BlueNext and its members want regulators to show "some
courage and commitment," said Francois-Xavier Saint-Macary ,
chief executive officer of BlueNext, the Paris-based exchange
owned by NYSE EuroNext that last year had the biggest share of
spot carbon trading. Under a plan the bourse proposed today,
members that may have unwittingly purchased allegedly stolen
permits would be required to establish an "isolation account,"
which would hold those permits and prevent trade until ownership
is settled, he said today on a call with reporters.
+------------------------------------------------------------------------------+
Hacking Attack Prompts Doubts About Security of EU Carbon Market
2011-01-20 12:28:47.887 GMT
By Ewa Krukowska and Mathew Carr
Jan. 20 (Bloomberg) -- Trading in European Union carbon
permits fell and the BlueNext SA exchange proposed "isolation
accounts" after an alleged hacking raised doubts about security
in the world's biggest emissions market.
The European Commission, the Brussels-based regulator,
suspended most operations yesterday at all 30 of the region's
greenhouse-gas emissions registries after a Czech firm reported
about 6.8 million euros of carbon allowances stolen. Replacing
national registries, now used to track emission allowances in
each member state, with a central clearinghouse will resolve the
"security problem" in the Emissions Trading System, Maria
Kokkonen, climate spokeswoman for the EU, said today.
"Security is the responsibility of the national member
states for their own registries," Kokkonen told reporters
today. "But we of course, as market regulator, have to act here
and remind member states to take measures."
Futures trading in December carbon allowances fell to a
pace of about 475,000 tons an hour as of 11 a.m. London time on
the ICE Futures Europe exchange in London, compared with
yesterday's 1.2 million tons an hour. Prices for EU futures,
which fell yesterday the most in a week, were little changed
today at 14.43 euros ($19.46) a ton.
BlueNext and its members want regulators to show "some
courage and commitment," said Francois-Xavier Saint-Macary,
chief executive officer of BlueNext, the Paris-based exchange
owned by NYSE EuroNext that last year had the biggest share of
spot carbon trading. Under a plan the bourse proposed today,
members that may have unwittingly purchased allegedly stolen
permits would be required to establish an "isolation account,"
which would hold those permits and prevent trade until ownership
is settled, he said today on a call with reporters.
'Safe Harbor'
BlueNext's "safe harbor" initiative, proposed after
consultation with members, calls for registries, police and
governments to distribute official lists of stolen permits and
credits, Saint-Macary said. BlueNext also proposed a European
Union-wide notice board to speed communication about thefts.
ICE Futures Europe in London, the biggest exchange for
carbon trading, yesterday suspended trading effective today
through Jan. 27 of its daily futures for EU contracts and United
Nations' overseen Certified Emission Reductions.
The International Emissions Trading Association said it's
"very concerned" about disruption to business following the
theft. It called for "speedy" action from the bloc's
regulator. "There are arguments, at least in the longer term,
that centralized EU decisions need to be taken on the status of
stolen certificates," according to the statement. Oversight is
currently administered by nations.
Detailed Explanation
The Geneva-based IETA is ready to help the European
Commission with the "identification of issues and solutions"
and expects that the EU regulator will be able quickly to
provide a more detailed explanation and propose further steps.
The halt of the registries, which track ownership of
allowances, will last at least until Jan. 26, according to the
commission. It said it will work with national authorities to
determine what "minimum" security measures need to be put in
place before the suspension of a registry can be lifted.
Blackstone Global Ventures, a trader based in Brno, Czech
Republic, lost 470,000 allowances yesterday, according to Daniel
Butler, the company's broker at Wallich & Matthes BV in Prague.
The reported theft followed at least two incidents in the
past months in which permits, used by more than 11,000 European
factories and power stations to lawfully emit carbon dioxide,
were stolen from accounts in attempts to profit from resale.
Hacker Attacks
In November, Romania's registry was accessed without
authorization, prompting a statement of regret from Jos Delbeke,
director general for the commission's climate department, which
supervises the carbon market. Last week the Austrian registry
blocked access to accounts after a hacker attack on January 10.
The European emissions trading system includes the EU's 27
member states as well as Norway, Iceland and Liechtenstein. It
was set up in 2005 as a cornerstone of the bloc's efforts to
tackle the heat waves, storms and floods that scientists have
linked to emissions of greenhouse gases.
According to EU law, the single registry for the
emissions-trading system has to be operational at the start of
2012 and work on this is continuing in the Brussels-based
commission, Peter Zapfel, head of policy co-ordination in the
climate department, said in November.
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>
--With assistance from Catherine Airlie in London. Editors: Mike
Anderson, Alex Devine.
To contact the reporter on this story:
Ewa Krukowska in Brussels +32-2-237-4331 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
2011/01/20
(BN) EU Says Emissions Trading Registry Attack Is Theft, Not Sabotage
+------------------------------------------------------------------------------+
EU Says Emissions Trading Registry Attack Is Theft, Not Sabotage
2011-01-20 11:23:50.184 GMT
By James Neuger
Jan. 20 (Bloomberg) -- The European Union said the registry
attack on the Emissions Trading System was theft, not sabotage,
and may have been a concerted action.
"For us at this stage it's a theft, not a sabotage,"
Maria Kokkonen, climate spokeswoman at the European Commission,
told reporters in Brussels. "It could even be possible that it
is a concerted action because the recent incidents happened
within the last five days. The member states are now
investigating."
Lifting the closure "depends now on the action and speed
of reaction of the member states," Kokkonen said. "The sooner
they increase their security measures, the sooner we can reopen
the systems."
Link to Company News:{2539Z GR <Equity> CN <GO>}
For Related News and Information:
Top Stories:{TOP<GO>}
To contact the reporter on this story:
James Neuger in Brussels at +32-2-285-4301 or
jneuger@bloomberg.net
To contact the editor responsible for this story:
Andrew Clapham at +32-2-285-4302 or
aclapham@bloomberg.net
EU Says Emissions Trading Registry Attack Is Theft, Not Sabotage
2011-01-20 11:23:50.184 GMT
By James Neuger
Jan. 20 (Bloomberg) -- The European Union said the registry
attack on the Emissions Trading System was theft, not sabotage,
and may have been a concerted action.
"For us at this stage it's a theft, not a sabotage,"
Maria Kokkonen, climate spokeswoman at the European Commission,
told reporters in Brussels. "It could even be possible that it
is a concerted action because the recent incidents happened
within the last five days. The member states are now
investigating."
Lifting the closure "depends now on the action and speed
of reaction of the member states," Kokkonen said. "The sooner
they increase their security measures, the sooner we can reopen
the systems."
Link to Company News:{2539Z GR <Equity> CN <GO>}
For Related News and Information:
Top Stories:{TOP<GO>}
To contact the reporter on this story:
James Neuger in Brussels at +32-2-285-4301 or
jneuger@bloomberg.net
To contact the editor responsible for this story:
Andrew Clapham at +32-2-285-4302 or
aclapham@bloomberg.net
?update/Hacking Theft Forces EU to Suspend Spot Carbon Trade
yest...more comments our way please...are people standing back from the futures market too?...275,000 tons only of dec 11 in one hour and a quarter...will week of fixes solve the security problem? which registries are slackest? who has had allowances stolen? have you seen the blackstone GV missing allowances? ...cheers
------------------------------------------------------------
Mathew Carr, emissions markets, energy reporter. London Bloomberg News ph +44 207 073 3531 yahoo ID carr_mathew
+------------------------------------------------------------------------------+
Hacking Theft Forces EU to Suspend Carbon Registries (Update1)
2011-01-19 19:41:59.780 GMT
(Adds analyst comments from the third paragraph.)
By Mathew Carr and Ewa Krukowska
Jan. 19 (Bloomberg) -- The European Union suspended
operations at all 30 of the region's greenhouse-gas emissions
registries after a Czech firm reported about 6.8 million euros
($9.2 million) of carbon allowances stolen in a hacking attack.
The halt, which started today at 7 p.m. Brussels time, will
last at least until Jan. 26, the European Commission, the bloc's
regulatory arm, said in a statement on its website. Carbon
prices in the world's largest emissions market dropped to the
lowest in six days on the ICE Futures Europe exchange in London.
"This is certainly a good decision toward preventing the
problem from spreading," said Emmanuel Fages, the Paris-based
head of carbon research at Orbeo, the emissions-trading venture
of Societe Generale SA and Rhodia SA. "This means that we will
have no trading or delivery of spot permits. You can still trade
forwards or futures."
The reported theft follows at least two incidents in which
allowances, used by more than 11,000 European factories and
power stations to lawfully emit carbon dioxide, were stolen from
accounts in attempts to profit from resale. Blackstone Global
Ventures, a trader based in Brno, Czech Republic, lost 470,000
allowances yesterday, according to Daniel Butler, the company's
broker at Wallich & Matthes BV in Prague.
The EU market, intended to be a model for a future global
carbon program, had trading volume of 80 billion euros last
year, according Bloomberg New Energy Finance.
Credibility Gap
"If the EU emissions trading system wants some
credibility, they need to beef up their infrastructure," said
Chris Allison, an operations manager at CF Partners (U.K.) LLP,
the London environmental adviser. "There also needs to be more
communication and openness from the registries as to when there
are problems and what they are doing to solve the problems."
Blackstone, which isn't affiliated with the New York-based
asset manager of that name, contacted Czech registry OTE AS
yesterday after noticing an unauthorized trade on its account,
Butler said. The registry closed operations and began an
investigation, said Miroslav Rehor, an OTE representative. He
didn't say when it will open.
Paris-based BlueNext SA, operator of the world's biggest
spot exchange for permits, halted all trading after earlier
limiting transactions at about 10 a.m. London time. Registries,
which track ownership of allowances, closed in Poland, the Czech
Republic and Estonia before the EU imposed a region-wide halt.
The EU regulator said in a statement on its website that the
"transitional measure" will affect all transactions except for
allocation and surrender of allowances.
'Minimum Security Measures'
"The commission will proceed to determine together with
national authorities what minimum security measures need to be
put in place before the suspension of a registry can be
lifted," it said.
Yesterday's attack follows a theft last January in Germany
and a case in November in which Romania's registry was accessed
without authorization, prompting a statement of regret from Jos
Delbeke, director general for the commission's climate
department, which supervises the carbon market. He also asked
companies to ensure they have adequate internal safeguards.
Even so, questions were raised last week about security of
transactions after the Austrian registry blocked access to
accounts because of a hacker attack on January 10.
"Following a first such security breach in early 2010, the
commission has worked closely with national authorities
responsible for registries to ensure that adequate security
measures are put in place in all registries," the EU said in
today's statement. "The incidents over the last weeks have
underlined the urgent need for all registries to ensure that
these measures are speedily implemented."
Biggest Carbon Market
The European emissions trading system, the world's biggest
carbon market, includes the EU's 27 member states as well as
Norway, Iceland and Liechtenstein. It was set up in 2005 as a
cornerstone of the bloc's efforts to tackle the heat waves,
storms and floods that scientists have linked to emissions of
greenhouse gases.
EU carbon prices closed 1.6 percent lower today at 14.38
euros a ton on the ICE exchange, the lowest since Jan. 13. The
commission said it plans to make further announcements "early
next week" and will work to ensure that the suspension can be
lifted "swiftly" for all registries with adequate security
measures.
Registries can boost security by requiring passwords that
change every three months or less, improving know-you-customer
rules and requiring physical security device like the ones banks
use for their online portals to verify individuals, CF Partners'
Allison said today by e-mail.
"If my bank does it for the millions of its depositors,
why don't the registries do it for commodities worth millions?"
he said.
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>
--With assistance from Catherine Airlie in London and Ladka
Bauerova in Prague. Editors: Mike Anderson, John Buckley.
To contact the reporter on this story:
Mathew Carr in London at +44-20-7073-3531 or
m.carr@bloomberg.net;
Ewa Krukowska in Brussels +32-2-237-4331 or
ekrukowska@bloomberg.net
To contact the editor responsible for this story:
Stephen Voss at +44-20-7073-3520 or sev@bloomberg.net
------------------------------------------------------------
Mathew Carr, emissions markets, energy reporter. London Bloomberg News ph +44 207 073 3531 yahoo ID carr_mathew
+------------------------------------------------------------------------------+
Hacking Theft Forces EU to Suspend Carbon Registries (Update1)
2011-01-19 19:41:59.780 GMT
(Adds analyst comments from the third paragraph.)
By Mathew Carr and Ewa Krukowska
Jan. 19 (Bloomberg) -- The European Union suspended
operations at all 30 of the region's greenhouse-gas emissions
registries after a Czech firm reported about 6.8 million euros
($9.2 million) of carbon allowances stolen in a hacking attack.
The halt, which started today at 7 p.m. Brussels time, will
last at least until Jan. 26, the European Commission, the bloc's
regulatory arm, said in a statement on its website. Carbon
prices in the world's largest emissions market dropped to the
lowest in six days on the ICE Futures Europe exchange in London.
"This is certainly a good decision toward preventing the
problem from spreading," said Emmanuel Fages, the Paris-based
head of carbon research at Orbeo, the emissions-trading venture
of Societe Generale SA and Rhodia SA. "This means that we will
have no trading or delivery of spot permits. You can still trade
forwards or futures."
The reported theft follows at least two incidents in which
allowances, used by more than 11,000 European factories and
power stations to lawfully emit carbon dioxide, were stolen from
accounts in attempts to profit from resale. Blackstone Global
Ventures, a trader based in Brno, Czech Republic, lost 470,000
allowances yesterday, according to Daniel Butler, the company's
broker at Wallich & Matthes BV in Prague.
The EU market, intended to be a model for a future global
carbon program, had trading volume of 80 billion euros last
year, according Bloomberg New Energy Finance.
Credibility Gap
"If the EU emissions trading system wants some
credibility, they need to beef up their infrastructure," said
Chris Allison, an operations manager at CF Partners (U.K.) LLP,
the London environmental adviser. "There also needs to be more
communication and openness from the registries as to when there
are problems and what they are doing to solve the problems."
Blackstone, which isn't affiliated with the New York-based
asset manager of that name, contacted Czech registry OTE AS
yesterday after noticing an unauthorized trade on its account,
Butler said. The registry closed operations and began an
investigation, said Miroslav Rehor, an OTE representative. He
didn't say when it will open.
Paris-based BlueNext SA, operator of the world's biggest
spot exchange for permits, halted all trading after earlier
limiting transactions at about 10 a.m. London time. Registries,
which track ownership of allowances, closed in Poland, the Czech
Republic and Estonia before the EU imposed a region-wide halt.
The EU regulator said in a statement on its website that the
"transitional measure" will affect all transactions except for
allocation and surrender of allowances.
'Minimum Security Measures'
"The commission will proceed to determine together with
national authorities what minimum security measures need to be
put in place before the suspension of a registry can be
lifted," it said.
Yesterday's attack follows a theft last January in Germany
and a case in November in which Romania's registry was accessed
without authorization, prompting a statement of regret from Jos
Delbeke, director general for the commission's climate
department, which supervises the carbon market. He also asked
companies to ensure they have adequate internal safeguards.
Even so, questions were raised last week about security of
transactions after the Austrian registry blocked access to
accounts because of a hacker attack on January 10.
"Following a first such security breach in early 2010, the
commission has worked closely with national authorities
responsible for registries to ensure that adequate security
measures are put in place in all registries," the EU said in
today's statement. "The incidents over the last weeks have
underlined the urgent need for all registries to ensure that
these measures are speedily implemented."
Biggest Carbon Market
The European emissions trading system, the world's biggest
carbon market, includes the EU's 27 member states as well as
Norway, Iceland and Liechtenstein. It was set up in 2005 as a
cornerstone of the bloc's efforts to tackle the heat waves,
storms and floods that scientists have linked to emissions of
greenhouse gases.
EU carbon prices closed 1.6 percent lower today at 14.38
euros a ton on the ICE exchange, the lowest since Jan. 13. The
commission said it plans to make further announcements "early
next week" and will work to ensure that the suspension can be
lifted "swiftly" for all registries with adequate security
measures.
Registries can boost security by requiring passwords that
change every three months or less, improving know-you-customer
rules and requiring physical security device like the ones banks
use for their online portals to verify individuals, CF Partners'
Allison said today by e-mail.
"If my bank does it for the millions of its depositors,
why don't the registries do it for commodities worth millions?"
he said.
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>
--With assistance from Catherine Airlie in London and Ladka
Bauerova in Prague. Editors: Mike Anderson, John Buckley.
To contact the reporter on this story:
Mathew Carr in London at +44-20-7073-3531 or
m.carr@bloomberg.net;
Ewa Krukowska in Brussels +32-2-237-4331 or
ekrukowska@bloomberg.net
To contact the editor responsible for this story:
Stephen Voss at +44-20-7073-3520 or sev@bloomberg.net
2011/01/19
Fwd: EPA’s Chief Wanted for Frequent Questioning by Republicans
---
Sent From Bloomberg Mobile MSG
+------------------------------------------------------------------------------+
EPA's Chief Wanted for Frequent Questioning by Republicans
2011-01-20 05:00:01.16 GMT
By Jim Snyder
Jan. 20 (Bloomberg) -- Representative Fred Upton, the
chairman of the U.S. House Energy and Commerce Committee, says
he plans to summon Environmental Protection Agency Administrator
Lisa Jackson to Capitol Hill for questioning so often that he's
going to save a parking place for her.
Among Jackson's proposals targeted by the new Republican
majority in the House are limits on toxic emissions from
boilers, a revised national standard for smog, and the first-
ever greenhouse gas-emission curbs, which Republicans and some
Democrats say would raise energy prices and cost jobs.
