nEHS secondary market
Find out more about national emissions trading (nEHS)
Reducing CO₂ emissions in Germany - which companies must purchase certificates.
In contrast to the primary market, the secondary market offers the opportunity to trade emission allowances that have already been issued between companies or via intermediaries or online trading platforms such as q-bility GmbH.
Buyers have the option of covering their shortfall at a more favorable price, while sellers have the opportunity to sell surplus certificates at a profit.
The secondary market will become particularly important from 2026, when certificate prices will no longer be set by the state but determined via auctions and trading. This will create more flexibility for companies, but also greater price dynamics due to supply and demand.
The secondary market enables subsequent adjustment if companies need additional certificates or want to sell surplus ones.The prices for the nEHS secondary market result from the relationship between supply and demand and are therefore subject to greater flexibility.
The trading window at q-bility is Monday to Friday from 9:00 a.m. to 6:00 p.m., except on national holidays.
The nEHS secondary market is becoming increasingly important, especially from 2026, when certificate prices will no longer be set by the state but determined by auctions and market mechanisms. This will give companies more flexibility, but they will have to be prepared for greater price fluctuations.
The secondary market will enable companies to buy certificates cost-effectively at a later date or sell surplus quantities at a profit. Providers such as q-bility facilitate trading and offer a transparent market platform.
The option of purchasing certificates at the previous year's price opens up additional savings potential, while companies with surplus cover can strategically market their stocks. This makes the nEHS secondary market a key instrument for flexible and economical CO₂ cost optimization.
In contrast to the primary market, the secondary market offers the opportunity to trade emission allowances that have already been issued between companies or via intermediaries or online trading platforms such as q-bility GmbH.
Buyers have the option of covering their shortfall at a more favorable price, while sellers have the opportunity to sell surplus certificates at a profit.
The secondary market offers the opportunity to trade certificates freely.
Case study:
- Current fixed price on the EEX for 2025 = €55/nEZ
- Previous year's price = 45€/nEZ
- Trading margin on the secondary market usually €45-55/nEZ
Purchase of certificates:
Reason why replenishment may be necessary:
- There has been a complete failure to stock up on the appropriate number of allowances and the auction window is closed
- The actual demand exceeds the 10% replenishment rule.
- DEHST issues instructions for replenishment due to corrections for previous year periods
Consequence: The certificates would have to be purchased at the current annual fixed price of €55/year.
This can be done more cost-effectively by purchasing certificates via the secondary market and providers such as q-bility.
Sale of certificates:
Reason for a sale:
- To cover own requirements
- You can use the 10% buy-back scheme to secure certificates at the lower price of the previous year in order to consciously trade them.
- Certificates from the previous year that have not been canceled can be made available to the market again.
Consequence: The certificates can be traded at the free market price.
This means that a profit can be made by selling certificates via the secondary market and providers such as q-bility.
The secondary market will become particularly important from 2026, when certificate prices will no longer be set by the state but determined via auctions and trading. This will create more flexibility for companies, but also greater price dynamics due to supply and demand.
- The secondary market enables subsequent adjustment if companies need additional certificates or want to sell surplus ones.
The prices for the nEHS secondary market result from the relationship between supply and demand and are therefore subject to greater flexibility.
All year round on our trading platform!
The nEHS secondary market is becoming increasingly important, especially from 2026, when certificate prices will no longer be set by the state but determined by auctions and market mechanisms. This will give companies more flexibility, but they will have to be prepared for greater price fluctuations.
The secondary market will allow companies to buy certificates cost-effectively at a later date or sell surplus quantities at a profit. Providers such as q-bility facilitate trading and offer a transparent market platform.
The option of purchasing certificates at the previous year's price opens up additional savings potential, while companies with surplus cover can strategically market their stocks. This makes the nEHS secondary market a key instrument for flexible and economical CO₂ cost optimization.
FAQ
The nEHS secondary market is a trading platform where companies can resell or subsequently purchase emission allowances that have already been issued.
In principle, all companies covered by the national emissions trading system (nEHS) can buy or sell certificates. This market is also predestined for trading platforms such as q-bility.
Companies can use the secondary market to purchase additional certificates more cheaply or sell surpluses at a profit. This offers more flexibility than the primary market.
Secondary market: certificates are traded between companies or via trading platforms such as q-bility GmbH - the price is based on supply and demand.
From 2026, when certificate prices will no longer be set by the state but determined by auctions and market mechanisms.
Flexibility in the event of unexpected additional requirements or additional procurement obligations.
Certificates from previous years that have not been canceled can be reintroduced to the market.
Availability of certificates may vary.
Regulatory changes could influence the market.
No, certificates can be traded all year round via trading platforms such as q-bility.
Prices are based on supply and demand and may differ from the prices set by the government on the primary market. From 2026, the secondary market will become even more dynamic, as the certificate price will then be determined by auctions.