german power 2011 below E L G B Y 1 1 Dn 5 1 . 7 5 + 1 . 0 5
At DELAYED Op 50.40 Hi 51.85 Lo 50.40 OECM
H i s t o r i c a l % C h a n g e s
ELGBY German Base Elec Basis Year
Range 8/ 3/09 to 8/ 2/10 Period D
DATE PRICE CHANGE % Change
M 8/ 2/10 51.75 +1.05 +2.07
F 7/30/10 50.70 +.20 +0.40
T 7/29/10 50.50 +1.00 +2.02
W 7/28/10 49.50 +.25 +0.51
T 7/27/10 49.25 +.10 +0.20
M 7/26/10 49.15 -.70 -1.40
F 7/23/10 49.85 -.50 -0.99
T 7/22/10 50.35 +.65 +1.31
+------------------------------------------------------------------------------+
UN Carbon Offsets Rise as Board Rejects Projects; Power Jumps
2010-08-02 16:46:50.753 GMT
By Mathew Carr and Ewa Krukowska
Aug. 2 (Bloomberg) -- United Nations carbon credits
advanced to the highest level in two weeks as the regulator of
the Clean Development Mechanism rejected a record number of
projects. European Union allowances jumped as German power
advanced at its fastest pace since May 24.
The executive board of the CDM turned down 22 projects
requesting registration, the most during any single meeting, and
approved 21 applications, some conditionally, according to the
minutes published from last week's meeting. The previous record
was 12, according to Bloomberg New Energy Finance, the London-
based research company owned by Bloomberg LP.
UN Certified Emission Reduction credits for December rose
2.8 percent to 12.27 euros ($16.15) a metric ton, which would be
the highest close since July 19 on the European Climate
Exchange, extending a four-day gaining streak.
UN offset credits can be used for compliance in the
European Union's emissions-trading system, the world's largest.
EU allowances for December rose 2.5 percent to 14.50 euros, also
the highest level since July 19, supported by rising German
power prices.
German power for next year rose 2.1 percent to 51.75 euros
a megawatt hour, according to broker prices on Bloomberg.
The UN-overseen board is seeking to respond to criticism
that it is approving projects that would have gone ahead even
without the credits. The value of the global carbon market
expanded 6 percent last year to $144 billion, according to a
World Bank report. The value of transactions in the EU program
rose to $118 billion, while sales of new CDM credits contracted
59 percent to $2.7 billion, because of lower prices, complex
regulations and administrative bottlenecks.
Rejected Projects
"The amount of projects rejected at this executive board
meeting is unprecedented," John Romankiewicz, an analyst in New
York for New Energy Finance, said by e-mail July 31.
Among projects rejected by the board were Chinese wind
farms and hydroelectric projects. At issue for some plans was
whether the board could judge whether the nation was
deliberately dropping renewable subsidies in order to receive
increased funding from the CDM program.
It is the first rejection of a Chinese hydro project on the
grounds of the country's power tariffs, Romankiewicz said.
Project developers have sought more clarity on how to overcome
the board's concerns about national environmental policies, he
said.
"It has not yet moved the board's decision making," he
said. "Instead, projects continue to get rejected."
The CDM board also sought more time and data before
assessing whether the methodology of awarding offset credits
related to hydrofluorocarbons should be changed. It "noted the
concerns" by the experts panel and requested it to provide
information on issues including supply, demand and economic
impact.
For Related News and Information:
Emission market news NI ECREDITS <GO>
Today's top energy stories ETOP <GO>
European power-markets home page EPWR <GO>
Sustainability, environmental indexes SEI <GO>
--Editors: Rob Verdonck, Randall Hackley
To contact the reporter on this story:
Ewa Krukowska in Warsaw at +32-474-620-243 or
ekrukowska@bloomberg.net
Mathew Carr in London at +44-20-7073-3531 or
m.carr@bloomberg.net
To contact the editor responsible for this story:
Stephen Voss at +44-20-7073-3520 or sev@bloomberg.net