"The EPA has its foot firmly on the throat of our economic
recovery," Upton, a Michigan Republican, said in a Dec. 23
statement, referring to the agency's planned carbon regulations.
Keeping the EPA from imposing greenhouse-gas cuts after
Congress rejected climate legislation last year is highest on
the GOP's to-do list on energy, Upton says.
The greenhouse-gas rules will spur investment in clean
energy and create jobs, Jackson said in a Dec. 23 statement. She
also pledged to move forward in a "measured and careful way"
to reduce the threat of climate change.
Aric Newhouse, senior vice president of the Washington-
based National Association of Manufacturers, says the group was
pleased the EPA decided in December to delay its boiler rule,
after businesses complained of the economic impact, and opted to
push back new smog rules until July. Even so, Congress should
perform a "robust examination of what the proposals will mean
for jobs and economic growth, both on large and small
companies," he says.
Public Lands
Like Jackson, Interior Secretary Ken Salazar can expect
frequent commutes to the Capitol. Representative Doc Hastings, a
Washington Republican who heads the House Natural Resources
Committee, pledged "thoughtful oversight" of the Obama
administration's moves to "lock up public land to energy
development" through new drilling rules and its decision to
block oil companies from developing swaths of territory
offshore.
"All of these issues have serious implications on American
jobs and our economic competitiveness," Hastings said in a
statement.
Salazar announced Dec. 1 the administration's decision to
keep the Atlantic Ocean and eastern Gulf of Mexico in the U.S.
off limits to oil producers. In light of BP Plc's oil spill, the
largest in U.S. history, "we need to proceed with caution and
focus on creating a more stringent regulatory regime," Salazar
said in a statement.
Energy Secretary Steven Chu may have to defend what
Congress has already given him: billions of dollars in stimulus
money for clean-energy programs. More than $20 billion of the
$33 billion originally appropriated in the 2009 economic-
recovery bill hadn't been spent as of Dec. 31, according to the
Energy Department.
Upton wrote Chu on Nov. 23 to ask how many jobs had been
generated by the stimulus funds, which is probably a precursor
to a Republican push to rescind the money, says Michael Schmidt,
a Washington lobbyist at Chicago-based GolinHarris.
"He's not going to be as frequent a visitor up there as
Lisa Jackson, from what we hear, but he'll come under a lot of
scrutiny, for sure," Schmidt says.
This story is part of a Bloomberg Government special report on
regulation. The full report may be found on BGOV.com and in
Bloomberg Businessweek.
For Related News and Information:
Top energy news: ETOP <GO>
Top power news: PTOP <GO>
News about Congress and energy: TNI CNG NRG <GO>
Green Markets: EMIT <GO>
--Editors: Larry Liebert, Romaine Bostick.
To contact the reporter on this story:
Jim Snyder in Washington at +1-202-624-1972 or
jsnyder24@bloomberg.net.
To contact the editor responsible for this story:
Larry Liebert at +1-202-624-1936 or
lliebert@bloomberg.net.
Sent From Bloomberg Mobile MSG
+------------------------------------------------------------------------------+
EPA's Chief Wanted for Frequent Questioning by Republicans
2011-01-20 05:00:01.16 GMT
By Jim Snyder
Jan. 20 (Bloomberg) -- Representative Fred Upton, the
chairman of the U.S. House Energy and Commerce Committee, says
he plans to summon Environmental Protection Agency Administrator
Lisa Jackson to Capitol Hill for questioning so often that he's
going to save a parking place for her.
Among Jackson's proposals targeted by the new Republican
majority in the House are limits on toxic emissions from
boilers, a revised national standard for smog, and the first-
ever greenhouse gas-emission curbs, which Republicans and some
Democrats say would raise energy prices and cost jobs.
"The EPA has its foot firmly on the throat of our economic
recovery," Upton, a Michigan Republican, said in a Dec. 23
statement, referring to the agency's planned carbon regulations.
Keeping the EPA from imposing greenhouse-gas cuts after
Congress rejected climate legislation last year is highest on
the GOP's to-do list on energy, Upton says.
The greenhouse-gas rules will spur investment in clean
energy and create jobs, Jackson said in a Dec. 23 statement. She
also pledged to move forward in a "measured and careful way"
to reduce the threat of climate change.
Aric Newhouse, senior vice president of the Washington-
based National Association of Manufacturers, says the group was
pleased the EPA decided in December to delay its boiler rule,
after businesses complained of the economic impact, and opted to
push back new smog rules until July. Even so, Congress should
perform a "robust examination of what the proposals will mean
for jobs and economic growth, both on large and small
companies," he says.
Public Lands
Like Jackson, Interior Secretary Ken Salazar can expect
frequent commutes to the Capitol. Representative Doc Hastings, a
Washington Republican who heads the House Natural Resources
Committee, pledged "thoughtful oversight" of the Obama
administration's moves to "lock up public land to energy
development" through new drilling rules and its decision to
block oil companies from developing swaths of territory
offshore.
"All of these issues have serious implications on American
jobs and our economic competitiveness," Hastings said in a
statement.
Salazar announced Dec. 1 the administration's decision to
keep the Atlantic Ocean and eastern Gulf of Mexico in the U.S.
off limits to oil producers. In light of BP Plc's oil spill, the
largest in U.S. history, "we need to proceed with caution and
focus on creating a more stringent regulatory regime," Salazar
said in a statement.
Energy Secretary Steven Chu may have to defend what
Congress has already given him: billions of dollars in stimulus
money for clean-energy programs. More than $20 billion of the
$33 billion originally appropriated in the 2009 economic-
recovery bill hadn't been spent as of Dec. 31, according to the
Energy Department.
Upton wrote Chu on Nov. 23 to ask how many jobs had been
generated by the stimulus funds, which is probably a precursor
to a Republican push to rescind the money, says Michael Schmidt,
a Washington lobbyist at Chicago-based GolinHarris.
"He's not going to be as frequent a visitor up there as
Lisa Jackson, from what we hear, but he'll come under a lot of
scrutiny, for sure," Schmidt says.
This story is part of a Bloomberg Government special report on
regulation. The full report may be found on BGOV.com and in
Bloomberg Businessweek.
For Related News and Information:
Top energy news: ETOP <GO>
Top power news: PTOP <GO>
News about Congress and energy: TNI CNG NRG <GO>
Green Markets: EMIT <GO>
--Editors: Larry Liebert, Romaine Bostick.
To contact the reporter on this story:
Jim Snyder in Washington at +1-202-624-1972 or
jsnyder24@bloomberg.net.
To contact the editor responsible for this story:
Larry Liebert at +1-202-624-1936 or
lliebert@bloomberg.net.
Fwd: War Spirit Needed for Climate Fight, U.K. Green Party Head Says
---
Sent From Bloomberg Mobile MSG
+------------------------------------------------------------------------------+
War Spirit Needed for Climate Fight, U.K. Green Party Head Says
2011-01-20 06:00:00.1 GMT
By Alex Morales
Jan. 20 (Bloomberg) -- The spirit of World War II, when
Britons banded together to cut food and fuel consumption, is
needed to help the country fight climate change, Caroline Lucas,
leader of the nation's Green Party, said today.
Efforts to reduce the greenhouse gas emissions blamed for
global warming at a time when the government is reducing
spending to curb its deficit have created a new "Home Front,"
requiring war-time thrift and efficiency, Lucas said in a study
she commissioned from the New Economics Foundation.
During the war from 1939 to 1945, British homes pared coal
demand by a quarter, reduced motor vehicle use 95 percent, and
saved 110,000 tons of scrap metal a week. By April 1943, enough
kitchen waste was saved to feed 210,000 pigs a week. While food
consumption declined 11 percent, health indicators improved,
according to Andrew Simms, author of the report.
"If we are to overcome the threat of climate change, our
country will need to move onto the equivalent of a war footing,
where the efforts of individuals, organizations and government
are harnessed together and directed to a common goal," the
report said. "Only this will provide the urgency, energy and
creativity we need to avert disaster."
People with memories of World War II should be tapped for
their experiences in reducing dependence on scarce resources,
and mobilizing the public to do likewise, said Lucas, who in May
became the country's first member of Parliament from the Green
Party. Schools, universities, churches, charities, police, fire
and health services all have a role to play, she said.
The study suggested measures could be taken including
campaigns to eat locally-produced seasonal foods and displaying
publically the efforts taken by government to conserve energy.
"The changes now underway in our climate, if unchecked,
pose probably the greatest threat to Britain that we have ever
faced," Lucas said. "Putting off difficult issues has a habit
of making them far more costly to deal with in the long run.
Climate change is certainly in that category."
For Related News and Information:
Climate-change news: NI CLIMATE <GO>
Top environment stories: GREEN <GO>
Most-read environmental news: MNI ENV <GO>
Renewable Energy Stories: NI ALTNRG <GO>
--Editor: Reed Landberg, Randall Hackley
To contact the reporter on this story:
Alex Morales in London at +44-20-7330-7718 or
amorales2@bloomberg.net.
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or landberg@bloomberg.net.
Sent From Bloomberg Mobile MSG
+------------------------------------------------------------------------------+
War Spirit Needed for Climate Fight, U.K. Green Party Head Says
2011-01-20 06:00:00.1 GMT
By Alex Morales
Jan. 20 (Bloomberg) -- The spirit of World War II, when
Britons banded together to cut food and fuel consumption, is
needed to help the country fight climate change, Caroline Lucas,
leader of the nation's Green Party, said today.
Efforts to reduce the greenhouse gas emissions blamed for
global warming at a time when the government is reducing
spending to curb its deficit have created a new "Home Front,"
requiring war-time thrift and efficiency, Lucas said in a study
she commissioned from the New Economics Foundation.
During the war from 1939 to 1945, British homes pared coal
demand by a quarter, reduced motor vehicle use 95 percent, and
saved 110,000 tons of scrap metal a week. By April 1943, enough
kitchen waste was saved to feed 210,000 pigs a week. While food
consumption declined 11 percent, health indicators improved,
according to Andrew Simms, author of the report.
"If we are to overcome the threat of climate change, our
country will need to move onto the equivalent of a war footing,
where the efforts of individuals, organizations and government
are harnessed together and directed to a common goal," the
report said. "Only this will provide the urgency, energy and
creativity we need to avert disaster."
People with memories of World War II should be tapped for
their experiences in reducing dependence on scarce resources,
and mobilizing the public to do likewise, said Lucas, who in May
became the country's first member of Parliament from the Green
Party. Schools, universities, churches, charities, police, fire
and health services all have a role to play, she said.
The study suggested measures could be taken including
campaigns to eat locally-produced seasonal foods and displaying
publically the efforts taken by government to conserve energy.
"The changes now underway in our climate, if unchecked,
pose probably the greatest threat to Britain that we have ever
faced," Lucas said. "Putting off difficult issues has a habit
of making them far more costly to deal with in the long run.
Climate change is certainly in that category."
For Related News and Information:
Climate-change news: NI CLIMATE <GO>
Top environment stories: GREEN <GO>
Most-read environmental news: MNI ENV <GO>
Renewable Energy Stories: NI ALTNRG <GO>
--Editor: Reed Landberg, Randall Hackley
To contact the reporter on this story:
Alex Morales in London at +44-20-7330-7718 or
amorales2@bloomberg.net.
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or landberg@bloomberg.net.
Fwd: Flood Destruction in Australia May Propel Wheat Crop to Record
---
Sent From Bloomberg Mobile MSG
+------------------------------------------------------------------------------+
Flood Destruction in Australia May Propel Wheat Crop to Record
2011-01-19 13:01:00.0 GMT
By Wendy Pugh
Jan. 20 (Bloomberg) -- Rain that caused billions of dollars
of destruction in Australia could propel wheat output in the
fourth-largest exporter to a record next harvest and boost
irrigated crops after floods swept formerly parched land.
Heavy rains saturated soils, providing moisture for the
next wheat-growing season and raising dam levels for irrigated
crops such as cotton, commodities analyst Wayne Gordon and
sustainability analyst Tracey Allen at Rabobank Groep NV said in
an interview yesterday.
Rising milling wheat and cotton supplies from Australia may
help curb global prices that soared last year on concerns that
demand may outpace supply. Floods this month followed the
country's wettest July-to-December on record, ending a drought
that lasted a decade in some areas and filling dams in the
Murray-Darling Basin, which produces more than a third of the
nation's food supply.
"It's plausible to see that we could plant and perhaps
grow a record wheat crop in the coming year," Gordon said by
phone. Still, that depends on improved production in Western
Australia, where drought persists, and "top-up" rains in the
east, he said. The grain is mostly planted from April to June.
Wheat futures on the Chicago Board of Trade gained 47
percent last year after Russia's worst drought in at least 50
years prompted the country to ban exports and amid concern that
rains would cut milling-quality supplies from Australia. The
contract reached a five-month high of $8.25 a bushel on Jan. 3.
Cotton on ICE Futures U.S. in New York reached a record $1.5912
a pound on Dec. 21.
Crop Forecast
Australia may produce 25 million metric tons of wheat from
the current harvest, the U.S. Department of Agriculture said
Jan. 12. Output may reach a record 26.8 million tons, the
Australian Bureau of Agricultural and Resource Economics and
Sciences, known as Abares, estimated Dec. 7, as production in
the east offset drought in Western Australia. The country
produced 26.1 million tons in 2003-2004, according to Australian
government data.
The bureau will update its estimate for the current harvest
on Feb. 15 and release its 2011-2012 forecast on March 1.
Rainfall levels suggest eastern Australia will produce
another big crop this year, and history suggests it's unlikely
Western Australia's crop will slump by the same amount for a
second year, Peter Rowe, Perth-based manager of agribusiness
projects and strategy at Bankwest, said by phone.
"I could see us exceeding the 26.1 million tons of 2003,"
he said. "We could easily give that a nudge." This season's
harvest of 25 million tons likely included 10 million tons of
feed-quality grain, the bank, a unit of Commonwealth Bank of
Australia, said this week.
Natural Disaster
The flooding in Victoria, Queensland and New South Wales
was Australia's biggest natural disaster in economic terms,
Prime Minister Julia Gillard said Dec. 17. Rebuilding may cost
as much as A$20 billion ($20 billion), or about 1.5 percent of
gross domestic product, economists from Australia & New Zealand
Banking Group Ltd. wrote in a research reported dated Jan. 18.
Queensland Premier Anna Bligh has said the state's death
toll could be as high as 32 and that 2.1 million people had been
affected. The floods disrupted coal exports, damaged roads and
rail networks and inundated farms.
The short and medium-term effect would be severe for
"directly impacted" cropping businesses, while relatively high
commodity prices and favorable conditions for livestock
production in many areas would help offset the impact on average
farm incomes, Abares said in a statement this week.
Future Prospects
"Prospects for future seasons remain bright, with
significant increases in water storages and soil moisture
profiles," the bureau said.
The Murray-Darling Basin, which produces more than 90
percent of Australia's cotton, had its wettest 12 months in 2010
after a record series of below-average rainfall years going back
to 2001, according to the Bureau of Meteorology. Water storages
were 81 percent full as of Jan. 12, compared with 26 percent at
the start of 2010, while dam levels outside the region have also
increased.
"In terms of the longer-term benefits, we haven't seen
storages at these sort of levels for probably more than a
decade," Rabobank's Allen said. "Across the basin it is
security for irrigators moving into the next few seasons."
The current cotton crop will be mostly harvested from March
to May, with forecasts for output to top 4 million bales for the
first time now in doubt after the floods. The record was 3.6
million bales, government data show. An Australian bale weighs
227 kilograms (500 pounds).
Flood Losses
Flood losses may cut output this season by about 400,000
bales to 3.4 million bales, National Australia Bank Ltd. said
last week. The next crop will be planted from around October.
"The good subsoil moisture and increased allocations bode
well for next season, especially when considering that storage
levels for dams in the cotton-producing regions stood at just 20
percent this time last year," wrote Michael Creed, a Melbourne-
based agribusiness economist at the bank.
Rising prices and the availability of irrigation water is
likely to ensure "another large cotton plant" for 2011-2012,
Luke Mathews, an agricultural commodities strategist at
Commonwealth Bank of Australia, said earlier this month.
Still, for grain producers the wet weather is hampering
access to fields and helping weeds flourish, which could create
problems for farmers as they prepare for their next crops.
"The soil profiles across the eastern states augur well
for a potentially above-average crop production year, barring
the catastrophic events we have seen this year," Pete Mailler,
Grain Producers Australia Chairman and a New South Wales farmer,
said from near flood-affected Goondiwindi this week. "More
water doesn't necessarily equal more grain and more profit."
For Related News and Information:
Top commodity stories: CTOP <GO>
Top agricultural stories TOP AGR <GO>
Most read Australian news: MNI AUD <GO>
--Editors: Matthew Oakley, Jarrett Banks.
To contact the reporter on this story:
Wendy Pugh in Melbourne +61-3-9228-8736 or
wpugh@bloomberg.net.
To contact the editor responsible for this story:
James Poole at +65-6212-1551 or
Jpoole4@bloomberg.net.
Sent From Bloomberg Mobile MSG
+------------------------------------------------------------------------------+
Flood Destruction in Australia May Propel Wheat Crop to Record
2011-01-19 13:01:00.0 GMT
By Wendy Pugh
Jan. 20 (Bloomberg) -- Rain that caused billions of dollars
of destruction in Australia could propel wheat output in the
fourth-largest exporter to a record next harvest and boost
irrigated crops after floods swept formerly parched land.
Heavy rains saturated soils, providing moisture for the
next wheat-growing season and raising dam levels for irrigated
crops such as cotton, commodities analyst Wayne Gordon and
sustainability analyst Tracey Allen at Rabobank Groep NV said in
an interview yesterday.
