EU CO2 continued rising as lawmakers set to vote on a market fix
European carbon prices advanced for a sixth straight week as the bloc’s lawmakers prepared to give final approval on 24 February for a plan to fix an oversupply in the region’s emissions market.
European Union allowances (EUAs) for December 2014 finished the week 8.2% up. EUAs for delivery in December ended last Friday’s session at EUR 7.23/t on ICE Futures Europe exchange in London, compared with EUR 6.68/t at the close of the previous week.
This has been the longest weekly rising streak for EU carbon permits since September 2010. Ministers in the Education, Youth, Culture and Sport Council are scheduled to vote on the measure known as backloading when they meet in Brussels. The plan would remove about half of one year’s supply of allowances through 2016, returning them near the end of the decade.
UN Certified Emission Reduction credits (CERs) for December 2014 lost EUR 0.04/t last week to finish at EUR 0.33/t.
German power for delivery in 2015 ended the week down 0.4% at EUR 36.60/MWh.
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