D.17. Emission allowances
The number of EU ETS emission allowances has developed as follows:
Number of allowances (in thousands) |
|
2024/25 |
|
2025/26 |
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|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
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Opening balance as of April 1 |
|
13,689.4 |
|
13,404.1 |
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Addition – free allocation |
|
9,515.0 |
|
9,423.4 |
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Addition – purchase |
|
2,330.5 |
|
2,599.9 |
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Disposal (utilization)1 |
|
−12,089.0 |
|
−11,985.0 |
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Disposal (other)2 |
|
−41.8 |
|
0.0 |
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Closing balance as of March 31 |
|
13,404.1 |
|
13,442.4 |
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|
|
|
|
|
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|
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The total expense for EU ETS CO2 emission allowances in the business year 2025/26 amounted to EUR 229.5 million (2024/25: EUR 157.9 million) and was recognized in cost of sales.
For forward contracts on EU ETS CO2 emission allowances future payment obligations amount to EUR 378.4 million (March 31, 2025: EUR 106.8 million). These contracts have a term of up to a maximum of four years (March 31, 2025: two years), with the majority having a term of up to two years.
Under the own use exemption in accordance with IFRS 9, these forward contracts for CO2 emission allowances are not measured as derivatives under IFRS 9.