Rising milling wheat and cotton supplies from Australia may
help curb global prices that soared last year on concerns that
demand may outpace supply. Floods this month followed the
country's wettest July-to-December on record, ending a drought
that lasted a decade in some areas and filling dams in the
Murray-Darling Basin, which produces more than a third of the
nation's food supply.
"It's plausible to see that we could plant and perhaps
grow a record wheat crop in the coming year," Gordon said by
phone. Still, that depends on improved production in Western
Australia, where drought persists, and "top-up" rains in the
east, he said. The grain is mostly planted from April to June.
Wheat futures on the Chicago Board of Trade gained 47
percent last year after Russia's worst drought in at least 50
years prompted the country to ban exports and amid concern that
rains would cut milling-quality supplies from Australia. The
contract reached a five-month high of $8.25 a bushel on Jan. 3.
Cotton on ICE Futures U.S. in New York reached a record $1.5912
a pound on Dec. 21.
Crop Forecast
Australia may produce 25 million metric tons of wheat from
the current harvest, the U.S. Department of Agriculture said
Jan. 12. Output may reach a record 26.8 million tons, the
Australian Bureau of Agricultural and Resource Economics and
Sciences, known as Abares, estimated Dec. 7, as production in
the east offset drought in Western Australia. The country
produced 26.1 million tons in 2003-2004, according to Australian
government data.
The bureau will update its estimate for the current harvest
on Feb. 15 and release its 2011-2012 forecast on March 1.
Rainfall levels suggest eastern Australia will produce
another big crop this year, and history suggests it's unlikely
Western Australia's crop will slump by the same amount for a
second year, Peter Rowe, Perth-based manager of agribusiness
projects and strategy at Bankwest, said by phone.
"I could see us exceeding the 26.1 million tons of 2003,"
he said. "We could easily give that a nudge." This season's
harvest of 25 million tons likely included 10 million tons of
feed-quality grain, the bank, a unit of Commonwealth Bank of
Australia, said this week.
Natural Disaster
The flooding in Victoria, Queensland and New South Wales
was Australia's biggest natural disaster in economic terms,
Prime Minister Julia Gillard said Dec. 17. Rebuilding may cost
as much as A$20 billion ($20 billion), or about 1.5 percent of
gross domestic product, economists from Australia & New Zealand
Banking Group Ltd. wrote in a research reported dated Jan. 18.
Queensland Premier Anna Bligh has said the state's death
toll could be as high as 32 and that 2.1 million people had been
affected. The floods disrupted coal exports, damaged roads and
rail networks and inundated farms.
The short and medium-term effect would be severe for
"directly impacted" cropping businesses, while relatively high
commodity prices and favorable conditions for livestock
production in many areas would help offset the impact on average
farm incomes, Abares said in a statement this week.
Future Prospects
"Prospects for future seasons remain bright, with
significant increases in water storages and soil moisture
profiles," the bureau said.
The Murray-Darling Basin, which produces more than 90
percent of Australia's cotton, had its wettest 12 months in 2010
after a record series of below-average rainfall years going back
to 2001, according to the Bureau of Meteorology. Water storages
were 81 percent full as of Jan. 12, compared with 26 percent at
the start of 2010, while dam levels outside the region have also
increased.
"In terms of the longer-term benefits, we haven't seen
storages at these sort of levels for probably more than a
decade," Rabobank's Allen said. "Across the basin it is
security for irrigators moving into the next few seasons."
The current cotton crop will be mostly harvested from March
to May, with forecasts for output to top 4 million bales for the
first time now in doubt after the floods. The record was 3.6
million bales, government data show. An Australian bale weighs
227 kilograms (500 pounds).
Flood Losses
Flood losses may cut output this season by about 400,000
bales to 3.4 million bales, National Australia Bank Ltd. said
last week. The next crop will be planted from around October.
"The good subsoil moisture and increased allocations bode
well for next season, especially when considering that storage
levels for dams in the cotton-producing regions stood at just 20
percent this time last year," wrote Michael Creed, a Melbourne-
based agribusiness economist at the bank.
Rising prices and the availability of irrigation water is
likely to ensure "another large cotton plant" for 2011-2012,
Luke Mathews, an agricultural commodities strategist at
Commonwealth Bank of Australia, said earlier this month.
Still, for grain producers the wet weather is hampering
access to fields and helping weeds flourish, which could create
problems for farmers as they prepare for their next crops.
"The soil profiles across the eastern states augur well
for a potentially above-average crop production year, barring
the catastrophic events we have seen this year," Pete Mailler,
Grain Producers Australia Chairman and a New South Wales farmer,
said from near flood-affected Goondiwindi this week. "More
water doesn't necessarily equal more grain and more profit."
For Related News and Information:
Top commodity stories: CTOP <GO>
Top agricultural stories TOP AGR <GO>
Most read Australian news: MNI AUD <GO>
--Editors: Matthew Oakley, Jarrett Banks.
To contact the reporter on this story:
Wendy Pugh in Melbourne +61-3-9228-8736 or
wpugh@bloomberg.net.
To contact the editor responsible for this story:
James Poole at +65-6212-1551 or
Jpoole4@bloomberg.net.
(BN) EU to Suspend Carbon Transactions Until at Least Jan. 26
+------------------------------------------------------------------------------+
EU to Suspend Carbon Transactions Until at Least Jan. 26
2011-01-19 16:46:01.797 GMT
By Ewa Krukowska
Jan. 19 (Bloomberg) -- The European Commission, the
regulator of the European Union's emissions trading system, said
it will suspend transactions in all national registries until at
least Jan. 26.
The suspension will start today at 7 p.m. Brussels time and
"is taken in view of recurring security breaches in national
registries over the last two months," the commission's climate
department said on its website today.
For Related News and Information:
Top Stories:{TOP<GO>}
To contact the reporter on this story:
Ewa Krukowska in Brussels at +32-2-237-4331 or
ekrukowska@bloomberg.net
To contact the editor responsible for this story:
Peter Chapman at +322-285-4318 or
pchapman10@bloomberg.net
EU to Suspend Carbon Transactions Until at Least Jan. 26
2011-01-19 16:46:01.797 GMT
By Ewa Krukowska
Jan. 19 (Bloomberg) -- The European Commission, the
regulator of the European Union's emissions trading system, said
it will suspend transactions in all national registries until at
least Jan. 26.
The suspension will start today at 7 p.m. Brussels time and
"is taken in view of recurring security breaches in national
registries over the last two months," the commission's climate
department said on its website today.
For Related News and Information:
Top Stories:{TOP<GO>}
To contact the reporter on this story:
Ewa Krukowska in Brussels at +32-2-237-4331 or
ekrukowska@bloomberg.net
To contact the editor responsible for this story:
Peter Chapman at +322-285-4318 or
pchapman10@bloomberg.net
(BN) BlueNext Halts CO2 Trade to Isolate ‘Allegedly Stolen’ Permits
+------------------------------------------------------------------------------+
BlueNext Halts CO2 Trade to Isolate 'Allegedly Stolen' Permits
2011-01-19 16:13:14.39 GMT
By Mathew Carr
Jan. 19 (Bloomberg) -- BlueNext SA said it suspended carbon
trading on its Paris-based exchange and will seek to isolate
"allegedly stolen" permits.
Link to Company News:{NYX US <Equity> CN <GO>}
For Related News and Information:
Top Stories:{TOP<GO>}
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:
Mike Anderson at +44-20-7673-2718 or
manderson34@bloomberg.net
BlueNext Halts CO2 Trade to Isolate 'Allegedly Stolen' Permits
2011-01-19 16:13:14.39 GMT
By Mathew Carr
Jan. 19 (Bloomberg) -- BlueNext SA said it suspended carbon
trading on its Paris-based exchange and will seek to isolate
"allegedly stolen" permits.
Link to Company News:{NYX US <Equity> CN <GO>}
For Related News and Information:
Top Stories:{TOP<GO>}
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:
Mike Anderson at +44-20-7673-2718 or
manderson34@bloomberg.net
eu credible?CO2 Registries Close as Czech Trader Reports $9.
"If the EU emissions trading system wants some
credibility, they need to beef up their infrastructure," said
Chris Allison, an operations manager at CF Partners (U.K.) LLP,
the London environmental adviser. "There also needs to be more
communication and openness from the registries as to when there
are problems and what they are doing to solve the problems."
+------------------------------------------------------------------------------+
CO2 Registries Close as Czech Trader Reports $9.3 Million Theft
2011-01-19 15:10:26.741 GMT
By Mathew Carr and Ladka Bauerova
Jan. 19 (Bloomberg) -- Emission registries closed today as
Blackstone Global Ventures, a Czech carbon trader, reported
about 6.9 million euros ($9.3 million) of European Union
allowances missing after a hacking attack.
"At 11 a.m. yesterday, Blackstone Global Ventures lost
470,000 metric tons of EU allowances," Daniel Butler, the
company's broker at Wallich & Matthes BV in Prague, said today
by e-mail. "They were transferred to Estonia."
Registries in the Czech Republic, Poland and Estonia were
closed today and spot trading volumes fell on the BlueNext
exchange in Paris to 25,000 tons from 217,000 tons yesterday.
Today's incident follows a report in November 2010 of improper
access to an account in Romania's carbon registry, prompting a
statement of regret from EU regulator Jos Delbeke. There was a
similar theft reported last January in Germany.
The closure of the Czech registry operated by OTE AS
prevented the transfer of allowances, which are traded
electronically under distinct serial numbers. Blackstone Global,
which isn't affiliated with the New York-based asset manager,
wants to alert traders of suspicious spot transactions that may
follow, Butler said. At today's benchmark price of 14.67 euros a
ton, the allowances are worth 6.9 million euros. The EU carbon
market, the world's largest, had trading volume of 80 billion
euros last year, according Bloomberg New Energy Finance.
"If the EU emissions trading system wants some
credibility, they need to beef up their infrastructure," said
Chris Allison, an operations manager at CF Partners (U.K.) LLP,
the London environmental adviser. "There also needs to be more
communication and openness from the registries as to when there
are problems and what they are doing to solve the problems."
Security Measures
Regulators are in touch with national authorities, said
Maria Kokkonen, climate spokeswoman at the European Commission
in Brussels. "We asked member states in April to increase
security measures, so it is their area of responsibility."
There is no indication that the EU carbon market has
insufficient security, Delbeke, director general of the EU
climate unit, said in a Dec. 3 statement.
OTE was contacted yesterday by a client that noticed an
unauthorized trade of carbon permits on his account, said
Miroslav Rehor, a company representative. OTE then closed the
Czech registry and started investigating trades, he said today
by phone. He didn't say when the registry will reopen.
The BlueNext exchange said it "desynchronized" trading.
Meaning transaction can take place while payments and deliveries
are blocked, Keiron Allen, a BlueNext spokesman, said today by
e-mail.
The Romanian unit of Jonas, Switzerland-based Holcim Ltd.,
the world's second-biggest cement maker, said Nov. 30 that about
15 million euros worth of the allowances, known as EUAs, were
stolen from its account. Holcim asked the EU, which oversees
national registries of the electronic permits, to help track
them down.
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>
--With assistance from Ewa Krukowska in Brussels and Catherine
Airlie in London. Editors: Mike Anderson, John Buckley. Top
To contact the reporter on this story:
Mathew Carr in London at +44-20-7073-3531 or
m.carr@bloomberg.net;
Ladka Bauerova in Paris at +420-2-2442-2108 or
lbauerova@bloomberg.net
To contact the editor responsible for this story:
Stephen Voss at +44-20-7073-3520 or sev@bloomberg.net
credibility, they need to beef up their infrastructure," said
Chris Allison, an operations manager at CF Partners (U.K.) LLP,
the London environmental adviser. "There also needs to be more
communication and openness from the registries as to when there
are problems and what they are doing to solve the problems."
+------------------------------------------------------------------------------+
CO2 Registries Close as Czech Trader Reports $9.3 Million Theft
2011-01-19 15:10:26.741 GMT
By Mathew Carr and Ladka Bauerova
Jan. 19 (Bloomberg) -- Emission registries closed today as
Blackstone Global Ventures, a Czech carbon trader, reported
about 6.9 million euros ($9.3 million) of European Union
allowances missing after a hacking attack.
"At 11 a.m. yesterday, Blackstone Global Ventures lost
470,000 metric tons of EU allowances," Daniel Butler, the
company's broker at Wallich & Matthes BV in Prague, said today
by e-mail. "They were transferred to Estonia."
Registries in the Czech Republic, Poland and Estonia were
closed today and spot trading volumes fell on the BlueNext
exchange in Paris to 25,000 tons from 217,000 tons yesterday.
Today's incident follows a report in November 2010 of improper
access to an account in Romania's carbon registry, prompting a
statement of regret from EU regulator Jos Delbeke. There was a
similar theft reported last January in Germany.
The closure of the Czech registry operated by OTE AS
prevented the transfer of allowances, which are traded
electronically under distinct serial numbers. Blackstone Global,
which isn't affiliated with the New York-based asset manager,
wants to alert traders of suspicious spot transactions that may
follow, Butler said. At today's benchmark price of 14.67 euros a
ton, the allowances are worth 6.9 million euros. The EU carbon
market, the world's largest, had trading volume of 80 billion
euros last year, according Bloomberg New Energy Finance.
"If the EU emissions trading system wants some
credibility, they need to beef up their infrastructure," said
Chris Allison, an operations manager at CF Partners (U.K.) LLP,
the London environmental adviser. "There also needs to be more
communication and openness from the registries as to when there
are problems and what they are doing to solve the problems."
Security Measures
Regulators are in touch with national authorities, said
Maria Kokkonen, climate spokeswoman at the European Commission
in Brussels. "We asked member states in April to increase
security measures, so it is their area of responsibility."
There is no indication that the EU carbon market has
insufficient security, Delbeke, director general of the EU
climate unit, said in a Dec. 3 statement.
OTE was contacted yesterday by a client that noticed an
unauthorized trade of carbon permits on his account, said
Miroslav Rehor, a company representative. OTE then closed the
Czech registry and started investigating trades, he said today
by phone. He didn't say when the registry will reopen.
The BlueNext exchange said it "desynchronized" trading.
Meaning transaction can take place while payments and deliveries
are blocked, Keiron Allen, a BlueNext spokesman, said today by
e-mail.
The Romanian unit of Jonas, Switzerland-based Holcim Ltd.,
the world's second-biggest cement maker, said Nov. 30 that about
15 million euros worth of the allowances, known as EUAs, were
stolen from its account. Holcim asked the EU, which oversees
national registries of the electronic permits, to help track
them down.
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>
--With assistance from Ewa Krukowska in Brussels and Catherine
Airlie in London. Editors: Mike Anderson, John Buckley. Top
To contact the reporter on this story:
Mathew Carr in London at +44-20-7073-3531 or
m.carr@bloomberg.net;
Ladka Bauerova in Paris at +420-2-2442-2108 or
lbauerova@bloomberg.net
To contact the editor responsible for this story:
Stephen Voss at +44-20-7073-3520 or sev@bloomberg.net
UN Carbon Offsets Drop Before European Vote on Restrictions
By Ewa Krukowska
Jan. 19 (Bloomberg) -- United Nations carbon offsets
dropped before a vote by European Union member states on a
proposal to ban some imported industrial gas credits from the
world's biggest emissions market.
UN Certified Emission Reductions for delivery in December
fell 0.5 percent to 11.08 euros ($14.90) a metric ton amid low
volumes as of 8:53 a.m. on London's ICE Futures Europe exchange.
They are down 15 percent since Aug. 25, when the European
Commission said it was preparing a draft to restrict the use of
UN offsets linked to hydrofluorocarbon-23 and nitrous oxide from
adipic acid production.
More than 11,000 facilities in the European cap-and-trade
program can now use UN offsets as a cheaper way to comply with
their pollution quotas. The commission, the EU regulator, has
said that credits related to the two industrial gases may create
windfall profits for investors and undermine the integrity of
the carbon market.
The ban would affect credits from the UN Clean Development
Mechanism, the world's second-biggest emissions market, and the Joint Implementation program as of Jan. 1, 2013. The CDM-
supervised credits are awarded to investors in projects that cut
greenhouse gases in developing nations.
The EU Climate Change Committee, including representatives
of the bloc's 27 national governments, is due to vote on the
commission proposal on Friday. The measure will then be subject
to a three-month scrutiny by the European Parliament and member
states before it is officially adopted by the commission.
'Broad Support'
National governments showed "broad support" for the
proposed ban and "are not discussing whether to do this but
when to do this," EU Climate Commissioner Connie Hedegaard told
a hearing in the European Parliament in Brussels on Jan. 12.
The current five-year phase in the EU emissions trading
program ends in 2012 and the deadline for surrendering
allowances for that year is the end of April 2013.
The International Emissions Trading Association called last
year on the commission and the EU governments to consider
delaying the planned ban to May 1, 2013, and provide for banking of international credits from emission reductions achieved up to
Dec. 31, 2012.
The Climate Change Committee may delay the date of
implementation, Trevor Sikorski , an analyst in London for
Barclays Capital, said yesterday. "I think there is a growing
expectation that the Climate Change Committee will ask for a
change in the date in order to pass the proposal," he said.
UN Premiums
Hedegaard said last week that after a first meeting with
member states in December, the commission was sticking to its
position on starting the ban on Jan. 1, 2013.
The premium of United Nations emissions credits for March
2013 reversed to a 13 cent discount compared with those for
December 2012, according to the spread contract traded today on
London's ICE Futures Europe exchange. That's the first such
discount since Dec. 13.
