Pricing and Methodology Statement for the Australian energy and environmental markets

RepuTex is the leading provider of price intelligence for the Australian energy and environmental markets. Established in 1999, our market data has supported transparency and price discovery for over 25 years, providing trusted pricing, forecasting, and insights to the world’s most active traders and market participants.

We produce daily price assessments for the Australian energy and environmental (emissions and renewable energy) markets in line with our Survey Panel market engagement process, and our price reporting methodology, which we describe below.

Alignment with the IOSCO PRA Principles and Commodity Reference Prices (CRPs)

In 2023–24, RepuTex became the first Australian price reporting agency to comply with the International Organization of Securities Commission’s (IOSCO) PRA Principles, governing global securities and commodity benchmarks.

This established a recognised price benchmark for Australia’s carbon market.

What makes our benchmarks IOSCO-compliant?

• Independent: We have no vested interest in the markets we report on. Unlike brokers, banks, or trading platforms, we are not compensated based on transaction volume or value, nor do we own or trade the units we price.
• Transparent: Our published methodology, governance and control framework ensures data quality and integrity, with strict rules to exclude related-party or anomalous broker trades (e.g. delayed or withheld trades) that can distort pricing.
• On the ground experts: Our assessment team is based in Australia, with deep understanding of local market structures, trading behaviour, and participants – ensuring the data we collect (and exclude) is appropriately considered.
• Auditable: Our governance and control processes are subject external assurance each year (by BDO) to confirm compliance with the IOSCO PRA Principles.
• Wider financial and regulatory use cases: As an auditable price reference, our benchmark may be formally adopted as a Commodity Reference Price (CRP) by regulators, auditors, or market participants to set fair market value in regulatory disclosures (e.g. determining liabilities or penalties), financial contracts (such as spot or derivatives settlement in ISDA-based contracts), mark-to-market position valuations, and audited climate related financial disclosures.

RepuTex’s ACCU price benchmark has become the most widely adopted reference for spot and derivatives contracting in Australia, used each day by companies, traders and banks responsible for over 80% of all OTC ACCU trading, 90% of all ACCUs issued, and over 75% of Safeguard Mechanism emissions.

Did you know?

In 2024–25, RepuTex was named the “Default Prescribed Unit Price” (DPUP) market data provider by the Australian Government, with our transaction data used to set the standard price for prescribed carbon units under the Safeguard Mechanism.

Our pricing methodology and process

In accordance with the IOSCO PRA Principles, our methodology, along with our supporting policies and accompanying independent assurance review (undertaken by BDO) is documented and publicly available below.

The below information is a summary of our full Methodology guide. For further detail, please access our full suite of documents at the bottom of this page.

Jump to timing and specifications for key assessments >>

Jump to RepuTex Assessment Calendar >>

– – – – – – – – – – – – – – – – – – – – – – – –

Collection of market data – Our Survey Panel process

To support the provision of information from market participants, we operate a daily “Survey Panel” market engagement process. The Survey Panel is made up of market data submitters who directly report information (brokered and non-brokered) to our price assessment team.

Only active participants with a verifiable track record as a buyer or seller are approved by RepuTex to participate in the Survey Panel to directly submit input market data. We accept market data by email, phone, messenger, and face-to-face meetings.

Our price assessment team collects input market data from sell-side and buy-side participants, along with intermediaries. This information is considered in addition to market data and heard activity from brokers and electronic trading platforms.

Data from brokers and trading platforms

In line with the IOSCO PRA Principles, market data such as confirmed broker trades, along with firm bids and asks, and other information, is reported directly to our price assessment team each day by active market participants.

This enables our assessors to consider the widest universe of information across the OTC market, including both brokered and non-brokered information.

Market data relevant to assessments

RepuTex utilises various types of market data in compiling its assessments, including:

• Confirmed transactions
• Executable bids and asks
• Other market information, such as spread differentials, correlations, and other values described below.

We encourage market participants to submit all market data that may be relevant to our price assessments, enabling full consideration of information.

