor applies. The cost of EUA2 will add a visible premium per MWh on top of TTF + logistics.
• Bio-LNG: Where the fuel meets the sustainability and GHG-saving criteria under RED and the relevant implementing rules, the effective carbon cost can be zero or near-zero. This widens the relative advantage of certified Bio-LNG versus fossil ssLNG once ETS2 is live.
• Who pays: In most member states the regulated entity is the fuel supplier / release-for-consumption party. Contracts with industrial and transport clients will increasingly need clear clauses on who bears the ETS2 cost and how it is passed through.

3. Practical steps for market participants

1. Membership and reporting. Companies that will buy or sell EUA2 need EEX access and the correct MiFID II/MiFIR reporting agreement (primary-only or full secondary). Existing ETS1 members should check whether their current setup already covers ETS2 products.
2. Registry and trusted accounts. Allowances only move to Union Registry accounts that have been designated as trusted. Set this up before the first auction.
3. Price discovery. EEX will publish daily and monthly ETS2 reference prices. These will become the natural benchmark for pass-through clauses in ssLNG supply contracts from 2027.
4. Contract language. Review existing and new supply agreements: define the CO₂ factor, the reference price (EEX ETS2 day/month), the timing of cost recovery, and the treatment of Bio-LNG with valid PoS.

4. Link to the wider gas market

ETS2 arrives at a moment when European gas and LNG prices remain elevated and volatile. Adding a new, liquid carbon price on transport and heating fuels will amplify the relative competitiveness of low-carbon options. Bio-LNG with strong GHG savings (e.g. −100 gCO₂eq/MJ or better) gains a clearer commercial edge; pure fossil ssLNG will carry both the TTF-linked molecule cost and the ETS2 allowance cost.

For Baltic and Central European buyers of trucked LNG, the message is straightforward: from January 2027 the total cost of ownership of fossil vs bio routes will diverge further. Suppliers who can offer certified Bio-LNG and transparent ETS2 pass-through will be better positioned.

Bottom line

EEX’s launch of ETS2 primary auctions and secondary spot from 18 January 2027 turns a regulatory deadline into a tradable market. Fuel suppliers, ssLNG traders and industrial offtakers should treat the next 14 months as preparation time: secure exchange access, set up registry accounts, update contracts, and quantify the ETS2 cost differential between fossil LNG and certified Bio-LNG. The carbon price will no longer be a policy assumption — it will be a daily market number.

Source: EEX Customer Information “EEX to launch EU ETS2 Auction and Secondary Spot Market”, Leipzig, 9 November 2026. Additional context: EU ETS2 scope (buildings, road transport and additional sectors outside ETS1).