EU carbon permits for December 2011 delivery were little
changed at 14.64 euros a metric ton. The EU cap-and-trade system
requires companies to have a permit for each ton of CO2 they emit, with those that exceed their quotas having to buy more
allowances and businesses that emit less being able to sell
their surplus.
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>
--With assistance from Mathew Carr and Catherine Airlie in
London. Editors: Mike Anderson, John Buckley.
To contact the reporter on this story:
Ewa Krukowska in Brussels +32-2-237-4331 or
ekrukowska@bloomberg.net
To contact the editor responsible for this story:
Stephen Voss at +44-20-7073-3520 or
sev@bloomberg.net
(BN) Czech Carbon Permit Registry Shuts for ‘Technical
is the detail of this disclosure good enough folks? http://tinyurl.com/6g47snc
------------------------------------------------------------
Mathew Carr, emissions markets, energy reporter. London Bloomberg News ph +44 207 073 3531 yahoo ID carr_mathew
+------------------------------------------------------------------------------+
Czech Carbon Permit Registry Shuts for 'Technical Reasons'
2011-01-19 09:18:06.615 GMT
By Mathew Carr
Jan. 19 (Bloomberg) -- OTE AS, manager of the Czech
Republic carbon registry, said today it isn't accessible for
technical reasons, according to its website.
European Union carbon dioxide allowances are missing from a
Czech account held by Blackstone Global Ventures, broker Wallich
& Matthes BV said by e-mail. "They were transferred to
Estonia,'' broker Daniel Butler said. "At 11 a.m. yesterday,
Blackstone Global Ventures lost 470,000 EU allowances.''
For Related News and Information:
Top Stories:{TOP<GO>}
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:
Mike Anderson at +44-20-7673-2718 or
manderson34@bloomberg.net
------------------------------------------------------------
Mathew Carr, emissions markets, energy reporter. London Bloomberg News ph +44 207 073 3531 yahoo ID carr_mathew
+------------------------------------------------------------------------------+
Czech Carbon Permit Registry Shuts for 'Technical Reasons'
2011-01-19 09:18:06.615 GMT
By Mathew Carr
Jan. 19 (Bloomberg) -- OTE AS, manager of the Czech
Republic carbon registry, said today it isn't accessible for
technical reasons, according to its website.
European Union carbon dioxide allowances are missing from a
Czech account held by Blackstone Global Ventures, broker Wallich
& Matthes BV said by e-mail. "They were transferred to
Estonia,'' broker Daniel Butler said. "At 11 a.m. yesterday,
Blackstone Global Ventures lost 470,000 EU allowances.''
For Related News and Information:
Top Stories:{TOP<GO>}
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:
Mike Anderson at +44-20-7673-2718 or
manderson34@bloomberg.net
eu6.9m!Blackstone Global Reports Missing CO2 Permits From
eyes peeled folks? exchanges? brokers? who knows how these (crimes?) can be prevented? comments our way
------------------------------------------------------------
Mathew Carr, emissions markets, energy reporter. London Bloomberg News ph +44 207 073 3531 yahoo ID carr_mathew
+------------------------------------------------------------------------------+
Blackstone Global Reports Missing CO2 Permits From Czech Account
2011-01-19 08:51:36.854 GMT
By Mathew Carr
Jan. 19 (Bloomberg) -- Blackstone Global Ventures said
European Union carbon dioxide allowances are missing from an
account in the Czech Republic.
"At 11 a.m. yesterday, Blackstone Global Ventures lost
470,000 EU allowances," Daniel Butler, the company's broker at
Wallich & Matthes BV, said by e-mail. "They were
transferred to Estonia."
Blackstone Global wants to alert traders of suspicious spot
transactions that may follow, Butler said. At today's benchmark
price of 14.67 euros ($19.75) a ton, the allowances are worth
6.9 million euros.
For Related News and Information:
Top Stories:{TOP<GO>}
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:
Mike Anderson at +44-20-7673-2718 or
manderson34@bloomberg.net
------------------------------------------------------------
Mathew Carr, emissions markets, energy reporter. London Bloomberg News ph +44 207 073 3531 yahoo ID carr_mathew
+------------------------------------------------------------------------------+
Blackstone Global Reports Missing CO2 Permits From Czech Account
2011-01-19 08:51:36.854 GMT
By Mathew Carr
Jan. 19 (Bloomberg) -- Blackstone Global Ventures said
European Union carbon dioxide allowances are missing from an
account in the Czech Republic.
"At 11 a.m. yesterday, Blackstone Global Ventures lost
470,000 EU allowances," Daniel Butler, the company's broker at
Wallich & Matthes BV, said by e-mail. "They were
transferred to Estonia."
Blackstone Global wants to alert traders of suspicious spot
transactions that may follow, Butler said. At today's benchmark
price of 14.67 euros ($19.75) a ton, the allowances are worth
6.9 million euros.
For Related News and Information:
Top Stories:{TOP<GO>}
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:
Mike Anderson at +44-20-7673-2718 or
manderson34@bloomberg.net
2011/01/18
(BN) Germany May Cut Solar Subsidies Earlier Than Planned, FTD Says
+------------------------------------------------------------------------------+
Germany May Cut Solar Subsidies Earlier Than Planned, FTD Says
2011-01-18 16:35:12.234 GMT
By Alan Crawford
Jan. 18 (Bloomberg) -- The German government may curb
subsidies paid to solar-power poroducers earlier than planned,
the Financial Times Deutschland newspaper reported, citing a
paper prepared by the Environment Ministry.
Subsidies may be cut by as much as 15 percent from July 1,
the newspaper said in an e-mail. The cuts should be based on
market developments in March, April in May this year and be
between 9 percent and 15 percent, with a further 9 percent cut
from Jan. 1, 2012, it said, quoting from the paper.
Environment Minister Norbert Roettgen and the head of the
solar-power industry federation, Guenther Cramer, are due to
present the paper on Jan. 20, the FTD said.
Link to Company News:{EOAN GR <Equity> CN <GO>}
Link to Company News:{FSLR US <Equity> CN <GO>}
Link to Company News:{QCE GR <Equity> CN <GO>}
Link to Company News:{RWE GR <Equity> CN <GO>}
Link to Company News:{S92 GR <Equity> CN <GO>}
Link to Company News:{SOO1 GR <Equity> CN <GO>}
Link to Company News:{SWV GR <Equity> CN <GO>}
For Related News and Information:
Top Stories:{TOP<GO>}
To contact the editor responsible for this story:
Alan Crawford at +49-30-70010-6237 or
acrawford6@bloomberg.net
Germany May Cut Solar Subsidies Earlier Than Planned, FTD Says
2011-01-18 16:35:12.234 GMT
By Alan Crawford
Jan. 18 (Bloomberg) -- The German government may curb
subsidies paid to solar-power poroducers earlier than planned,
the Financial Times Deutschland newspaper reported, citing a
paper prepared by the Environment Ministry.
Subsidies may be cut by as much as 15 percent from July 1,
the newspaper said in an e-mail. The cuts should be based on
market developments in March, April in May this year and be
between 9 percent and 15 percent, with a further 9 percent cut
from Jan. 1, 2012, it said, quoting from the paper.
Environment Minister Norbert Roettgen and the head of the
solar-power industry federation, Guenther Cramer, are due to
present the paper on Jan. 20, the FTD said.
Link to Company News:{EOAN GR <Equity> CN <GO>}
Link to Company News:{FSLR US <Equity> CN <GO>}
Link to Company News:{QCE GR <Equity> CN <GO>}
Link to Company News:{RWE GR <Equity> CN <GO>}
Link to Company News:{S92 GR <Equity> CN <GO>}
Link to Company News:{SOO1 GR <Equity> CN <GO>}
Link to Company News:{SWV GR <Equity> CN <GO>}
For Related News and Information:
Top Stories:{TOP<GO>}
To contact the editor responsible for this story:
Alan Crawford at +49-30-70010-6237 or
acrawford6@bloomberg.net
(BN) Fuel Rationing in U.K. Needed to Cut CO2, Panel Says (Update2)
+------------------------------------------------------------------------------+
Fuel Rationing in U.K. Needed to Cut CO2, Panel Says (Update2)
2011-01-18 18:26:56.530 GMT
(Adds Green Party leader quote in last paragraph.)
By Alex Morales
Jan. 18 (Bloomberg) -- Fuel rationing may be needed by 2020
in the U.K. to meet the government's carbon emission targets, a
panel of lawmakers said, suggesting an electronic trading system
for energy quotas.
Under the system, called Tradable Energy Quotas, or TEQs,
energy credits would be distributed free to every adult, who
could then buy and sell surplus units, the London-based research
group The Lean Economy Connection said today in a report
commissioned by the All Party Parliamentary Group on Peak Oil.
The multi-party panel of lawmakers looks at the impacts of
declining fossil-fuel production.
The system would help guarantee the U.K. meets its target
to reduce carbon emissions by 80 percent by 2050 from 1990
levels, according to the study. At the same time, it would
ensure everyone has access to energy at a time when fossil fuels
may become more scarce, it said.
"The only way of keeping energy prices as low as possible
in a time of constrained supply is to reduce demand, and that's
what TEQs do," Shaun Chamberlin, a co-author of the report,
told journalists today in London.
Under the system, energy consumers would have to pay their
normal energy bills, as well as having to surrender a certain
amount of TEQs, depending on the carbon content of the fuel they
are buying. Fewer TEQs would be needed for electricity from wind
and solar power than from coal- and gas-fired power stations.
Credit Card Payments
John Hemming, chair of the parliamentary panel, said a
payment system could involve a credit card with two numbers --
one linked to the customer's bank account and another to their
energy TEQs account. The system would help level out price
changes, because the value of TEQs would decline as energy
prices rise, said Chamberlin.
"If there's a spike in oil prices, demand for energy
drops, and as demand drops, the price of TEQs go down,"
Chamberlin said. That would counterbalance some of the increase
in energy price, he said.
Caroline Lucas, leader of the U.K. Green Party and vice
chair of the panel, said in an interview that using the tradable
quotas would place a cap on emissions that gives more certainty
to achieving greenhouse gas goals than existing measures.
"It's the most equitable way and the most certain way that
we have to make sure we can meet our emission reduction
targets," Lucas said. "We need to put in place mechanisms that
will guarantee we can meet and in fact exceed them," she said,
referring to a goal enshrined in U.K. law to slash emissions by
34 percent by 2020. She says it should be higher.
For Related News and Information:
Climate-change news: NI CLIMATE <GO>
Top environment stories: GREEN <GO>
Most-read environmental news: MNI ENV <GO>
Renewable Energy Stories: NI ALTNRG <GO>
--Editors: Mike Anderson, Randall Hackley.
To contact the reporter on this story:
Alex Morales in London at +44-20-7330-7718 or
amorales2@bloomberg.net.
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or landberg@bloomberg.net.
Fuel Rationing in U.K. Needed to Cut CO2, Panel Says (Update2)
2011-01-18 18:26:56.530 GMT
(Adds Green Party leader quote in last paragraph.)
By Alex Morales
Jan. 18 (Bloomberg) -- Fuel rationing may be needed by 2020
in the U.K. to meet the government's carbon emission targets, a
panel of lawmakers said, suggesting an electronic trading system
for energy quotas.
Under the system, called Tradable Energy Quotas, or TEQs,
energy credits would be distributed free to every adult, who
could then buy and sell surplus units, the London-based research
group The Lean Economy Connection said today in a report
commissioned by the All Party Parliamentary Group on Peak Oil.
The multi-party panel of lawmakers looks at the impacts of
declining fossil-fuel production.
The system would help guarantee the U.K. meets its target
to reduce carbon emissions by 80 percent by 2050 from 1990
levels, according to the study. At the same time, it would
ensure everyone has access to energy at a time when fossil fuels
may become more scarce, it said.
"The only way of keeping energy prices as low as possible
in a time of constrained supply is to reduce demand, and that's
what TEQs do," Shaun Chamberlin, a co-author of the report,
told journalists today in London.
Under the system, energy consumers would have to pay their
normal energy bills, as well as having to surrender a certain
amount of TEQs, depending on the carbon content of the fuel they
are buying. Fewer TEQs would be needed for electricity from wind
and solar power than from coal- and gas-fired power stations.
Credit Card Payments
John Hemming, chair of the parliamentary panel, said a
payment system could involve a credit card with two numbers --
one linked to the customer's bank account and another to their
energy TEQs account. The system would help level out price
changes, because the value of TEQs would decline as energy
prices rise, said Chamberlin.
"If there's a spike in oil prices, demand for energy
drops, and as demand drops, the price of TEQs go down,"
Chamberlin said. That would counterbalance some of the increase
in energy price, he said.
Caroline Lucas, leader of the U.K. Green Party and vice
chair of the panel, said in an interview that using the tradable
quotas would place a cap on emissions that gives more certainty
to achieving greenhouse gas goals than existing measures.
"It's the most equitable way and the most certain way that
we have to make sure we can meet our emission reduction
targets," Lucas said. "We need to put in place mechanisms that
will guarantee we can meet and in fact exceed them," she said,
referring to a goal enshrined in U.K. law to slash emissions by
34 percent by 2020. She says it should be higher.
For Related News and Information:
Climate-change news: NI CLIMATE <GO>
Top environment stories: GREEN <GO>
Most-read environmental news: MNI ENV <GO>
Renewable Energy Stories: NI ALTNRG <GO>
--Editors: Mike Anderson, Randall Hackley.
To contact the reporter on this story:
Alex Morales in London at +44-20-7330-7718 or
amorales2@bloomberg.net.
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or landberg@bloomberg.net.
(BN) Barclays Sees ‘Growing Expectation’ for Delay on UN Credit Ban
+------------------------------------------------------------------------------+
Barclays Sees 'Growing Expectation' for Delay on UN Credit Ban
2011-01-18 18:55:23.354 GMT
By Mathew Carr
Jan. 18 (Bloomberg) -- The European Union may delay a ban
on some United Nations emission credits linked to industrial
gases, according to an analyst at Barclays Plc.
The regulatory arm of the 27-nation EU is considering
restrictions on carbon projects that it says may create
"excessive" profits for investors and undermine the market's
integrity. The EU said Nov. 25 it wants to prohibit UN-sponsored
credits related to hydrofluorocarbon-23 and some nitrous oxide
credits starting Jan. 1, 2013.
The EU Climate Change Committee, with representatives from
member states, is voting this week and may delay the date of
implementation, said Trevor Sikorski, an analyst in London for
Barclays Capital. "I think there is a growing expectation that
the Climate Change Committee will ask for a change in the date
in order to pass the proposal," Sikorski said today by e-mail.
The premium of credits for March 2013 over those for
December 2012, traded as a separate contract, narrowed 74
percent today to 5 euro cents ($0.07) a metric ton on the ICE
Futures Europe exchange in London. That's the narrowest spread
since Dec. 13. The March 2013 contract was at a 5 cent discount
on that day.
More than 11,000 facilities in the EU system, the world's
largest cap-and-trade program, may use UN credits as a cheaper
way to comply with their pollution limits. Regulators around the
world are clamping down on HFC-23, whose warming potential is
11,700 times more powerful than carbon dioxide. Officials at the
UN carbon market in November called for a revision of its
procedures.
EU Climate Chief Connie Hedegaard said the bloc's member
states are showing "broad support" for the proposed ban. "We're
not discussing whether to do this but when to do this," she told
a hearing in the European Parliament in Brussels on Jan. 12.
"There were no member states calling for action prior to Jan. 1,
2013. I'll be reluctant to urge member states to take unilateral
action prior to 2013 because it'll undermine investors'
confidence."
For Related News and Information:
Emission market news: NI ENVMARKET <GO>
Today's top energy stories: ETOP <GO>
European power-markets home page: EPWR <GO>
--Editors: Mike Anderson, Reed Landberg.
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
Barclays Sees 'Growing Expectation' for Delay on UN Credit Ban
2011-01-18 18:55:23.354 GMT
By Mathew Carr
Jan. 18 (Bloomberg) -- The European Union may delay a ban
on some United Nations emission credits linked to industrial
gases, according to an analyst at Barclays Plc.
The regulatory arm of the 27-nation EU is considering
restrictions on carbon projects that it says may create
"excessive" profits for investors and undermine the market's
integrity. The EU said Nov. 25 it wants to prohibit UN-sponsored
credits related to hydrofluorocarbon-23 and some nitrous oxide
credits starting Jan. 1, 2013.
The EU Climate Change Committee, with representatives from
member states, is voting this week and may delay the date of
implementation, said Trevor Sikorski, an analyst in London for
Barclays Capital. "I think there is a growing expectation that
the Climate Change Committee will ask for a change in the date
in order to pass the proposal," Sikorski said today by e-mail.
The premium of credits for March 2013 over those for
December 2012, traded as a separate contract, narrowed 74
percent today to 5 euro cents ($0.07) a metric ton on the ICE
Futures Europe exchange in London. That's the narrowest spread
since Dec. 13. The March 2013 contract was at a 5 cent discount
on that day.
More than 11,000 facilities in the EU system, the world's
largest cap-and-trade program, may use UN credits as a cheaper
way to comply with their pollution limits. Regulators around the
world are clamping down on HFC-23, whose warming potential is
11,700 times more powerful than carbon dioxide. Officials at the
UN carbon market in November called for a revision of its
procedures.
EU Climate Chief Connie Hedegaard said the bloc's member
states are showing "broad support" for the proposed ban. "We're
not discussing whether to do this but when to do this," she told
a hearing in the European Parliament in Brussels on Jan. 12.
"There were no member states calling for action prior to Jan. 1,
2013. I'll be reluctant to urge member states to take unilateral
action prior to 2013 because it'll undermine investors'
confidence."
