anyone got better reasons for today's falls, folks? comments my way cheers
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Mathew Carr, emissions markets, energy reporter. London Bloomberg News ph +44 207 073 3531 yahoo ID carr_mathew
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UN Emission Credits Decline to Two-Month Low as EU Mulls Ban
2010-10-28 15:11:12.103 GMT
By Mathew Carr
Oct. 28 (Bloomberg) -- United Nations emission offsets for
2012 dropped to the lowest in more than two months as European
Union regulators consider a ban on some offsets in 2013.
UN Certified Emission Reduction credits for December 2012
fell as much as 1.7 percent to 11.96 euros ($16.63) a metric ton
and traded at 11.97 euros as of 3:55 p.m. on London's European
Climate Exchange.
European Union carbon dioxide allowances for December fell
1.3 percent to 14.90 euros a ton as Chancellor Angela Merkel's
plan to prolong Germany's use of nuclear power cleared
parliament after a debate lasting more than six hours as the
opposition pledged a court challenge. Nuclear stations require
no carbon permits unlike coal and natural-gas electricity
plants.
UN credits can be used for compliance in the EU system, the
world's biggest carbon market. The European Commission,
regulator of the program, plans to present a proposal next month
on offsets that may include a ban on credits from projects
cutting nitrous oxide and hydrofluorocarbons as soon as 2013.
That year is the first of the program's eight-year third phase.
"The weakening offset market seems to be reacting to the
slow drip-feed of news surrounding the European Commission's
likely action on industrial gas offsets in Phase Three,"
IDEAcarbon, the London company that rates emission projects,
said today in an e-mailed research note.
The CERs for 2012 have fallen 8 percent this month.
"The commission is considering restrictions on certain
types of project related to industrial gases HFC-23 and nitrous
oxide," Yvon Slingenberg, emissions-unit head at the
commission's climate department, said in an interview yesterday
in Brussels. "An outright ban is one of the options."
For Related News and Information:
Emissions-trading stories: NI ENVMARKET BN <GO>
Today's top energy news: ETOP <GO>
European power-markets home page: EPWR <GO>
--With assistance from Ewa Krukowska in Brussels. Editors: Jonas
Bergman, Alex Devine
To contact the reporter on this story:
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
