The national emissions trading system (nEHS) has been a key instrument of German climate policy since 2021, putting a price on CO₂ emissions from fossil fuels such as gasoline, diesel, heating oil, and natural gas. The certificates become more expensive every year – currently, they cost €55 per ton. In summer 2026, an auction phase will begin for the first time, with a fixed price corridor between €55 and €65. Any missing certificates can be purchased at a fixed price of €68 in autumn 2026 and €70 in 2027.
What are the consequences of the more expensive certificates for companies?
Even though the formal responsibilities lie with the distributors, the costs are passed on along the supply chains. This leads to rising prices for heating energy, fuels, and transport services. Higher fees are also expected in the waste disposal sector, as waste incineration plants have also been required to purchase certificates since 2024 ( see blog post on pricing under the German Emissions Trading Act (BEHG )).
Companies should take these developments into account in their financial planning, as fossil fuels and waste-intensive processes are increasingly causing higher costs.
How can companies react?
Sensible measures include increasing efficiency in fossil fuel energy and heating, electrifying individual processes, and reducing waste streams. Efficiency measures become more economically attractive with every increase in energy prices.
For the companies placing the products on the market, registration with the EEX energy exchange is required to participate in the auction phase. For companies receiving relief under the BEHG Carbon Leakage Regulation (BECV), higher CO₂ prices have a direct impact on investment decisions. This is because subsidies are only paid out if a portion is reinvested.
Revenues from the national emissions trading scheme (nEHS) flow into the Energy and Climate Fund and support funding programs for climate protection and energy cost relief. The political objective is clear: price incentives should lead to the avoidance of fossil fuels in the medium term. Companies that react early secure cost advantages and simultaneously reduce their emissions. However, those who wait will see rising CO₂ prices noticeably impacting their operating costs. Integration of the national emissions trading scheme into the existing European emissions trading system is planned for 2027. The current price there is just over €70 per ton.
Please feel free to contact us if you have any questions about the impact of nEHS on your company or need support in planning your energy and operating costs.
Your contact person at Arqum: Jakob Kriebel
Version of 5.2.26
The content on this page reflects the current state of affairs at the time of publication. Please note that the legal situation may change in the future.