For Related News and Information:
Emission market news: NI ENVMARKET <GO>
Today's top energy stories: ETOP <GO>
European power-markets home page: EPWR <GO>
--Editors: Mike Anderson, Reed Landberg.
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
(BN) ICE’s Biggest Carbon Clients May Get 79% Fee Rebates
https://www.theice.com/publicdocs/circulars/11004%20.pdf
+------------------------------------------------------------------------------+
ICE's Biggest Carbon Clients May Get 79% Fee Rebates (Update1)
2011-01-18 18:06:14.166 GMT
(Adds RWE in third paragraph, comments in fourth.)
By Mathew Carr
Jan. 18 (Bloomberg) -- ICE Futures Europe, the biggest
exchange for carbon traders, said it agreed to rebates of as
much as 79 percent for some of its largest emissions clients.
Customers trading more than 25,000 contracts a month may
receive rebates of up to 2.75 euros ($3.68) on contracts with
fees of 3.50 euros starting Jan. 1 "to build liquidity," the
Atlanta-based company said today in a statement on its website.
RWE AG, Europe's biggest emitter, said July 23 that it
shifted some of its carbon trading to Germany's European Energy
Exchange, trimming volume handled by ICE. The EEX, the EU's
biggest bourse for power trading, cut fees by 10 percent last
year for emissions trades. The company, which offered carbon
contracts in June for delivery in 2013 and 2014, has been
gaining a bigger share of Europe's carbon market.
Traders will get rebates from ICE in three tiers as long as
they trade at least 5,000 contracts, or 5 million metric tons of
carbon dioxide a month, the statement said. Options traders
would be rebated under a separate program.
"As members' volumes increase, the per-contract fees that
they pay will fall," David Peniket, president and chief
operating officer of ICE Futures Europe, said in the statement.
"Targeting fee rebates like this is designed to build market
liquidity and promote transparency, which should benefit all
market participants."
ICE said it would waive the application fees for new
members in 2011. "Market participants who are not ICE Futures
Europe members are invited to become members of the exchange in
order to qualify for these rebates," according to the
statement. Annual fees would still apply.
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: Mike Anderson, Rob Verdonck.
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
+------------------------------------------------------------------------------+
ICE's Biggest Carbon Clients May Get 79% Fee Rebates (Update1)
2011-01-18 18:06:14.166 GMT
(Adds RWE in third paragraph, comments in fourth.)
By Mathew Carr
Jan. 18 (Bloomberg) -- ICE Futures Europe, the biggest
exchange for carbon traders, said it agreed to rebates of as
much as 79 percent for some of its largest emissions clients.
Customers trading more than 25,000 contracts a month may
receive rebates of up to 2.75 euros ($3.68) on contracts with
fees of 3.50 euros starting Jan. 1 "to build liquidity," the
Atlanta-based company said today in a statement on its website.
RWE AG, Europe's biggest emitter, said July 23 that it
shifted some of its carbon trading to Germany's European Energy
Exchange, trimming volume handled by ICE. The EEX, the EU's
biggest bourse for power trading, cut fees by 10 percent last
year for emissions trades. The company, which offered carbon
contracts in June for delivery in 2013 and 2014, has been
gaining a bigger share of Europe's carbon market.
Traders will get rebates from ICE in three tiers as long as
they trade at least 5,000 contracts, or 5 million metric tons of
carbon dioxide a month, the statement said. Options traders
would be rebated under a separate program.
"As members' volumes increase, the per-contract fees that
they pay will fall," David Peniket, president and chief
operating officer of ICE Futures Europe, said in the statement.
"Targeting fee rebates like this is designed to build market
liquidity and promote transparency, which should benefit all
market participants."
ICE said it would waive the application fees for new
members in 2011. "Market participants who are not ICE Futures
Europe members are invited to become members of the exchange in
order to qualify for these rebates," according to the
statement. Annual fees would still apply.
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: Mike Anderson, Rob Verdonck.
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
CO2 Trader Schneider to Leave RNK After 4 Years of 2am Deals
+------------------------------------------------------------------------------+
CO2 Trader Schneider to Leave RNK After 4 Years of 2 a.m. Deals
2011-01-18 16:24:47.256 GMT
By Mathew Carr
Jan. 18 (Bloomberg) -- Ken Schneider, a New York-based
options trader at RNK Capital LLC, will leave the environmental
hedge fund at the end of the month after four years of dealing
in carbon permits starting at 2 a.m.
Schneider plans to take at least two months off, then trade
commodities and energy for himself later this year, he said
today by phone. "I will no longer be a market maker," he said.
The 45-year-old trader in the European Union carbon market,
the world's biggest, said his departure from RNK is amicable. He
sometimes worked until 5 p.m. and wanted to sleep more and spend
more time with his family, he said.
Schneider said he may trade natural gas, oil, coal or food
contracts and may also consider the Californian greenhouse gas
program, assuming contracts are exchange cleared.
For Related News and Information:
EU emissions-trading stories TNI ECREDITS EU <GO>
Today's top environment news GREEN <GO>
Energy markets menu NRG <GO>
Sustainability and environmental market indexes SEI <GO>
--Editors: Rob Verdonck, John Buckley
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 on +44-20-7073-3520 or sev@bloomberg.net
CO2 Trader Schneider to Leave RNK After 4 Years of 2 a.m. Deals
2011-01-18 16:24:47.256 GMT
By Mathew Carr
Jan. 18 (Bloomberg) -- Ken Schneider, a New York-based
options trader at RNK Capital LLC, will leave the environmental
hedge fund at the end of the month after four years of dealing
in carbon permits starting at 2 a.m.
Schneider plans to take at least two months off, then trade
commodities and energy for himself later this year, he said
today by phone. "I will no longer be a market maker," he said.
The 45-year-old trader in the European Union carbon market,
the world's biggest, said his departure from RNK is amicable. He
sometimes worked until 5 p.m. and wanted to sleep more and spend
more time with his family, he said.
Schneider said he may trade natural gas, oil, coal or food
contracts and may also consider the Californian greenhouse gas
program, assuming contracts are exchange cleared.
For Related News and Information:
EU emissions-trading stories TNI ECREDITS EU <GO>
Today's top environment news GREEN <GO>
Energy markets menu NRG <GO>
Sustainability and environmental market indexes SEI <GO>
--Editors: Rob Verdonck, John Buckley
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 on +44-20-7073-3520 or sev@bloomberg.net
(BN) Alstom Seeks to Commercialize Carbon Capture by 2015 (Update1)
+------------------------------------------------------------------------------+
Alstom Seeks to Commercialize Carbon Capture by 2015 (Update1)
2011-01-18 12:08:41.316 GMT
(Adds Alstom comment in third paragraph.)
By Anthony DiPaola
Jan. 18 (Bloomberg) -- Alstom SA, the world's third-largest
maker of power equipment, aims to sell the first commercial-
scale carbon capture and storage technology by 2015.
Alstom, based in Levallois-Perret outside Paris,
expects technology that captures CO2 emissions from electricity
plants will be critical to efforts to curtail gases believed to
cause global warming, Philippe Joubert, president of the power
unit, said in an interview yesterday at the World Future Energy
Summit in Abu Dhabi.
"To limit carbon emissions, you have to clean the
installed base," said Joubert, referring to existing power
plants burning fossil fuels such as coal, crude oil or natural
gas. The company is developing carbon-capture systems to add to
older plants as well as new technologies.
Governments around the world seek to simultaneously meet
rising energy demand while cutting air pollution linked to
global warming. United Nations envoys last month approved carbon
capture and storage, known as CCS, as eligible for greenhouse-
gas offsets. The world needs about 3,400 carbon-capture and
storage projects by 2050, up from five now, Nobuo Tanaka,
executive director for the International Energy Agency, said at
last month's climate talks in Mexico.
Alstom has three pilot projects in Poland, Canada and the
U.S. for CCS technology. Captured carbon can be injected into
oil fields to help boost production, making the technology ideal
for the Middle East, Joubert said.
Recovering More Oil
Power plants using crude oil or natural gas to generate
electricity emit carbon dioxide, as do oil and gas refineries.
Alstom also produces wind and gas turbines and hydroelectric
power projects.
Royal Dutch Shell Plc and BP Plc, Europe's two largest oil
companies, and Exxon Mobil Corp., the largest crude producer in
the U.S., are developing CCS projects to raise oil recovery.
In some cases, carbon dioxide can replace the natural gas
used for the same purpose, making more gas available for use in
power plants. Gas is cleaner burning and more efficient than
fossil fuels like coal or oil.
Commercial viability for CCS technology may not come for
another 10 years, Dominic Emery, chief of staff at BP
Alternative Energy, said at the Abu Dhabi conference. BP injects
about 1 million tons of CO2 a year into oil wells at test
project in Algeria, he said.
Persian Gulf oil producers will continue to rely mainly on
fossil fuels for power, making carbon-capture technology
important for efforts to produce cleaner energy, Joubert said.
Hooked on Fossil Fuel
"This region will be fossil fuels-oriented for decades to
come," he said.
Demand for renewable energy projects will increase in the
Gulf in coming years as states seek cleaner electricity options
before CCS becomes available, Joubert said.
Alstom is in talks with Abu Dhabi authorities about
building a 30-megawatt wind farm on an island in the emirate and
is pursuing plans to build concentrated solar plants in the
region, Joubert said.
Concentrated solar generators use mirrors to reflect the
sun's light onto a central point, where water or other fluids
can be heated to create steam and run a turbine.
Developing technology to generate power from the sun, wind
or waste material is more costly than burning fossil fuels.
Companies have sought to expand renewable power to take
advantage of government incentives and to limit emissions.
For Related News and Information:
Top Stories: TOP <GO>
Main Middle East News: TOP GULF <GO>
Top energy and oil stories: ETOP <GO> and OTOP <GO>
Energy assets mapping function BMAP <GO>
--With assistance from Ayesha Daya in Abu Dhabi and Mathew Carr
in London. Editors: Mike Anderson, Randall Hackley.
To contact the reporters on this story:
Anthony DiPaola in Abu Dhabi at adipaola@bloomberg.net;
To contact the editor responsible for this story:
Stephen Voss on +44-20-7073-3520 or sev@bloomberg.net.
Alstom Seeks to Commercialize Carbon Capture by 2015 (Update1)
2011-01-18 12:08:41.316 GMT
(Adds Alstom comment in third paragraph.)
By Anthony DiPaola
Jan. 18 (Bloomberg) -- Alstom SA, the world's third-largest
maker of power equipment, aims to sell the first commercial-
scale carbon capture and storage technology by 2015.
Alstom, based in Levallois-Perret outside Paris,
expects technology that captures CO2 emissions from electricity
plants will be critical to efforts to curtail gases believed to
cause global warming, Philippe Joubert, president of the power
unit, said in an interview yesterday at the World Future Energy
Summit in Abu Dhabi.
"To limit carbon emissions, you have to clean the
installed base," said Joubert, referring to existing power
plants burning fossil fuels such as coal, crude oil or natural
gas. The company is developing carbon-capture systems to add to
older plants as well as new technologies.
Governments around the world seek to simultaneously meet
rising energy demand while cutting air pollution linked to
global warming. United Nations envoys last month approved carbon
capture and storage, known as CCS, as eligible for greenhouse-
gas offsets. The world needs about 3,400 carbon-capture and
storage projects by 2050, up from five now, Nobuo Tanaka,
executive director for the International Energy Agency, said at
last month's climate talks in Mexico.
Alstom has three pilot projects in Poland, Canada and the
U.S. for CCS technology. Captured carbon can be injected into
oil fields to help boost production, making the technology ideal
for the Middle East, Joubert said.
Recovering More Oil
Power plants using crude oil or natural gas to generate
electricity emit carbon dioxide, as do oil and gas refineries.
Alstom also produces wind and gas turbines and hydroelectric
power projects.
Royal Dutch Shell Plc and BP Plc, Europe's two largest oil
companies, and Exxon Mobil Corp., the largest crude producer in
the U.S., are developing CCS projects to raise oil recovery.
In some cases, carbon dioxide can replace the natural gas
used for the same purpose, making more gas available for use in
power plants. Gas is cleaner burning and more efficient than
fossil fuels like coal or oil.
Commercial viability for CCS technology may not come for
another 10 years, Dominic Emery, chief of staff at BP
Alternative Energy, said at the Abu Dhabi conference. BP injects
about 1 million tons of CO2 a year into oil wells at test
project in Algeria, he said.
Persian Gulf oil producers will continue to rely mainly on
fossil fuels for power, making carbon-capture technology
important for efforts to produce cleaner energy, Joubert said.
Hooked on Fossil Fuel
"This region will be fossil fuels-oriented for decades to
come," he said.
Demand for renewable energy projects will increase in the
Gulf in coming years as states seek cleaner electricity options
before CCS becomes available, Joubert said.
Alstom is in talks with Abu Dhabi authorities about
building a 30-megawatt wind farm on an island in the emirate and
is pursuing plans to build concentrated solar plants in the
region, Joubert said.
Concentrated solar generators use mirrors to reflect the
sun's light onto a central point, where water or other fluids
can be heated to create steam and run a turbine.
Developing technology to generate power from the sun, wind
or waste material is more costly than burning fossil fuels.
Companies have sought to expand renewable power to take
advantage of government incentives and to limit emissions.
For Related News and Information:
Top Stories: TOP <GO>
Main Middle East News: TOP GULF <GO>
Top energy and oil stories: ETOP <GO> and OTOP <GO>
Energy assets mapping function BMAP <GO>
--With assistance from Ayesha Daya in Abu Dhabi and Mathew Carr
in London. Editors: Mike Anderson, Randall Hackley.
To contact the reporters on this story:
Anthony DiPaola in Abu Dhabi at adipaola@bloomberg.net;
To contact the editor responsible for this story:
Stephen Voss on +44-20-7073-3520 or sev@bloomberg.net.
carbon folks??? why this spread closing?
(BN) Gujarat Rises to 3-Year High on Carbon Credits Award (Update1)
+------------------------------------------------------------------------------+
Gujarat Rises to 3-Year High on Carbon Credits Award (Update1)
2011-01-18 13:34:01.443 GMT
(Updates with closing share gain in second paragraph.)
By Natalie Obiko Pearson
Jan. 18 (Bloomberg) -- Gujarat Flourochemicals Ltd., an
Indian maker of refrigerant gases, rose to a three-year high
after winning carbon credits for the first time since the United
Nations ended a probe into projects claiming emission reductions
of industrial gases.
The shares gained 4.5 percent to 263.95 rupees in Mumbai
trading, its highest close since February 2008. The benchmark
Sensitive Index advanced 1.1 percent.
The UN Clean Development Mechanism said on its website that
it awarded 2.4 million credits to the company for preventing its
plant in Ranjitnagar in Gujarat state from venting
hydrofluorocarbon-23, or HFC-23, a by-product of refrigerant
production and potent greenhouse gas, into the air.
The price of one UN credit, known as a Certified Emission
Reduction, for delivery in December 2011 closed at 11.10 euros
($14.75) a metric ton on the ICE Futures Europe Exchange in
London yesterday.
The issuance ended an 11-month period in which Gujarat
Flourochemicals didn't receive any new credits amid a UN review
of HFC projects after the environmental group CDM Watch said
some companies may be increasing HCFC-22 output simply to
generate credits. Gujarat Flourochemicals last won 1.7 million
credits on Feb. 16, according to Bloomberg data.
Comply With Limits
Such credits are bought by companies and nations to comply
with limits on emissions of greenhouse gases. While HFC-23
projects represent less than 1 percent of all registered CDM
projects, their credits account for more than half the tradable
offsets issued so far by the UN. The 19 projects cutting the gas
under the CDM program are mainly in China and India.
The European Union, home to the world's biggest emissions
trading market and a major buyer of credits, has proposed a ban
on credits from HFC-23 projects starting in 2013, saying such
credits may undermine the integrity of the UN greenhouse gas
program.
"We're not discussing whether to do this but when to do
this," EU Climate Chief Connie Hedegaard told a hearing in the
European Parliament in Brussels last week.
For Related News and Information:
Link to Company News: NFIL IN <Equity> CN <GO>
Emission market news: NI ENVMARKET <GO>
India energy stories: TNI NRG INDIA <GO>
--Editors: Baldave Singh, Peter Langan, Randall Hackley
To contact the reporter on this story:
Natalie Obiko Pearson in Mumbai at +91-22-6120-3650 or
npearson7@bloomberg.net
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or landberg@bloomberg.net.
Gujarat Rises to 3-Year High on Carbon Credits Award (Update1)
2011-01-18 13:34:01.443 GMT
(Updates with closing share gain in second paragraph.)
By Natalie Obiko Pearson
Jan. 18 (Bloomberg) -- Gujarat Flourochemicals Ltd., an
Indian maker of refrigerant gases, rose to a three-year high
after winning carbon credits for the first time since the United
Nations ended a probe into projects claiming emission reductions
of industrial gases.
The shares gained 4.5 percent to 263.95 rupees in Mumbai
trading, its highest close since February 2008. The benchmark
Sensitive Index advanced 1.1 percent.
The UN Clean Development Mechanism said on its website that
it awarded 2.4 million credits to the company for preventing its
plant in Ranjitnagar in Gujarat state from venting
hydrofluorocarbon-23, or HFC-23, a by-product of refrigerant
production and potent greenhouse gas, into the air.
The price of one UN credit, known as a Certified Emission
Reduction, for delivery in December 2011 closed at 11.10 euros
($14.75) a metric ton on the ICE Futures Europe Exchange in
London yesterday.
The issuance ended an 11-month period in which Gujarat
Flourochemicals didn't receive any new credits amid a UN review
of HFC projects after the environmental group CDM Watch said
some companies may be increasing HCFC-22 output simply to
generate credits. Gujarat Flourochemicals last won 1.7 million
credits on Feb. 16, according to Bloomberg data.
