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UK is set to launch its own ETS after leaving the EU
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Concerns grow ahead of UK carbon market launch

The UK is set to start its equivalent of the EU ETS on 19 May, but it may take some time for market participants to adjust

The UK emissions trading system (UK ETS) will begin trading on 19 May, when the government holds the first auction of UK allowances (UKAs). Futures trading will begin on the same day, with the Ice Futures Europe exchange preparing to list contracts out to December 2023. The government announcement in early March brought to an end many weeks of uncertainty for market participants. However, it is still not clear at what price UKAs will trade. Some traders see the risk of an early price spike as compliance buyers—particularly utilities—rush to build portfolios to hedge their forward power sales, while others suggest activity will be modest at the start. “It will take time for the UK



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