On 15 May 2023, the European Commission will publish the total number of allowances in circulation (TNAC) in the EU carbon market in 2022. The TNAC indicator plays an important role in the functioning of the Market Stability Reserve (MSR) of the EU Emissions Trading System (ETS). Determines whether quotas are withdrawn or released from the MSR.   According to Decision 2015/1814 (MSR Decision), 24 % TNAC will be put into the MSR if it exceeds the threshold of 833 million. If TNAC falls below the threshold of 400 million, part of the MSR quotas will be auctioned. According to last year's announcement, TNAC represented 1,449 million allowances in 2021. As a result, in the period from September 1, 2022 to August 31, 2023, almost 348 million allowances were withdrawn from auctions and placed in the MSR.