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The Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021
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- Offerynnau Statudol y Deyrnas Unedig
- 2021 No. 484
- Explanatory Note
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Rhagor o Adnoddau
Changes to legislation:
The Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021 is up to date with all changes known to be in force on or before 13 March 2026. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to :
- reg. 2 words substituted by S.I. 2026/214 reg. 2(2)
- reg. 6(9) sum substituted by S.I. 2026/214 reg. 2(3)(a)(ii)
- reg. 6(9) words omitted by S.I. 2026/214 reg. 2(3)(a)(iii)
- reg. 6(9) words substituted by S.I. 2026/214 reg. 2(3)(a)(i)
- reg. 6(9A)-(9E) inserted by S.I. 2026/214 reg. 2(3)(b)
- reg. 6(10) words substituted by S.I. 2026/214 reg. 2(3)(c)
- reg. 6(12)(13) inserted by S.I. 2026/214 reg. 2(3)(d)
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- reg. 6(9A)-(9E) inserted by S.I. 2026/214 reg. 2(3)(b)
- reg. 6(12)(13) inserted by S.I. 2026/214 reg. 2(3)(d)
Explanatory Note
(This note is not part of the Regulations)
These Regulations make provision under the Finance Act 2020 for auctions of allowances to emit 1 tonne of carbon dioxide equivalent created under the Greenhouse Gas Emissions Trading Scheme Order 2020.
Part 1 contains the interpretation provisions. Part 2 provides for the products to be auctioned, and sets out how bids are to be submitted and withdrawn, and how the auction clearing price is to be determined.
Part 3 makes provision for the auction calendar and when that calendar may be adjusted. It sets out what happens to the volume of allowances at cancelled auctions, what volume of allowances is to be auctioned annual, and provides for a cost containment mechanism, enabling the Treasury to the distribution or volume of allowances to be auctioned in any one year if the carbon price exceeds specified limits.
Part 4 provides for access to auctions. Parts 5, 6 and 7 provide for the appointment and functions of the auctioneer and the auction platform, and their appointment requirements.
Part 8 provides for the reporting of transactions. Part 9 provides for the payment and transfer of the auction proceeds. Part 10 provides for the delivery of the auctioned allowances. Part 11 provides for the management of collateral.
Part 12 provides for fees and costs. Part 13 provides for monitoring of auctions, remedial measures and sanctions. Part 14 provides for the publication of auction results and protection of confidential information and Part 15 makes provision for a right of appeal, and the correction of errors.
A regulatory impact assessment of the effect that UK Emissions Trading Scheme and these Regulations will have on the costs of business, the voluntary sector and the public sector is available from the Industrial Energy Directorate, Department for Business, Energy and Industrial Strategy, 1 Victoria Street, London SW1H OET and is available alongside the instrument on www.legislation.gov.uk.
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