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Xpansiv operates the NZ ETS auctions on behalf of the Crown

Xpansiv

How ETS auctions work

The basics of auctions, including how to view auction notices and results.

Last updated: 24 Aug 2026

Auction basics

The New Zealand Emissions Trading Scheme (ETS) is a key tool for meeting New Zealand's domestic and international climate change targets. Auctions for New Zealand Units (NZUs) are held quarterly. Any NZ Emissions Trading Register Account Holder can participate in auctions. (Refer to the How to become a participant guide).

ETS auctions are single-round, sealed-bid auctions for NZUs. Each NZU represents one metric tonne of carbon dioxide or carbon dioxide equivalent. Bids are collected during the bidding window and ordered from highest to lowest price.  

The clearing price is set by the lowest bid price that accounts for the full auction volume. The auction will clear if the clearing price is equal to or higher than the confidential reserve price.  

A bid at the clearing price may be partially filled to complete the auction volume available. 

Auctions notices and results

There are four auctions per year, announced in advance. Auction dates are published on this website when the schedule is set each year with the number of units for sale at each auction. Auctions can be postponed in exceptional circumstances.

To view the schedule:

  1. Choose News in the menu bar at the top.
News screen
  1. Filter the display to All, Auction notices, Auction results, or Announcements.
  2. Choosing Auction notices displays a list of all auction updates. Each one shows auction information including:
    • Auction name
    • Auction date
    • Bidding window
    • Status

And unit and price details including:

    • Units available
    • Unsold units available from previous auctions
    • Tier 1 CCR units available
    • Tier 2 CCR units available
    • Price floor
    • Tier 1 CCR trigger price
    • Tier 2 CCR trigger price
  1. Choosing Auction results displays the results of a completed auction, including the auction information as shown on the notice and including the total auction units. It also displays the full results of units, pricing, participants and bids.
Auction results
  1. Choosing Announcements displays any announcements.

Steps in the auction process

Pre-auction

Notice to participants

The notice to participants (30 days ahead) includes:

  • Date and time: 9AM – 12PM NZT on the scheduled day
  • Number of units for sale
  • Number of unsold units available from previous auctions
  • Number of CCR units available and the trigger price (the price at which units are released into the auction) 
  • Price floor (the minimum acceptable price at which units are sold)
  • Date by which you must pay any collateral to the operator

Pre-auction required steps

  • Complete registration and auction platform sign up.
  • Deposit collateral as required. Collateral must be received at least three business days before an auction (cash and non-cash collateral). (Refer to the NZ ETS auction collateral guide.)

Auction bidding

When the auction opens, bids can be entered. Your bids aren't visible to other bidders. Bids can be amended or cancelled until the close of the auction. Final bids are binding.

(More detailed instructions in the Bidding on an auction guide.)

Auction winners

The auction closes and winners are notified. If you participate in an auction, you will receive an email when an auction closes, directing you to view the dashboard for the auction results. You can download transactions.

When your bid is successful it will be added to your invoice. Any bids that are made under the clearing price won't be allocated. Once your invoice has been fully paid, the NZUs will be transferred to your Registry account. Collateral is returned under the auction rules.