Data hierarchy and application

In accordance with the IOSCO PRA Principles, we use the following hierarchy to measure the strength of market data submitted, and to determine fair market value.

Transaction information is the preferred source of market data. However, depending on the liquidity of the market – and the timing of activity over the course of the day – other information may be used, such as executable bids and asks. This can be in combination with transactions, or can substitute transactions, depending on liquidity.

For example, while in most markets there is a relatively higher rank given to confirmed transactions over bids and asks, in illiquid markets, value can be a function of time.

Depending on the time of day a transaction occurs, the most current competitive bids and asksmay better represent market value. In this case, bids and asks may supersede transaction data when forming the assessment for the day. The transparency of provided information is also important. For example, transparent bids, asks and trades may be given greater priority than non-transparent market information.

On days bids and asks are used to form the assessment, we assess market value based on the most competitive bid and ask available. This may involve the use of a mid-point or establishing a new tradeable level where bids (asks) are presented above (below) the last assessment.

Consideration of other information

In the absence of sufficient transaction data, bids and asks, RepuTex assessors may use other factors to determine market value, including, for example, trigger prices, and the relative values of similar products.

In certain assessments, market value may be determined based on comparative metrics to related markets. For example, tight price correlations exist between certain carbon credit products and the premiums and discounts between these products. When no bid, ask or transaction data exists, our assessors may consider spread differentials to more actively traded products with slightly different specifications.

In very opaque markets, price developments may at times not be immediately apparent. For some assessments, particularly where liquidity is low, RepuTex price assessors may reflect a price change in the next reporting period. This is in line with RepuTex’s principle of acting on new information as it becomes available. Where there are not enough eligible data points, RepuTex may roll forward the previous price assessment.

Consideration of volume in assessment

Volume may also be taken into consideration in our assessments, such as our “Volume Weighted Average Price” (VWAP) assessments.

Under this framework, transactions with bigger volume can carry more weight than smaller volume transactions.

In markets with low liquidity, consideration of the volume of transactions can be an important input into the assessment of market value. This ensures that larger trades, which have a more significant market impact, are given more weight.

Additionally, the consideration of volume helps to mitigate price manipulation. In markets where trading volumes are low, prices may be more easily manipulated, for example via smaller trades at higher prices. By accounting for volume, a VWAP assessment reduces the influence of such trades, providing a more complete picture of trading throughout the entire day, accounting for both price and volume.

For further information, see the specifications below.

Assessment guidance and definition of pricing method

RepuTex daily assessments are published alongside guidance of how that day’s assessment was developed, including a description of the basis upon which the assessments are produced, by calculation or derived values, aligned to a description of the formula employed.

Published assessments are categorised as the following:

Type A: Prices are evaluated based on market data and heard activity reported to RepuTex via its Survey Panel process including confirmed transactions and executable bids and asks.

Type B: Prices are evaluated based on analyst judgement of other information, including, for example, comparative metrics to related markets, such as spread differentials to more actively traded products with slightly different specifications.

Other information is also published including the size and liquidity of the market being assessed, accounting for market data that is provided under confidentiality, and the range of prices and volumes across different traded products.

Timing and specifications of key assessments

The below information is a summary of our full Methodology guide. For further detail, please access our full suite of documents at the bottom of this page.

Market Close assessment

Volume weighted average price (‘VWAP’) assessments

Differential Assessments

Forward price assessments

Table 1: Specified Bid and Ask Range

RepuTex Assessment Calendar

We produce price assessments for the Australian energy and environmental (emissions and renewable energy) markets on a daily basis in line with our Survey Panel market engagement process, and our price reporting methodology. Daily assessments are published on all business days excluding National holidays outlined below.

2025/2026 Assessment Calendar

Documentation and external assurance

The accompanying independent assurance review, undertaken by BDO, verifies the adherence of our policies, procedures, and protocols to the IOSCO PRA Principles.

