January 20, 2026

Electricity – A turbulent year for the EU ETS

  • ETS price: The ETS price fell from EUR 92/ton to around EUR 85/ton as a result of the risks surrounding reciprocal trade tariffs between the US and EU member states.
  • Frontloading: The targeted €20 billion in REPowerEU funding is expected to be raised in the coming months, bringing frontloading volumes to an end.
  • ETS proposal phase 5: The European Commission will publish a proposal for the EU ETS from 2031 onwards in the coming year.
  • CBAM: The ETS border tax came into effect (partially) on January 1 of this year, while both internal and external pressure on the mechanism remains.
  • Electricity price: The Dutch electricity price (baseload, active monthly contract) follows price movements on the TTF gas market, where a multitude of factors have led to sharp price increases in recent days.