This section covers important information relevant to registration, lodging collateral, bidding, paying invoices and auction rules. You'll also find some additional helpful resources in this section.

Settling your invoice

Once the auction is complete and the results are published, we will send you an email letting you know your invoice is available.

Your invoice is the sum of all your successful bids multiplied by the clearing price.


  • You bid:
    • 10,000 units at $42
    • 15,000 units at $39
    • 10,000 units at $34
  • The clearing price is $38.50.
  • Your bid for 10,000 units at $34 was unsuccessful.
  • You have won 25,000 units at $38.50 and your invoice amount is $962,500.

Only invoices paid in full will be considered settled.

Use the account below to settle your invoice. Funds need to be cleared in full before 12:00 NZ time within four business days after the auction (T+4).

Bank Account Name: ETS Auction Settlement Account
Bank account Number: 03-0049-0003202-022
Reference: EPA Registry account number

Your cash collateral will be used towards your invoice, if you have previously instructed the Auction Operator to do so. If the cash collateral held is less than the invoice amount, the remainder will be due before settlement. If the cash collateral held is greater than the invoice amount, the excess will be returned to you as soon as reasonably practicable.

Once your payment is received and reconciled, you will receive an email notification. Your New Zealand Units (NZU) will appear in your appointed Registry account shortly after the Environment Protection Authority (EPA) completes the transfer.

For more information regarding the NZU transfer, please contact EPA at

Defaulting on your invoice

Defaulting on a payment for your invoice means that there has been a failure to fully pay and settle your invoice within four business days after the auction.

In a default situation, you will not receive any NZUs, and 25% of your invoice amount will be forfeited to the Crown from your collateral. The NZUs will be treated as unsold units.


  • From an invoice of $962,500. If you were to default, $240,625 would be forfeit to the Crown.

If you have any remaining collateral or you have made a part-payment this will be returned to your nominated bank account.