Published calendar reflects the operation of the market stability reserve (MSR) from September to December 31, 2023. Following the publication of the total number of allowances in circulation in 2022 by the Commission on May 15, 2023, the auction volumes from September to December 2023 are reduced by 90,783,578 allowances, which are placed in MSR. The calendar also includes the start of trading of allowances allocated to the Recovery and Resilience Facility (RRF) in the form of an auction under the REPowerEU plan. This plan was adopted in February 2023 and aims to generate €20 billion in revenue by 31 August 2026