• RepuTex Methodology Guide – Australian Carbon Market
• Code of Conduct
• Complaints Handling Policy
• RepuTex IOSCO Statement of Compliance (BDO external assurance) 

Background to the IOSCO PRA Principles

IOSCO is the international body of securities regulators and is the standard setter for the global securities sector. Its membership regulates 95% of the world’s securities markets in more than 130 jurisdictions, including Australia.

The IOSCO PRA Principles enhance the integrity and reliability of commodity price reporting by establishing best practice guidelines for governance, control, quality, integrity, and conflict management for entities that report prices.

The Principles were endorsed by the G20 in November 2012.

Under the framework, entities that report commodity prices – including carbon compliance prices – are encouraged to adopt the IOSCO PRA Principles to demonstrate their independence and impartiality, ensuring that reporting parties do not have a vested interest in a given market (e.g. do not receive compensation linked to the volume or value of transactions, or trade/own carbon offsets).

A lack of these safeguards can undermine the integrity of price benchmarks referenced in carbon contracts, making them susceptible to price distortion (including via the reported brokered market) through the withholding of information, delays to reporting, and/or transacting between related or affiliated parties.

By establishing a best practice framework for benchmark prices, the IOSCO PRA Principles aim to ensure the quality and integrity of commodity price reporting, in turn, enhancing market confidence, and the reliability of contracts that reference such prices.

The framework lays out 26 individual principles – and 60 recommended practices – covering organisational governance, independence, control, quality, integrity, and conflict management in relation to published commodity price assessments.

This includes requirements for price reporting entities to not participate in a given market, to adopt clear and robust governance structures, including an oversight function, and adopt clear rules for the inclusion and exclusion of reported market data.

One of the key requirements for compliance is an external audit of pricing policies, process, and control activities.

Independent assurance provider, BDO, reviewed the policies and procedures implemented by RepuTex to meet compliance with the IOSCO PRA Principles.

Contact our price assessment team

If you have any questions on our pricing methodology, or you are interested in becoming a member of RepuTex’s Survey Panel process, please contact us via reporting@reputex.com

Kind Regards,
The RepuTex Team
Australian Energy Markets

– – – – – – – – – – – – – – – – – – – – – – – –

Disclaimer

This Disclaimer is in addition to our Terms and Conditions and shall not supersede or otherwise affect these Terms and Conditions. Prices and other information contained in this publication have been obtained by us from various sources believed to be reliable. This information has not been independently verified by us. Those prices and price indices that are evaluated or calculated by us represent an approximate evaluation of current levels based upon dealings (if any) that may have been disclosed prior to publication to us. Such prices are collated through regular contact with producers, traders, dealers, brokers, and purchasers although not all market segments may be contacted prior to the evaluation, calculation, or publication of any specific price or index. Actual transaction prices will reflect quantities, qualities, credit terms, and other parameters. The prices are in no sense comparable to the quoted prices of commodities in which a formal futures market exists.

Evaluations or calculations of prices by us are based upon certain market assumptions and evaluation methodologies, and may not conform to prices or information available from third parties. There may be errors or defects in such assumptions or methodologies that cause resultant evaluations to be inappropriate for use. Your use or reliance on any prices or other information published by us is at your sole risk.

Neither we nor any of our providers of information make any representations or warranties, express or implied as to the accuracy, completeness or reliability of any advice, opinion, statement or other information forming any part of the published information or its fitness or suitability for a particular purpose or use. Neither we, nor any of our officers, employees or representatives shall be liable to any person for any losses or damages incurred, suffered or arising as a result of use or reliance on the prices or other information contained in this publication, howsoever arising, including but not limited to any direct, indirect, consequential, punitive, incidental, special or similar damage, losses or expenses.

We are not an investment adviser, a financial adviser or a securities broker. The information published has been prepared solely for informational and educational purposes and is not intended for trading purposes or to address your particular requirements. The information provided is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, commodity, financial product, instrument or other investment or to participate in any particular trading strategy. Such information is intended to be available for your general information and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions. Your investment actions should be solely based upon your own decisions and research and appropriate independent advice should be obtained from a suitably qualified independent adviser before any such decision is made.