Comply With Limits
Such credits are bought by companies and nations to comply
with limits on emissions of greenhouse gases. While HFC-23
projects represent less than 1 percent of all registered CDM
projects, their credits account for more than half the tradable
offsets issued so far by the UN. The 19 projects cutting the gas
under the CDM program are mainly in China and India.
The European Union, home to the world's biggest emissions
trading market and a major buyer of credits, has proposed a ban
on credits from HFC-23 projects starting in 2013, saying such
credits may undermine the integrity of the UN greenhouse gas
program.
"We're not discussing whether to do this but when to do
this," EU Climate Chief Connie Hedegaard told a hearing in the
European Parliament in Brussels last week.
For Related News and Information:
Link to Company News: NFIL IN <Equity> CN <GO>
Emission market news: NI ENVMARKET <GO>
India energy stories: TNI NRG INDIA <GO>
--Editors: Baldave Singh, Peter Langan, Randall Hackley
To contact the reporter on this story:
Natalie Obiko Pearson in Mumbai at +91-22-6120-3650 or
npearson7@bloomberg.net
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or landberg@bloomberg.net.
(BN) Record Food Prices Causing Africa Riots Stoking U.S. (Update1)
+------------------------------------------------------------------------------+
Record Food Prices Causing Africa Riots Stoking U.S. (Update1)
2011-01-18 10:55:02.834 GMT
(Adds rice price in seventh paragraph.)
By Alan Bjerga and Tony Dreibus
Jan. 18 (Bloomberg) -- The same record food prices causing
riots in Algeria and export bans in India are allowing President
Barack Obama to combine the biggest-ever U.S. farm exports with
the tamest inflation since the 1960s.
Global food costs jumped 25 percent last year to an all-
time high in December, according to the United Nations.
Countries probably spent at least $1 trillion on imports, with
the poorest paying as much as 20 percent more than in 2009, the
UN says. In the U.S., the largest exporter, retail food rose 1.5
percent last year and will gain as little as 2 percent in 2011,
the Department of Agriculture estimates.
Governments from Beijing to Belgrade are boosting imports,
limiting sales or releasing stockpiles to curb food inflation.
Higher prices will push U.S. agricultural exports up 16 percent
to a record $126.5 billion this year, according to a USDA
forecast. While U.S. consumers haven't been squeezed so far,
grocers from Winn-Dixie Stores Inc. to SuperValu Inc. have said
they plan increases. Commodities will keep rising, according to
a Bloomberg survey of more than 100 analysts and traders.
"We are absolutely spoiled," said Jason Britt, president
of Central States Commodities Inc., a research and analysis
company in Kansas City, Missouri. "We have the luxury that we
spend a small percentage on food. But I wouldn't be surprised to
see larger bites of our incomes used."
Raw-Material Costs
About 19 cents of every dollar spent on food covers raw-
material costs in the U.S., so retailers can limit increases by
cutting spending on labor or marketing, said Ephraim Leibtag, a
food economist at the USDA in Washington. The consumer price
index rose 4.2 percent since the end of 2007, the smallest
three-year increase since 1965, Labor Department data show.
Producer spending for processed foods rose 4.9 percent in
the U.S. last year, while consumer prices increased 1.5 percent,
Labor Department data show. A record 43.2 million Americans
received food stamps in October. The jobless rate is running at
9.4 percent, and Federal Reserve Chairman Ben S. Bernanke said
Jan. 7 the labor market may take five years to recover.
Corn advanced 52 percent last year in Chicago, wheat jumped
47 percent and soybeans gained 34 percent. Cattle futures
touched a record on Jan. 13 in Chicago, a day after coffee
reached a 13-year high in New York. Rice futures jumped as much
as 3.6 percent in Chicago today.
Wheat may rise as much as another 16 percent this year,
with sugar, corn, soybeans, coffee and cocoa also gaining,
according to the Bloomberg survey of analysts, traders and
investors in December.
Farm Income
The farm boom is aiding Obama's goal of doubling U.S.
exports in five years, with this year's shipments accounting for
4 percent of the $3.14 trillion needed to meet the target.
U.S. farm income last year probably exceeded the 2004
record of $87.3 billion, and cropland values gained as much as
10 percent, according to Neil Harl, an agricultural economist at
Iowa State University and former adviser to the governments of
Ukraine and the Czech Republic.
Moline, Illinois-based Deere & Co., the world's largest
farm-equipment maker, will report record profit of $5.47 a share
this year, according to the mean of 11 analyst estimates
compiled by Bloomberg. Earnings for Plymouth, Minnesota-based
Mosaic Co., North America's second-largest fertilizer producer,
will more than double to $4.57 a share in the year ending in
May, the mean of seven estimates shows.
Cover Costs
Northfield, Illinois-based Kraft Foods Inc., the world's
second-biggest food company, raised prices of Maxwell House and
Yuban coffee in the U.S. three times last year. General Mills
Inc., the Minneapolis-based maker of Cheerios and Lucky Charms,
said in November it would increase some cereal prices.
Products for supermarkets rose 1.8 percent in the three
months ended Sept. 22, while consumer prices gained 1.6 percent,
Winn-Dixie Chief Executive Officer Peter Lynch said on a Nov. 2
conference call. Some will probably keep increasing to cover
costs, and the Jacksonville, Florida-based company has a
"relatively good" chance of passing that to consumers, he
said.
Starbucks Corp., the world's largest coffee-shop operator,
said in September it would raise some prices after the jump in
coffee and milk costs. Domino's Pizza Inc., the biggest U.S.
pizza-delivery chain, said in October it would charge customers
more after a 29 percent jump in cheese.
Steaks, 'Baconator'
Morton's Restaurant Group Inc., a Chicago-based steakhouse
chain, is considering its third increase in the past year, Chief
Financial Officer Ronald DiNella said at a conference in Dana
Point, California, on Jan. 12. Wendy's/Arby's Group Inc., the
maker of the 1,360-calorie Baconator Triple burger, said in
November it was raising prices in some stores.
SuperValu, the owner of Save-A-Lot and Cub Foods stores,
expects most of its rises to be in the "lower single-digit
range," with "double-digit increases" for some commodity
items, Chief Executive Officer Craig Herkert said on a
conference call Jan. 11.
Some increases may not stick as companies compete for
market share. "Low price is the focus in food," said Bill
Simon, president and chief executive of U.S. stores at Wal-Mart
Stores Inc., the world's largest retailer.
While the deflation of last year will shift in 2011 to a
"slightly inflationary environment" in food, Bentonville,
Arkansas-based Wal-Mart expects to provide as much as 20 percent
savings per shopping trip compared with competitors, Simon said
on a conference call Oct. 13. "We're not going to get beat."
Wholesale Prices Rising
Wholesale costs in the U.S. rose 1.1 percent in December
from November, the most in 11 months, led by rising commodities
including fuel and food, the Labor Department reported Jan. 13.
Food rose 0.8 percent in December from a month earlier, spurred
by the biggest gain in soft drinks since January 2007 and the
largest surge in fruit in three years. Energy jumped 3.7
percent.
"At the margin, the consumer will swap down from rib eye
steak to butt steak and then to chicken, but in reality very
little shall happen," said Dennis Gartman, a Suffolk, Virginia-
based economist and author of the Gartman Letter LC. "Of far
greater concern to the consumer is rising gasoline."
The Standard & Poor's GSCI Agriculture Index of eight
futures climbed 52 percent in the last 12 months, led by cotton,
corn and wheat, as flooding in Canada, China and Australia and
drought in Russia and Europe ruined crops. The UN food index,
which tracks wholesale costs of 55 foods, now exceeds levels
seen in 2008, when violence erupted from Haiti to Egypt.
Algeria, Tunisia
Unrest is starting again. Three people were killed and 420
injured in protests over milk and flour costs in Algeria this
month. Tunisian President Zine El Abidine Ben Ali tried to end a
month of protests by promising lower prices for bread, milk and
sugar, before handing over power to his prime minister on Jan.
14 and leaving the country.
The Serbian government said Jan. 10 it will consider an
export duty on wheat to discourage shipments. South Korea said
the following day it plans to increase the supply of some food
products to help damp prices.
India, home to 1.2 billion people, halted onion exports in
December after prices more than doubled in a year. Opposition
parties have said they plan nationwide protests. China sold
commodities including sugar and corn from strategic reserves
last year to contain inflation that reached 5.1 percent in
November, the most in 28 months.
No such problems are emerging in the U.S. for now. Consumer
prices will rise 1.5 percent this year, compared with 1.6
percent in 2010, according to the median of as many as 61
economists' estimates compiled by Bloomberg. While the USDA is
forecasting gains in retail food prices of 2 percent to 3
percent in 2011, even at the top of that range the gains would
still be below the average over the last decade.
"We are a food-abundant country and the last place where
food inflation is going to rise," said Erick Erickson, an
economist at the Washington-based U.S. Grains Council, which
promotes crop exports. "We have such a rich and robust food-
supply situation compared to other countries."
For Related News and Information:
Top commodity reports: CTOP <GO>
Stories Mentioning food shortages: NSE FOOD SHORTAGE <GO>
Retail Food Prices ALLX APD <GO>
Top agriculture news: TOP AGR <GO>
Agriculture data, prices: AGRS <GO>
Top consumer news: TOP CON <GO>
Agricultural supply, demand data: GCSD <GO>
Farm-product prices, data: AGGP <GO>
--With assistance from Duane Stanford in Atlanta, Leslie Patton
in Chicago, Matthew Boyle and Debarati Roy in New York, Rich
Miller in Washington and Rudy Ruitenberg in Paris. Editors:
Steve Stroth, Stuart Wallace.
To contact the reporters on this story:
Alan Bjerga in Washington at +1-202-624-1857 or
abjerga@bloomberg.net;
Tony C. Dreibus in London at +44-20-3216-4753 or
tdreibus@bloomberg.net.
To contact the editor responsible for this story:
Steve Stroth at +1-312-443-5931 or sstroth@bloomberg.net.
Record Food Prices Causing Africa Riots Stoking U.S. (Update1)
2011-01-18 10:55:02.834 GMT
(Adds rice price in seventh paragraph.)
By Alan Bjerga and Tony Dreibus
Jan. 18 (Bloomberg) -- The same record food prices causing
riots in Algeria and export bans in India are allowing President
Barack Obama to combine the biggest-ever U.S. farm exports with
the tamest inflation since the 1960s.
Global food costs jumped 25 percent last year to an all-
time high in December, according to the United Nations.
Countries probably spent at least $1 trillion on imports, with
the poorest paying as much as 20 percent more than in 2009, the
UN says. In the U.S., the largest exporter, retail food rose 1.5
percent last year and will gain as little as 2 percent in 2011,
the Department of Agriculture estimates.
Governments from Beijing to Belgrade are boosting imports,
limiting sales or releasing stockpiles to curb food inflation.
Higher prices will push U.S. agricultural exports up 16 percent
to a record $126.5 billion this year, according to a USDA
forecast. While U.S. consumers haven't been squeezed so far,
grocers from Winn-Dixie Stores Inc. to SuperValu Inc. have said
they plan increases. Commodities will keep rising, according to
a Bloomberg survey of more than 100 analysts and traders.
"We are absolutely spoiled," said Jason Britt, president
of Central States Commodities Inc., a research and analysis
company in Kansas City, Missouri. "We have the luxury that we
spend a small percentage on food. But I wouldn't be surprised to
see larger bites of our incomes used."
Raw-Material Costs
About 19 cents of every dollar spent on food covers raw-
material costs in the U.S., so retailers can limit increases by
cutting spending on labor or marketing, said Ephraim Leibtag, a
food economist at the USDA in Washington. The consumer price
index rose 4.2 percent since the end of 2007, the smallest
three-year increase since 1965, Labor Department data show.
Producer spending for processed foods rose 4.9 percent in
the U.S. last year, while consumer prices increased 1.5 percent,
Labor Department data show. A record 43.2 million Americans
received food stamps in October. The jobless rate is running at
9.4 percent, and Federal Reserve Chairman Ben S. Bernanke said
Jan. 7 the labor market may take five years to recover.
Corn advanced 52 percent last year in Chicago, wheat jumped
47 percent and soybeans gained 34 percent. Cattle futures
touched a record on Jan. 13 in Chicago, a day after coffee
reached a 13-year high in New York. Rice futures jumped as much
as 3.6 percent in Chicago today.
Wheat may rise as much as another 16 percent this year,
with sugar, corn, soybeans, coffee and cocoa also gaining,
according to the Bloomberg survey of analysts, traders and
investors in December.
Farm Income
The farm boom is aiding Obama's goal of doubling U.S.
exports in five years, with this year's shipments accounting for
4 percent of the $3.14 trillion needed to meet the target.
U.S. farm income last year probably exceeded the 2004
record of $87.3 billion, and cropland values gained as much as
10 percent, according to Neil Harl, an agricultural economist at
Iowa State University and former adviser to the governments of
Ukraine and the Czech Republic.
Moline, Illinois-based Deere & Co., the world's largest
farm-equipment maker, will report record profit of $5.47 a share
this year, according to the mean of 11 analyst estimates
compiled by Bloomberg. Earnings for Plymouth, Minnesota-based
Mosaic Co., North America's second-largest fertilizer producer,
will more than double to $4.57 a share in the year ending in
May, the mean of seven estimates shows.
Cover Costs
Northfield, Illinois-based Kraft Foods Inc., the world's
second-biggest food company, raised prices of Maxwell House and
Yuban coffee in the U.S. three times last year. General Mills
Inc., the Minneapolis-based maker of Cheerios and Lucky Charms,
said in November it would increase some cereal prices.
Products for supermarkets rose 1.8 percent in the three
months ended Sept. 22, while consumer prices gained 1.6 percent,
Winn-Dixie Chief Executive Officer Peter Lynch said on a Nov. 2
conference call. Some will probably keep increasing to cover
costs, and the Jacksonville, Florida-based company has a
"relatively good" chance of passing that to consumers, he
said.
Starbucks Corp., the world's largest coffee-shop operator,
said in September it would raise some prices after the jump in
coffee and milk costs. Domino's Pizza Inc., the biggest U.S.
pizza-delivery chain, said in October it would charge customers
more after a 29 percent jump in cheese.
Steaks, 'Baconator'
Morton's Restaurant Group Inc., a Chicago-based steakhouse
chain, is considering its third increase in the past year, Chief
Financial Officer Ronald DiNella said at a conference in Dana
Point, California, on Jan. 12. Wendy's/Arby's Group Inc., the
maker of the 1,360-calorie Baconator Triple burger, said in
November it was raising prices in some stores.
SuperValu, the owner of Save-A-Lot and Cub Foods stores,
expects most of its rises to be in the "lower single-digit
range," with "double-digit increases" for some commodity
items, Chief Executive Officer Craig Herkert said on a
conference call Jan. 11.
Some increases may not stick as companies compete for
market share. "Low price is the focus in food," said Bill
Simon, president and chief executive of U.S. stores at Wal-Mart
Stores Inc., the world's largest retailer.
While the deflation of last year will shift in 2011 to a
"slightly inflationary environment" in food, Bentonville,
Arkansas-based Wal-Mart expects to provide as much as 20 percent
savings per shopping trip compared with competitors, Simon said
on a conference call Oct. 13. "We're not going to get beat."
Wholesale Prices Rising
Wholesale costs in the U.S. rose 1.1 percent in December
from November, the most in 11 months, led by rising commodities
including fuel and food, the Labor Department reported Jan. 13.
Food rose 0.8 percent in December from a month earlier, spurred
by the biggest gain in soft drinks since January 2007 and the
largest surge in fruit in three years. Energy jumped 3.7
percent.
"At the margin, the consumer will swap down from rib eye
steak to butt steak and then to chicken, but in reality very
little shall happen," said Dennis Gartman, a Suffolk, Virginia-
based economist and author of the Gartman Letter LC. "Of far
greater concern to the consumer is rising gasoline."
The Standard & Poor's GSCI Agriculture Index of eight
futures climbed 52 percent in the last 12 months, led by cotton,
corn and wheat, as flooding in Canada, China and Australia and
drought in Russia and Europe ruined crops. The UN food index,
which tracks wholesale costs of 55 foods, now exceeds levels
seen in 2008, when violence erupted from Haiti to Egypt.
Algeria, Tunisia
Unrest is starting again. Three people were killed and 420
injured in protests over milk and flour costs in Algeria this
month. Tunisian President Zine El Abidine Ben Ali tried to end a
month of protests by promising lower prices for bread, milk and
sugar, before handing over power to his prime minister on Jan.
14 and leaving the country.
The Serbian government said Jan. 10 it will consider an
export duty on wheat to discourage shipments. South Korea said
the following day it plans to increase the supply of some food
products to help damp prices.
India, home to 1.2 billion people, halted onion exports in
December after prices more than doubled in a year. Opposition
parties have said they plan nationwide protests. China sold
commodities including sugar and corn from strategic reserves
last year to contain inflation that reached 5.1 percent in
November, the most in 28 months.
No such problems are emerging in the U.S. for now. Consumer
prices will rise 1.5 percent this year, compared with 1.6
percent in 2010, according to the median of as many as 61
economists' estimates compiled by Bloomberg. While the USDA is
forecasting gains in retail food prices of 2 percent to 3
percent in 2011, even at the top of that range the gains would
still be below the average over the last decade.
"We are a food-abundant country and the last place where
food inflation is going to rise," said Erick Erickson, an
economist at the Washington-based U.S. Grains Council, which
promotes crop exports. "We have such a rich and robust food-
supply situation compared to other countries."
