UK ETS: Carbon prices for use in civil penalties, 2024
Updated 29 November 2023
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Determination by the UK ETS Authority of the UK Emissions Trading Scheme (UK ETS) carbon price values for 2024 in accordance with the Greenhouse Gas Emissions Trading Scheme Order 2020.
1. This is a determination by the UK ETS Authority of the values for the carbon price for the UK ETS scheme year beginning on 1 January 2024 under article 46 of the Greenhouse Gas Emission Trading Scheme Order 2020 (‘the UK ETS Order’).
2. The 2024 carbon price is calculated in accordance with the following criteria as set out in article 46(4) to 46 (6) of the UK ETS Order:
The carbon price for the 2024 scheme year or any subsequent scheme year (the ‘relevant scheme year’) is the average end of day settlement price, calculated over the relevant period, of the December futures contract for the relevant scheme year, as traded on the relevant carbon market exchange.
where, as set out in article 46(6)
‘relevant period’ means, in relation to the carbon price for the 2024 scheme year and any subsequent scheme year, the 12-month period ending on 11 November in the year preceding the relevant scheme year.
‘relevant carbon market exchange’ means the largest carbon market exchange as determined by volume of sales in the relevant period of the December futures contract for the relevant scheme year traded on the exchange.
3. The UK ETS Authority therefore determines that:
- the carbon price for the scheme year beginning on 1 January 2024 is £64.90.