What happened to HBE certificates? The Dutch switch to EREs explained

For over a decade, HBE certificates were the currency of the Dutch renewable fuel obligation. Suppliers of biofuels and renewable electricity earned them, obligated fuel suppliers bought them, and the balance between the two set the price. Since 1 January 2026 that system no longer exists. Anyone searching for HBE prices or HBE trading today is really looking for the successor: the ERE.

In short

• Until 2025: HBEs (hernieuwbare brandstofeenheden) represented renewable energy delivered to Dutch transport, registered with the Dutch Emissions Authority (NEa)
• From 2026: EREs (emissiereductie-eenheden) represent one kilogram of verified CO2 reduction in the fuel chain, following the European RED III directive
• New structure: separate ticket markets for maritime (ZRE), land transport (LRE) and inland shipping (BRE), each with G, O and E categories
• Same register: units are still created by booking renewable deliveries into the NEa’s REV register

From energy content to CO2 reduction

The switch is more than a rename. An HBE stood for a quantity of renewable energy; an ERE stands for a verified kilogram of CO2 reduction. Fuels are now rewarded for what they demonstrably save, which changes the relative value of feedstocks and technologies. And where HBEs covered transport as a single market, EREs are split by sector. A maritime ZRE ticket trades on its own supply and demand, separate from LRE and BRE, and each compliance year has its own vintage.

For companies that book renewable deliveries into the register, the mechanics feel familiar: the booking process still exists, it simply yields EREs in the sector where the delivery took place. For obligated suppliers, the annual obligation is now expressed in CO2 terms rather than energy content.

Where to find the full explanation

Because many of our trading partners still think and speak in HBEs, we have documented the transition in detail in the knowledge base of Agrioil Trade, our digital trading environment for the Dutch ticket markets. The Dutch-language page on HBE-certificaten explains what HBEs were, what replaced them and how pricing works now. From there, the knowledge base covers the ERE system, the ZRE categories and the practical side of booking and trading.

Questions about your own position, whether you hold units to sell or an obligation to cover? Our brokers are happy to talk you through the new markets.