For Related News and Information:
Top commodity reports: CTOP <GO>
Stories Mentioning food shortages: NSE FOOD SHORTAGE <GO>
Retail Food Prices ALLX APD <GO>
Top agriculture news: TOP AGR <GO>
Agriculture data, prices: AGRS <GO>
Top consumer news: TOP CON <GO>
Agricultural supply, demand data: GCSD <GO>
Farm-product prices, data: AGGP <GO>
--With assistance from Duane Stanford in Atlanta, Leslie Patton
in Chicago, Matthew Boyle and Debarati Roy in New York, Rich
Miller in Washington and Rudy Ruitenberg in Paris. Editors:
Steve Stroth, Stuart Wallace.
To contact the reporters on this story:
Alan Bjerga in Washington at +1-202-624-1857 or
abjerga@bloomberg.net;
Tony C. Dreibus in London at +44-20-3216-4753 or
tdreibus@bloomberg.net.
To contact the editor responsible for this story:
Steve Stroth at +1-312-443-5931 or sstroth@bloomberg.net.
(BN) China Coal Discount Widest in 8 Months on Floods:
+------------------------------------------------------------------------------+
China Coal Discount Widest in 8 Months on Floods: Energy Markets
2011-01-18 07:38:56.308 GMT
By Bloomberg News
Jan. 18 (Bloomberg) -- Chinese coal for generating power is
at its cheapest in eight months relative to Australia's after
the government in Beijing froze prices to curb inflation and the
worst flooding in Queensland since 1974 disrupted imports.
Fuel shipped from Qinhuangdao to China's south, where
demand is greatest, cost $22.90 a metric ton less than
deliveries from Newcastle, Australia, on Dec. 31, according to
Andrew Driscoll, head of resources research at CLSA Asia-Pacific
Markets. That's the biggest discount since the end of April.
Qinhuangdao shipments were an average $14.80 cheaper than
Newcastle's in the five years through 2010, CLSA data showed.
Flooding in Australia, the world's biggest coal exporter,
drove Newcastle prices to the highest this month in more than
two years. At the same time, China, the largest coal consumer,
is stepping up efforts to control inflation as its economy grows
faster than all of its major peers. The National Development and
Reform Commission, the country's top economic planning agency,
ordered contract-supply prices for coal to be kept unchanged
this year from 2010, according to a Dec. 10 statement.
"Chinese supply is quite ample and the government wants to
stabilize prices," David Fang, a director at the China Coal
Transport and Distribution Association, said by telephone from
Beijing. "The price difference between China and Australian
coal may widen a little further because Chinese prices should
remain stable at around current levels."
Lost Production
Benchmark prices for Chinese power-station coal were little
changed at $117 a ton yesterday, after falling for four straight
weeks to as low as $116 a ton, according to data from the China
Coal Transport and Distribution Association. Coal from Newcastle
rose for a seventh week, climbing to $138.50 a ton on Jan. 14,
the highest since September 2008, according to data from
Petersfield, England-based IHS McCloskey.
Australia may have lost about 1.5 million tons of power-
station-coal output because of the floods, according to data
from Macquarie Group Ltd. The northeastern state of Queensland,
where an area the size of France and Germany combined was
inundated, exports about 50 million tons of the fuel annually,
according to Macquarie.
"You shouldn't expect too much normality until well into
February," Michael Roche, chief executive officer of the
Queensland Resources Council, said in an interview on Jan. 10.
"You've got to expect that clearing water from flooded pits
will go into next month."
Dip in Imports
As prices rise, China may cut imports, according to Helen
Lau, an analyst at UOB-Kay Hian Ltd. in Hong Kong. Coal may
reach $150 a ton in "coming weeks," Joachim Azria, an analyst
at Credit Suisse Group AG in New York, said in a Jan. 10 report.
Newcastle prices may exceed $197 a ton after rainfall
intensified in Australia's Queensland, Edinburgh, U.K.-based
consultant Wood Mackenzie Ltd. said in a Jan. 14 report.
"The impact of narrowed arbitrage profit and reduced
Australian exports may lead February imports to dip" to 13
million tons, the lowest since October, Lau said on Jan. 10.
China's imports may still reach 15 million tons in January,
reflecting shipments that were booked for this month before the
floods, Lau said. The nation, which uses coal for 70 percent of
its power generation, bought an average of 13.5 million tons a
month from January to November 2010, according to the Beijing-
based General Administration of Customs. About 3 million tons, a
fifth of all shipments, came from Australia, the data show.
An economy growing almost three times faster than the U.S.
is driving Chinese coal demand. Thermal-power output capacity
may rise by 80,000 megawatts this year, the official Xinhua News
Agency said on Jan. 7. Total generation capacity reached 950,000
megawatts in 2010, Sina.com cited Zhang Ping, head of the
National Development and Reform Commission, as saying on Jan. 6.
'Appetite for Coal'
China's economy may expand 9.1 percent this year, according
to the median estimate of 18 economists surveyed by Bloomberg.
U.S. gross domestic product may grow 3.1 percent, while the euro
region's increases 1.5 percent, according to Bloomberg surveys.
"China will still have the appetite for imported coal,"
Lau said. "They will keep their import momentum high because
southern and eastern China needs to import for logistical
reasons." Overseas purchases may reach 210 million tons this
year, 30 percent higher than in 2010, she said.
Exports from Australia may recover in March after water is
pumped from mines and railroads are repaired, while a poor
weather outlook remains a risk to Queensland shipments, Bank of
America Merrill Lynch analysts led by Sydney-based Alex Tonks
wrote in a research note on Jan. 11.
QR National Ltd., an Australian rail operator, said the
Blackwater rail network that feeds into the export port of
Gladstone may open this week. Macarthur Coal Ltd. resumed some
mining, with normal production scheduled to resume in a month
provided there's no "further big rain," Chairman Keith De Lacy
said in a Jan. 10 Bloomberg Television interview.
"Qinhuangdao prices are now more competitive to Australia
but this is temporary," Lau said. "Australian prices won't go
higher forever."
For Related News and Information:
Top power stories: PTOP <GO>
Coal prices: COAL <GO>
--Chua Baizhen, with assistance from Ben Sharples in Melbourne.
Editors: Jane Lee, Justin Carrigan.
To contact the reporter on this story:
Baizhen Chua in Beijing at +86-10-6649-7561 or
bchua14@bloomberg.net
To contact the editor responsible for this story:
Jane Lee at +603-2302-7855 or jalee@bloomberg.net
China Coal Discount Widest in 8 Months on Floods: Energy Markets
2011-01-18 07:38:56.308 GMT
By Bloomberg News
Jan. 18 (Bloomberg) -- Chinese coal for generating power is
at its cheapest in eight months relative to Australia's after
the government in Beijing froze prices to curb inflation and the
worst flooding in Queensland since 1974 disrupted imports.
Fuel shipped from Qinhuangdao to China's south, where
demand is greatest, cost $22.90 a metric ton less than
deliveries from Newcastle, Australia, on Dec. 31, according to
Andrew Driscoll, head of resources research at CLSA Asia-Pacific
Markets. That's the biggest discount since the end of April.
Qinhuangdao shipments were an average $14.80 cheaper than
Newcastle's in the five years through 2010, CLSA data showed.
Flooding in Australia, the world's biggest coal exporter,
drove Newcastle prices to the highest this month in more than
two years. At the same time, China, the largest coal consumer,
is stepping up efforts to control inflation as its economy grows
faster than all of its major peers. The National Development and
Reform Commission, the country's top economic planning agency,
ordered contract-supply prices for coal to be kept unchanged
this year from 2010, according to a Dec. 10 statement.
"Chinese supply is quite ample and the government wants to
stabilize prices," David Fang, a director at the China Coal
Transport and Distribution Association, said by telephone from
Beijing. "The price difference between China and Australian
coal may widen a little further because Chinese prices should
remain stable at around current levels."
Lost Production
Benchmark prices for Chinese power-station coal were little
changed at $117 a ton yesterday, after falling for four straight
weeks to as low as $116 a ton, according to data from the China
Coal Transport and Distribution Association. Coal from Newcastle
rose for a seventh week, climbing to $138.50 a ton on Jan. 14,
the highest since September 2008, according to data from
Petersfield, England-based IHS McCloskey.
Australia may have lost about 1.5 million tons of power-
station-coal output because of the floods, according to data
from Macquarie Group Ltd. The northeastern state of Queensland,
where an area the size of France and Germany combined was
inundated, exports about 50 million tons of the fuel annually,
according to Macquarie.
"You shouldn't expect too much normality until well into
February," Michael Roche, chief executive officer of the
Queensland Resources Council, said in an interview on Jan. 10.
"You've got to expect that clearing water from flooded pits
will go into next month."
Dip in Imports
As prices rise, China may cut imports, according to Helen
Lau, an analyst at UOB-Kay Hian Ltd. in Hong Kong. Coal may
reach $150 a ton in "coming weeks," Joachim Azria, an analyst
at Credit Suisse Group AG in New York, said in a Jan. 10 report.
Newcastle prices may exceed $197 a ton after rainfall
intensified in Australia's Queensland, Edinburgh, U.K.-based
consultant Wood Mackenzie Ltd. said in a Jan. 14 report.
"The impact of narrowed arbitrage profit and reduced
Australian exports may lead February imports to dip" to 13
million tons, the lowest since October, Lau said on Jan. 10.
China's imports may still reach 15 million tons in January,
reflecting shipments that were booked for this month before the
floods, Lau said. The nation, which uses coal for 70 percent of
its power generation, bought an average of 13.5 million tons a
month from January to November 2010, according to the Beijing-
based General Administration of Customs. About 3 million tons, a
fifth of all shipments, came from Australia, the data show.
An economy growing almost three times faster than the U.S.
is driving Chinese coal demand. Thermal-power output capacity
may rise by 80,000 megawatts this year, the official Xinhua News
Agency said on Jan. 7. Total generation capacity reached 950,000
megawatts in 2010, Sina.com cited Zhang Ping, head of the
National Development and Reform Commission, as saying on Jan. 6.
'Appetite for Coal'
China's economy may expand 9.1 percent this year, according
to the median estimate of 18 economists surveyed by Bloomberg.
U.S. gross domestic product may grow 3.1 percent, while the euro
region's increases 1.5 percent, according to Bloomberg surveys.
"China will still have the appetite for imported coal,"
Lau said. "They will keep their import momentum high because
southern and eastern China needs to import for logistical
reasons." Overseas purchases may reach 210 million tons this
year, 30 percent higher than in 2010, she said.
Exports from Australia may recover in March after water is
pumped from mines and railroads are repaired, while a poor
weather outlook remains a risk to Queensland shipments, Bank of
America Merrill Lynch analysts led by Sydney-based Alex Tonks
wrote in a research note on Jan. 11.
QR National Ltd., an Australian rail operator, said the
Blackwater rail network that feeds into the export port of
Gladstone may open this week. Macarthur Coal Ltd. resumed some
mining, with normal production scheduled to resume in a month
provided there's no "further big rain," Chairman Keith De Lacy
said in a Jan. 10 Bloomberg Television interview.
"Qinhuangdao prices are now more competitive to Australia
but this is temporary," Lau said. "Australian prices won't go
higher forever."
For Related News and Information:
Top power stories: PTOP <GO>
Coal prices: COAL <GO>
--Chua Baizhen, with assistance from Ben Sharples in Melbourne.
Editors: Jane Lee, Justin Carrigan.
To contact the reporter on this story:
Baizhen Chua in Beijing at +86-10-6649-7561 or
bchua14@bloomberg.net
To contact the editor responsible for this story:
Jane Lee at +603-2302-7855 or jalee@bloomberg.net
(BN) LNG Is ‘Best Alternative’ for Paring Ship Pollution,
+------------------------------------------------------------------------------+
LNG Is 'Best Alternative' for Paring Ship Pollution, DNV Says
2011-01-18 02:26:09.381 GMT
By Kyunghee Park
Jan. 18 (Bloomberg) -- Liquefied natural gas may beat
out nuclear and fuel-cell technology as shipping lines look
for cleaner and cheaper alternatives to traditional heavy-
fuel oil, said Det Norske Veritas.
"LNG is the best alternative we have from an
environmental and financial point of view," Remi Eriksen,
chief operating officer at ship inspector Det Norske Veritas,
said yesterday at a conference in Singapore. Nuclear power
will remain socially unacceptable, while fuel-cell technology
isn't yet advanced enough, he said.
Shipbuilders have begun developing LNG engines as the
International Maritime Organization draws up regulations to
lower carbon and sulfur emissions to pare pollution. The
shipping industry emits about 3 percent of the world's carbon
each year, equivalent to 1 billion tons, according to Thor
Jorgen Guttormsen, president of the Norwegian Shipowners'
Association.
LNG vessels would likely cost about 10 percent to 15
percent more to build than traditional ships, said Eriksen.
In the long run, there would be cost-savings because LNG is
cheaper than heavy fuel, he said. Heavy-fuel oil is the
sludge left over after crude oil is refined into more
valuable products such as gasoline and jet fuel.
There are now about 23 ferries and offshore support
vessels that run on gas engines in Norway, Eriksen said.
Sulfur Reduction
Sulfur in fuels must be reduced to 0.5 percent by 2020
from the current 4.5 percent as part of IMO efforts to cut
pollution from the shipping industry. Sulfur is a pollutant
said to cause acid rain. In more environmentally sensitive
areas, the upper limit will drop to 0.1 percent by 2015 from
1 percent.
LNG cuts carbon emissions from shipping by about 25
percent, sulfur oxides by almost 100 percent and nitrogen
oxides by 85 percent, according to Det Norske Veritas.
Nitrogen oxide pollution is also being curtailed under the
regulations.
LNG is natural gas chilled to minus 162 degrees Celsius
(minus 260 Fahrenheit), turning it into liquid for shipping
by tankers.
Daewoo Shipbuilding & Marine Engineering Co., the
world's second-biggest builder of drill ships, and MAN SE are
jointly developing an engine fueled by LNG to be used in
vessels to carry as many as 14,000 20-foot containers. The
shipyard expects to complete the project early this year.
Samsung Heavy Industries Co., the world's second-biggest
shipbuilder, is working with Waertsilae Oyj to design gas
engines.
For Related News and Information:
Top Shipping: SHPT <GO>
Shipping Functions: BSHIP <GO>
World shipping fleet data: FLET <GO>
--Editors: Lars Klemming, Neil Denslow
To contact the reporter on this story:
Kyunghee Park in Singapore at +65-6212-1541 or
kpark3@bloomberg.net
To contact the editor responsible for this story:
Neil Denslow at +852-2977-6639 or
ndenslow@bloomberg.net
LNG Is 'Best Alternative' for Paring Ship Pollution, DNV Says
2011-01-18 02:26:09.381 GMT
By Kyunghee Park
Jan. 18 (Bloomberg) -- Liquefied natural gas may beat
out nuclear and fuel-cell technology as shipping lines look
for cleaner and cheaper alternatives to traditional heavy-
fuel oil, said Det Norske Veritas.
"LNG is the best alternative we have from an
environmental and financial point of view," Remi Eriksen,
chief operating officer at ship inspector Det Norske Veritas,
said yesterday at a conference in Singapore. Nuclear power
will remain socially unacceptable, while fuel-cell technology
isn't yet advanced enough, he said.
Shipbuilders have begun developing LNG engines as the
International Maritime Organization draws up regulations to
lower carbon and sulfur emissions to pare pollution. The
shipping industry emits about 3 percent of the world's carbon
each year, equivalent to 1 billion tons, according to Thor
Jorgen Guttormsen, president of the Norwegian Shipowners'
Association.
LNG vessels would likely cost about 10 percent to 15
percent more to build than traditional ships, said Eriksen.
In the long run, there would be cost-savings because LNG is
cheaper than heavy fuel, he said. Heavy-fuel oil is the
sludge left over after crude oil is refined into more
valuable products such as gasoline and jet fuel.
There are now about 23 ferries and offshore support
vessels that run on gas engines in Norway, Eriksen said.
Sulfur Reduction
Sulfur in fuels must be reduced to 0.5 percent by 2020
from the current 4.5 percent as part of IMO efforts to cut
pollution from the shipping industry. Sulfur is a pollutant
said to cause acid rain. In more environmentally sensitive
areas, the upper limit will drop to 0.1 percent by 2015 from
1 percent.
LNG cuts carbon emissions from shipping by about 25
percent, sulfur oxides by almost 100 percent and nitrogen
oxides by 85 percent, according to Det Norske Veritas.
Nitrogen oxide pollution is also being curtailed under the
regulations.
LNG is natural gas chilled to minus 162 degrees Celsius
(minus 260 Fahrenheit), turning it into liquid for shipping
by tankers.
Daewoo Shipbuilding & Marine Engineering Co., the
world's second-biggest builder of drill ships, and MAN SE are
jointly developing an engine fueled by LNG to be used in
vessels to carry as many as 14,000 20-foot containers. The
shipyard expects to complete the project early this year.
Samsung Heavy Industries Co., the world's second-biggest
shipbuilder, is working with Waertsilae Oyj to design gas
engines.
For Related News and Information:
Top Shipping: SHPT <GO>
Shipping Functions: BSHIP <GO>
World shipping fleet data: FLET <GO>
--Editors: Lars Klemming, Neil Denslow
To contact the reporter on this story:
Kyunghee Park in Singapore at +65-6212-1541 or
kpark3@bloomberg.net
To contact the editor responsible for this story:
Neil Denslow at +852-2977-6639 or
ndenslow@bloomberg.net
(BN) Evergreen Solar Shows Tension in China, U.S. Clean-
+------------------------------------------------------------------------------+
Evergreen Solar Shows Tension in China, U.S. Clean-Energy Ties
2011-01-18 05:00:02.2 GMT
By Kim Chipman
Jan. 18 (Bloomberg) -- Evergreen Solar Inc. won't be on the
speaker's list today when Chinese and U.S. business executives
and government officials gather in Washington for a conference
on "clean-energy cooperation."
