Tag Archives: permits
EU Carbon Nears 2-Week High as Lawmakers Consider Surplus Fix
By Mathew Carr – May 29, 2013 European Union carbon permits rose to their highest level in almost two weeks as lawmakers reconsidered a plan to temporarily curb supply in the market that they failed to endorse last month. Allowances for December advanced as much as 3.6 percent to 3.78 euros ($4.87) a metric ton on the ICE Futures Europe exchange in London and were at 3.74 euros a ton at 11:22 a.m. Certified Emission Reduction credits for December rose 1 cent to 40 euros cents a ton, taking weekly gain to 18 percent. A draft measure to delay EU emission-permit auctions, known as backloading, is the first step toward strengthening the world’s biggest cap-and-trade market after prices slumped to all-time lows in April. It is scheduled for a new vote in the environment panel of the European Parliament on June 19 and then in the full assembly on July 2. Carbon is also being supported by advancing German power, as well as a lack of supply today because there are no permits being sold at auction, said Mark Owen-Lloyd, a trading director at Clean Energy Group Ltd. in London. There’s a “bit of euphoria creeping into the market,” he said today by e-mail. The EU leaders summit on May 22 and comments by the European People’s Party show carbon markets will continue to be central to the region’s plans to tackle climate change, Daniel Rossetto, the London-based managing director of emissions markets adviser Climate Mundial Ltd., said today by e-mail. “This is bullish news for the market,” Rossetto said from the Carbon Expo conference in Barcelona. “There’s a very clear sense now emerging that comprehensive emissions-trading-system reform will have cross parliamentary support.” To contact the reporter on this story: Mathew Carr in London at m.carr@bloomberg.net To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net Continue reading
