EUTL means the EU Transaction Log (European Union Transaction Log), the registry backbone of the EU ETS. It records allowances, free allocation, surrender and related compliance data. Official legal status stays with the Union Registry and Commission publications.

eutl.eu is the independent EUTL explorer from Carbon Insights. It shows surplus (TNAC), visible to market, plant long and short positions, and free allocation windfall or shortfall cost. It is not an official EU website.

What is the official EU ETS surplus (TNAC)?

TNAC is the Total Number of Allowances in Circulation published by the Commission by 1 June. The Market Stability Reserve acts on this number. This explorer shows it next to visible to market and in accounts today.

What does visible to market mean?

Visible to market starts from the official surplus, then adjusts for late reports, shipping not owed in earlier phase-in years, the aviation adjustment, and Effort Sharing cancellations.

What is windfall on this explorer?

Windfall is the market value of spare free allowances (free allocation above surrendered), at each year's average auction price. It is not cash received. Shortfall cost is missing allowances at the same price.

Where does this explorer's data come from?

Figures come from the EU Union Registry extract, Commission surplus notices, and EEX auction prices. Method on this site lists sources and how each total is counted. Powered by Carbon Insights.

Method · EUTL

EUTL method and sources beta

How eutl.eu counts surplus, net position, windfall and shortfall cost. Definitions, sources, and what is not on this site.

Official surplus = Phase 2 bank + allowances issued since 2013 (free allocation, auctions and NER300; aviation and shipping from 2024) + international credits used 2013–2020 + allowances used for Effort Sharing flexibility − verified emissions since 2013 as reported by 31 March of the following year − allowances cancelled under Article 12(4). The reserve's intake is already out of the auctions.

Common questions

What is EUTL?: EUTL means the EU Transaction Log (European Union Transaction Log), the registry backbone of the EU ETS. It records allowances, free allocation, surrender and related compliance data. Official legal status stays with the Union Registry and Commission publications.
What is eutl.eu?: eutl.eu is the independent EUTL explorer from Carbon Insights. It shows surplus (TNAC), visible to market, plant long and short positions, and free allocation windfall or shortfall cost. It is not an official EU website.
What is the official EU ETS surplus (TNAC)?: TNAC is the Total Number of Allowances in Circulation published by the Commission by 1 June. The Market Stability Reserve acts on this number. This explorer shows it next to visible to market and in accounts today.
What does visible to market mean?: Visible to market starts from the official surplus, then adjusts for late reports, shipping not owed in earlier phase-in years, the aviation adjustment, and Effort Sharing cancellations.
What is windfall on this explorer?: Windfall is the market value of spare free allowances (free allocation above surrendered), at each year's average auction price. It is not cash received. Shortfall cost is missing allowances at the same price.
Where does this explorer's data come from?: Figures come from the EU Union Registry extract, Commission surplus notices, and EEX auction prices. Method on this site lists sources and how each total is counted. Powered by Carbon Insights.

Terms

Auction revenue: Proceeds of EU auctions, paid to member states and EU funds.
Auctioned: Allowances sold at auction (EEX; UK ICE to 2020). Auctions serve all sectors.
Aviation adjustment: Aviation's net demand 2012–2023: general allowances surrendered by airlines beyond aviation allowances while aviation was outside the official surplus. The surplus still counts them. 173 Mt, the Commission's estimate in its proposal COM(2026) 616.
Coverage: Free allocation as a share of verified emissions.
Effort Sharing: Allowances cancelled because member states used them for their Effort Sharing targets.
Free allocation: Allowances given to installations for free.
In accounts today: Visible to market plus this year's auctions and free allocation recorded to date.
Late reports: Emissions reported after the 1 April registry cut-off the Commission uses. The next notice includes them.
Long: Received more free allowances than it surrendered.
MSR full-intake line: Above the full-intake threshold the reserve withholds a set share of the surplus from future auctions. 1,096 Mt. Above it the reserve takes 24% of the surplus.
MSR intake: Allowances the reserve takes out of auctions over the next 12 months, set by the Commission notice.
MSR intake line: Above the intake threshold the Market Stability Reserve takes allowances out of future auctions. 833 Mt.
Net position: Free allocation minus surrendered. Positive: long, received more than it needed. Negative: short, had to buy.
Official surplus (TNAC): Total Number of Allowances in Circulation, published by the Commission by 1 June. The Market Stability Reserve acts on this number.
Open compliance year: A year is open only until 30 September of the following year. After that it is closed; installations that have not filed stay in the missing count and do not reopen the year.
Registry extract: Date of the EU Union Registry file the figures come from.
Shipping not owed: Shipping emissions from phase-in years that were never due for surrender, so they stay in accounts and in the visible-to-market stock.
Short: Surrendered more than it received for free, so it had to buy.
Shortfall cost: Allowances a plant had to buy because free allocation did not cover it, valued at that year's average EUA price. Missing allowances at the same price. Not necessarily what was paid.
Surrendered: Allowances handed in for the year's emissions. Deadline 30 September of the following year.
Verified emissions: Emissions checked by an accredited verifier. One allowance must be surrendered per tonne.
Visible to market: Official surplus after late reports, plus shipping not owed in earlier phase-in years, minus the aviation adjustment (COM(2026) 616) and Effort Sharing cancellations.
Windfall: Free allowances a plant received above what it surrendered, valued at that year's average EUA price. Spare free allowances at each year's average auction price. Not cash received.

How we count

The surplus

Net position and price

Net = free allocation minus surrendered. Windfall and shortfall cost use each year's average EUA price (EEX auction average from 2013; ICE annual averages 2009 to 2012; 2008 from the price table).

Scopes

Stationary installations (all registry activity codes except 10 and 50), aircraft operators and maritime operators stay separate. A chart that mixes them says so in its title.

Groups

Filter groups sum registry activity codes across 2005–2025, including the 2005–2012 codes. Combustion of fuels: 1 and 20. Refining of mineral oil: 21. Iron, steel and other metals: 3–5 and 22–28. Cement clinker and lime: 29–30. Glass, ceramics, mineral wool and gypsum: 31–34. Pulp and paper: 35–36. Chemicals: 37–44. Other activities: 45–46 and 99. Aircraft operators: 10. All stationary installations: every code except 10 and 50.

Late reports vs completeness

Late reports in the surplus are counted per installation. Totals in other views can differ by about 1 Mt because later corrections net out.

Reporting counts

Installations reporting counts those with an obligation in the year. Missing counts are the same in every view.

Aviation adjustment

Sources

Source	What we use
EU Union Registry (EUTL)	installations, allocation, emissions, surrender
Commission TNAC notices	official surplus, MSR intake
EEX	auctions
ICE	UK auctions to 2020
EEA ETS dataset	country auctions, history
COM(2026) 616	aviation adjustment

Not on this site

Emissions so far this year and price forecasts are part of the Carbon Insights desk.
Who holds what in accounts today (needs transaction or position data).
Auction revenue by member state.

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Contact and licence

Questions about the data: info@carboninsights.net

Charts and CSVs on this page may be reused with attribution: Carbon Insights ETS Data Explorer.

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