Fourth Auction - Parameters

The Pilot Auction Facility is pleased to announce the following anticipated parameters in conjunction with its fourth auction:

  • The auction will be a reverse auction in which the premium will be fixed and bidders will bid down on the strike price.
  • The premium will be fixed at $0.30/ton
  • The refundable Bid Deposit will be fixed at $0.30/ton​
  • The auction budget is expected to be at least $6 million​
  • Winners will be required to purchase one series of put options, redeemable once in November 2021 (see eligibility criteria)
  • To become qualified to bid, firms will undergo an Integrity Due Diligence screening and pay the refundable deposit 
  • The auction clearing strike price and the auction winners will be made public on the PAF webpage

To be announced at a later stage:

  • The minimum bid
  • The maximum bid
  • The auction date

Once available the PAFERNs draft final terms and Bidder Application Package can be requested by sending an e-mail to with the disclaimer language cut and pasted from this webpage (To be published once the Bidder Application Package becomes available).

Interested parties are also encouraged to review the auction Eligibility Criteria, the Bidders' Q&A and participate in one of the in person or online events.