View auction results
Bidding ends, and the auction is closed. Once the auction results have been reviewed, you will be notified of the NZUs that you have won. You will get an email directing you to the Dashboard. There you can view your results plus your transactions and bids. Use the Download transactions button to download a file of results.
- If any of your bids are at or above the final Clearing Price, that bid is successful and will be added to your invoice. If any of your bids are under the Clearing Price, those NZUs will not be awarded to you.
- NZUs are awarded at the same price to all winning bidders.
You can view the overall auction results under News on the Menu Bar at the top of the screen.
Clearing Price calculation
Auctions are single round, sealed-bid. 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.
Cost Containment Reserve (CCR)
The Cost Containment Reserve (CCR) is intended to help prevent the auction from clearing above prices the government considers unacceptably high.
Settle an invoice
Your will receive your invoice in an email. The invoice is the sum of all your successful bids multiplied by the clearing price. The NZUs will be moved to your account once you settle the invoice. Only invoices paid in full will be considered settled.
Example:
- 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.
Bank account for invoice settlement
Use the account below to settle your invoice. Funds need to be cleared in full before noon NZST on the fourth business day after the auction (T+4).
- Bank Account Name: ETS Auction Settlement Account
- Bank account Number: 03-0049-0003202-022
- Reference: EPA Register account number
Use of cash collateral to pay an invoice
- Cash collateral will be used towards payment of an invoice only 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 day.
- If the cash collateral held is greater than the invoice amount, the excess will be returned to you as soon as reasonably practicable.
Settlement and delivery of NZUs
Invoice payments will be reconciled once they have been cleared by the Auction Operator. You will receive an email notification.
- For same-day NZU delivery, ensure your settlement payment is cleared by 1:00 pm NZST. Clearance of funds into the settlement account is at the discretion of the Auction Operator.
- Your NZUs will appear in your Register account by the end of the business day.
For information regarding the NZU transfer, please contact EPA at emissionstrading@epa.govt.nz.
Invoice defaults
- If you do not fully pay and settle your invoice within four business days after the auction, you will default on your invoice.
- If you default, 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.
- If you have any remaining collateral or you have made a part-payment this will be returned to your nominated bank account.
Return of collateral
If the cash collateral held is greater than the invoice amount, the excess will be returned to you as soon as reasonably practicable.
(Refer to the NZ ETS auction collateral topic for more information.)