Total traded volumes of over 2.1 million ACCUs were reported via our daily Survey Panel in June, a month-on-month decrease, yet closely aligned to seasonal patterns in the same period last year.
RepuTex analysis indicates that derivatives markets are changing significantly under the reformed Safeguard scheme as participants increasingly shift to more sophisticated risk management instruments and structured deals, with greater optionality to position around volatility. Notably, hedgers and liquidity providers are increasingly preferencing options over forwards, with RepuTex data indicating that options volumes were 4x higher than forwards in H1 2025, and significantly higher than H1 2024. This reflects a market dominated by larger, pre-established counterparties.
This monthly State of the Australian Carbon Market provides a comprehensive review of trading activity in the ACCU spot and derivative markets over the past month, including pricing and traded volumes for spot, forward and options, analysis of market depth, net market holdings (inventory), and our proprietary ACCU forward curves.
