Cost containment reserve volumes will be aligned with emissions budgets and will no longer contain any emissions additional to emissions budgets. From 2023, the number of units withheld from auctions will be further reduced to encourage drawdown of the stockpile. The stockpile of approximately 159 million privately held units (as at Sept 30) poses a threat to the stability of the market and the achievement of emission budgets.
The existing NZ ETS price control settings for 2023 through to 2026 will be adjusted to take into account higher-than-anticipated inflation, and now include settings for 2027.
Auction volumes and Price control settings for NZ ETS auctions – 2023 – 2027
|
|
2023
|
2024
|
2025
|
2026
|
2027
|
PREVIOUS: Auction volume (in millions)
|
18.6
|
18.0
|
16.5
|
15.7
|
|
NEW: Auction volume (in millions)
|
17.9
|
17.1
|
15.3
|
13.5
|
11.7
|
PREVIOUS: Reserve price (per unit)
|
$32.10
|
$34.35
|
$36.75
|
$39.32
|
|
NEW: Reserve price adjusted for inflation (per unit)
|
$33.06
|
$35.90
|
$38.67
|
$41.45
|
$44.35
|
PREVIOUS: Trigger price (per unit)
|
$78.40
|
$87.81
|
$98.34
|
$110.15
|
|
NEW: Trigger price adjusted for inflation (per unit)
|
$80.64
|
$91.61
|
$103.24
|
$115.84
|
129.97
|
PREVIOUS: CCR Volume (in millions)
|
7.0
|
7.0
|
6.8
|
6.7
|
|
NEW: CCR Volume (in millions)
|
8.0
|
7.7
|
7.2
|
6.5
|
5.9
|
Changes to the unit supply and price settings will operate from the first NZ ETS auction of 2023 on 15 March, 2023.