The maker of thin polysilicon wafers for solar panels said
last week it will close a factory in Devens, Massachusetts,
because it can't compete with the low manufacturing costs of
Chinese companies that also get "considerable government and
financial support."
The two-day conference sponsored by the Brookings
Institution is timed for the visit of Chinese President Hu
Jintao, who is meeting with President Barack Obama, lawmakers
and business leaders to strengthen commercial ties, including in
clean energy. Competition for global leadership in wind and
solar power undercuts the vows of cooperation, according to
Michael Levi of the Council on Foreign Relations.
"It's impossible to escape the connection between the
fights we are having on the commercial side and the effort that
governments are putting into forging cooperation," Levi, senior
fellow for energy and environment at the council in New York,
said in an interview. "Ultimately, the case the U.S. government
is making for cooperation is a commercial case, and that sits
uncomfortably with the reality of industry tensions."
China's move toward leadership in wind and solar power has
brought protests in the U.S. The Obama administration filed a
complaint with the World Trade Organization last month
contending China provides unfair subsidies to its wind-power
industry. Plans for a Chinese-backed wind farm in Texas raised
objections from lawmakers last year.
China Investment
China invested $51.1 billion in wind turbines, solar panels
and other low-carbon energy technologies last year through
government and business, more than any other country, according
to Bloomberg New Energy Finance. The U.S., the world's largest
economy followed by China, ranked second with $45.9 billion.
"Some in the U.S. are growing rather concerned that the
economic opportunity presented by clean energy has left the
station and China got on it but the U.S. didn't," Ethan
Zindler, a Washington-based analyst with Bloomberg New Energy
Finance, said in an interview.
China, the world's biggest power producer, has the most
installed wind capacity, surpassing the U.S. for the first time,
the environmental group Greenpeace International said last week,
citing its own data.
China was also the No. 1 exporter of solar-photovoltaic
cells and modules last year, supplying 38 percent of the
technology worldwide, compared with 6 percent for the U.S.,
according to Paula Mints, an analyst at Navigant Consulting
Inc., an independent research firm based in Chicago. The world
market for solar photovoltaic cells and modules is about $30
billion.
Boeing, Duke
Obama has championed clean-energy technology as a way to
create U.S. jobs while combating climate change. U.S. Energy
Secretary Stephen Chu, who is scheduled to speak at the
Brookings conference tonight, has said the U.S. risks losing its
status as an economic superpower if it fails to compete with
China and other countries in clean energy.
U.S. Commerce Secretary Gary Locke last week cited examples
of U.S.-Chinese cooperation including Boeing Co.'s partnership
with Air China Ltd. and PetroChina Co. to research aviation
biofuels that don't rely on food crops and Duke Energy Corp.'s
agreement for joint research with Huaneng Power International
Inc., China's largest energy company.
"For every story like Duke Energy's or Boeing's, there are
many more that are never written," Locke said in a Jan. 13
speech in Washington, citing "significant concern shared by
business all around the world" about barriers to doing business
in China.
Evergreen's Plants
Evergreen of Marlboro, Massachusetts, has said it is
closing one of its two U.S. plants while continuing to operate a
polysilicon wafer factory in Wuhan, China. Evergreen has dropped
68 percent in Nasdaq Stock Market trading in the last 12 months.
The plant being closed could easily outperform competitors
if the U.S. had long-term incentives for renewable energy and
domestic-content requirements for the use of U.S.-made
equipment, said Michael McCarthy, a spokesman for Evergreen.
The U.S. has fallen behind China in clean energy partly for
lack of a clear long-term strategy, said Dan Rosen, principal at
the Rhodium Group, a New York-based economic research firm that
specializes in China.
Chinese companies invested $4.2 billion to $5 billion in
U.S. projects and acquisitions of all types, an increase from
$1.73 billion in 2009, Rosen said, citing a Rhodium study to be
released next month. Only a fraction was invested in clean
energy, he said.
Legislation Failed
Obama-backed legislation to cap greenhouse gases in the
U.S. failed in the Senate last year, and efforts to pass a
national standard requiring the use of renewable energy hasn't
gained sufficient support to advance in Congress.
Jeffrey Immelt, General Electric Co.'s chief executive
officer and an advocate for U.S. legislation limiting carbon
emissions, is among business leaders scheduled to meet with
Obama and Hu this week.
Among scheduled speakers at the Brookings Institution
conference today and tomorrow are Lou Jiwei, chairman of the
China Investment Corp., Zhang Xiwu, chairman of the China
Shenhua Energy Co., the country's biggest coal producer, and Jim
Rogers, CEO of U.S.-based Duke Energy Corp.
For Related News and Information:
Renewable-energy menu: RENE <GO>
Most-read environmental news: MNI ENV <GO>
Carbon menu: EMIS <GO>
For emissions-market news:
NI ENVMARKET <GO>
--With assistance from Michael Forsythe in Beijing. Editors:
Larry Liebert, Joe Winski
To contact the reporters on this story:
Kim Chipman in Washington at +1-202-624-1927 or
kchipman@bloomberg.net
To contact the editor responsible for this story:
Larry Liebert at +1-202-624-1927 or
lliebert@bloomberg.net
Evergreen Solar Shows Tension in China, U.S. Clean-Energy Ties
2011-01-18 05:00:02.2 GMT
By Kim Chipman
Jan. 18 (Bloomberg) -- Evergreen Solar Inc. won't be on the
speaker's list today when Chinese and U.S. business executives
and government officials gather in Washington for a conference
on "clean-energy cooperation."
The maker of thin polysilicon wafers for solar panels said
last week it will close a factory in Devens, Massachusetts,
because it can't compete with the low manufacturing costs of
Chinese companies that also get "considerable government and
financial support."
The two-day conference sponsored by the Brookings
Institution is timed for the visit of Chinese President Hu
Jintao, who is meeting with President Barack Obama, lawmakers
and business leaders to strengthen commercial ties, including in
clean energy. Competition for global leadership in wind and
solar power undercuts the vows of cooperation, according to
Michael Levi of the Council on Foreign Relations.
"It's impossible to escape the connection between the
fights we are having on the commercial side and the effort that
governments are putting into forging cooperation," Levi, senior
fellow for energy and environment at the council in New York,
said in an interview. "Ultimately, the case the U.S. government
is making for cooperation is a commercial case, and that sits
uncomfortably with the reality of industry tensions."
China's move toward leadership in wind and solar power has
brought protests in the U.S. The Obama administration filed a
complaint with the World Trade Organization last month
contending China provides unfair subsidies to its wind-power
industry. Plans for a Chinese-backed wind farm in Texas raised
objections from lawmakers last year.
China Investment
China invested $51.1 billion in wind turbines, solar panels
and other low-carbon energy technologies last year through
government and business, more than any other country, according
to Bloomberg New Energy Finance. The U.S., the world's largest
economy followed by China, ranked second with $45.9 billion.
"Some in the U.S. are growing rather concerned that the
economic opportunity presented by clean energy has left the
station and China got on it but the U.S. didn't," Ethan
Zindler, a Washington-based analyst with Bloomberg New Energy
Finance, said in an interview.
China, the world's biggest power producer, has the most
installed wind capacity, surpassing the U.S. for the first time,
the environmental group Greenpeace International said last week,
citing its own data.
China was also the No. 1 exporter of solar-photovoltaic
cells and modules last year, supplying 38 percent of the
technology worldwide, compared with 6 percent for the U.S.,
according to Paula Mints, an analyst at Navigant Consulting
Inc., an independent research firm based in Chicago. The world
market for solar photovoltaic cells and modules is about $30
billion.
Boeing, Duke
Obama has championed clean-energy technology as a way to
create U.S. jobs while combating climate change. U.S. Energy
Secretary Stephen Chu, who is scheduled to speak at the
Brookings conference tonight, has said the U.S. risks losing its
status as an economic superpower if it fails to compete with
China and other countries in clean energy.
U.S. Commerce Secretary Gary Locke last week cited examples
of U.S.-Chinese cooperation including Boeing Co.'s partnership
with Air China Ltd. and PetroChina Co. to research aviation
biofuels that don't rely on food crops and Duke Energy Corp.'s
agreement for joint research with Huaneng Power International
Inc., China's largest energy company.
"For every story like Duke Energy's or Boeing's, there are
many more that are never written," Locke said in a Jan. 13
speech in Washington, citing "significant concern shared by
business all around the world" about barriers to doing business
in China.
Evergreen's Plants
Evergreen of Marlboro, Massachusetts, has said it is
closing one of its two U.S. plants while continuing to operate a
polysilicon wafer factory in Wuhan, China. Evergreen has dropped
68 percent in Nasdaq Stock Market trading in the last 12 months.
The plant being closed could easily outperform competitors
if the U.S. had long-term incentives for renewable energy and
domestic-content requirements for the use of U.S.-made
equipment, said Michael McCarthy, a spokesman for Evergreen.
The U.S. has fallen behind China in clean energy partly for
lack of a clear long-term strategy, said Dan Rosen, principal at
the Rhodium Group, a New York-based economic research firm that
specializes in China.
Chinese companies invested $4.2 billion to $5 billion in
U.S. projects and acquisitions of all types, an increase from
$1.73 billion in 2009, Rosen said, citing a Rhodium study to be
released next month. Only a fraction was invested in clean
energy, he said.
Legislation Failed
Obama-backed legislation to cap greenhouse gases in the
U.S. failed in the Senate last year, and efforts to pass a
national standard requiring the use of renewable energy hasn't
gained sufficient support to advance in Congress.
Jeffrey Immelt, General Electric Co.'s chief executive
officer and an advocate for U.S. legislation limiting carbon
emissions, is among business leaders scheduled to meet with
Obama and Hu this week.
Among scheduled speakers at the Brookings Institution
conference today and tomorrow are Lou Jiwei, chairman of the
China Investment Corp., Zhang Xiwu, chairman of the China
Shenhua Energy Co., the country's biggest coal producer, and Jim
Rogers, CEO of U.S.-based Duke Energy Corp.
For Related News and Information:
Renewable-energy menu: RENE <GO>
Most-read environmental news: MNI ENV <GO>
Carbon menu: EMIS <GO>
For emissions-market news:
NI ENVMARKET <GO>
--With assistance from Michael Forsythe in Beijing. Editors:
Larry Liebert, Joe Winski
To contact the reporters on this story:
Kim Chipman in Washington at +1-202-624-1927 or
kchipman@bloomberg.net
To contact the editor responsible for this story:
Larry Liebert at +1-202-624-1927 or
lliebert@bloomberg.net
(BN) Vu1 in Talks With U.S. Retail ‘Big Boys’ to Sell Light Bulbs
+------------------------------------------------------------------------------+
Vu1 in Talks With U.S. Retail 'Big Boys' to Sell Light Bulbs
2011-01-18 07:55:43.901 GMT
By Alex Morales
Jan. 18 (Bloomberg) -- Vu1 Corp., a lighting-technology
developer, is holding talks with two major U.S. retailers to
sell its new energy-efficient light bulbs, Chief Executive
Officer Philip Styles said in an interview.
The New York-based company has started production at its
factory at Olomouc in the Czech Republic, and Styles said he
hopes to have arrangements with big U.S. retailers by the middle
of the year.
"We're in discussion with major retailers here in the
United States," the former Sony Corp. executive said yesterday
by telephone. "We're currently in discussions with two and I'm
trying to line up a third one. It's the big boys here in the
States," he said, declining to name the potential customers.
Vu1 is hoping to win a share of the lighting market as
countries including the 27 European Union members phase out
incandescent bulbs and the U.S. brings in more rigorous
efficiency standards in 2012.
The Czech plant is currently manufacturing "small
quantities" and the plan is to ramp up to a rate of 6.8 million
bulbs a year by year-end, and 30 million bulbs annually within
two or three years, Styles said. A product suitable for Europe
markets should be available by the end of 2011, he said.
Vu1 is promoting its lighting as cheaper than LEDs and,
unlike the more efficient compact fluorescent bulbs, doesn't
contain mercury, a poisonous substance.
"We're pitching our product in between the two main
competitors at this moment in time," Styles said, putting the
price of Vu1's bulb at just below $20 compared with about $40
for an LED and $12 to $13 for a compact fluorescent bulb.
The 19.5-watt bulb is priced at just below $20 compared
with about $40 for a similar LED and $12 to $13 for a compact
fluorescent bulb, he said.
For Related News and Information:
Top renewable energy story page: GREEN <GO>
Most-read environmental news: MNI ENV <GO>
Energy-efficiency stories: NI NRGEFF <GO>
--Editors: Randall Hackley, Todd White
To contact the reporter on this story:
Alex Morales in London at +44-20-7330-7718 or
amorales2@bloomberg.net.
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or landberg@bloomberg.net.
Vu1 in Talks With U.S. Retail 'Big Boys' to Sell Light Bulbs
2011-01-18 07:55:43.901 GMT
By Alex Morales
Jan. 18 (Bloomberg) -- Vu1 Corp., a lighting-technology
developer, is holding talks with two major U.S. retailers to
sell its new energy-efficient light bulbs, Chief Executive
Officer Philip Styles said in an interview.
The New York-based company has started production at its
factory at Olomouc in the Czech Republic, and Styles said he
hopes to have arrangements with big U.S. retailers by the middle
of the year.
"We're in discussion with major retailers here in the
United States," the former Sony Corp. executive said yesterday
by telephone. "We're currently in discussions with two and I'm
trying to line up a third one. It's the big boys here in the
States," he said, declining to name the potential customers.
Vu1 is hoping to win a share of the lighting market as
countries including the 27 European Union members phase out
incandescent bulbs and the U.S. brings in more rigorous
efficiency standards in 2012.
The Czech plant is currently manufacturing "small
quantities" and the plan is to ramp up to a rate of 6.8 million
bulbs a year by year-end, and 30 million bulbs annually within
two or three years, Styles said. A product suitable for Europe
markets should be available by the end of 2011, he said.
Vu1 is promoting its lighting as cheaper than LEDs and,
unlike the more efficient compact fluorescent bulbs, doesn't
contain mercury, a poisonous substance.
"We're pitching our product in between the two main
competitors at this moment in time," Styles said, putting the
price of Vu1's bulb at just below $20 compared with about $40
for an LED and $12 to $13 for a compact fluorescent bulb.
The 19.5-watt bulb is priced at just below $20 compared
with about $40 for a similar LED and $12 to $13 for a compact
fluorescent bulb, he said.
For Related News and Information:
Top renewable energy story page: GREEN <GO>
Most-read environmental news: MNI ENV <GO>
Energy-efficiency stories: NI NRGEFF <GO>
--Editors: Randall Hackley, Todd White
To contact the reporter on this story:
Alex Morales in London at +44-20-7330-7718 or
amorales2@bloomberg.net.
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or landberg@bloomberg.net.
2011/01/17
(BN) Carbon Diverges From Fossil Fuels on Oversupply, Barclays Says
+------------------------------------------------------------------------------+
Carbon Diverges From Fossil Fuels on Oversupply, Barclays Says
2011-01-17 15:38:05.278 GMT
By Mathew Carr
Jan. 17 (Bloomberg) -- European Union carbon prices have
diverged from power, natural gas and coal prices because the
economic recession has made the market oversupplied, said
Barclays Plc.
"EU allowances are now not consistently correlating with
key fossil fuels and periods of temporary high correlation are
more coincidence than cause," analysts including London-based
Trevor Sikorski said in an e-mailed report dated today. "This
state of affairs should continue until the market tightens to a
point when fuel switching becomes needed to balance the
market."
Prices move mainly when there's an imbalance between
factories, which are selling spare permits, and power utilities,
which need to fill shortages, Barclays said. "Carbon-market
dynamics have become much more about when industrial
participants are selling against when utilities are buying."
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: Alex Devine, Jonas Bergman.
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
Carbon Diverges From Fossil Fuels on Oversupply, Barclays Says
2011-01-17 15:38:05.278 GMT
By Mathew Carr
Jan. 17 (Bloomberg) -- European Union carbon prices have
diverged from power, natural gas and coal prices because the
economic recession has made the market oversupplied, said
Barclays Plc.
"EU allowances are now not consistently correlating with
key fossil fuels and periods of temporary high correlation are
more coincidence than cause," analysts including London-based
Trevor Sikorski said in an e-mailed report dated today. "This
state of affairs should continue until the market tightens to a
point when fuel switching becomes needed to balance the
market."
Prices move mainly when there's an imbalance between
factories, which are selling spare permits, and power utilities,
which need to fill shortages, Barclays said. "Carbon-market
dynamics have become much more about when industrial
participants are selling against when utilities are buying."
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: Alex Devine, Jonas Bergman.
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
(BN) UN Carbon Discount Widens as Supplies Jump 9.2 Million Tons
+------------------------------------------------------------------------------+
UN Carbon Discount Widens as Supplies Jump 9.2 Million Tons
2011-01-17 18:10:30.17 GMT
By Mathew Carr
Jan. 17 (Bloomberg) -- The discount of United Nations
emission credits compared with European Union permits widened on
speculation that regulators may supply a record number of offset
credits this week.
The supply of credits from the UN emissions program may be
a record 24 million metric tons this week, analysts including
Clemens Tummeltshammer at Bloomberg New Energy Finance in London
forecast. The UN supplied 9.2 million tons today, according to
data compiled by Bloomberg.
The discount, traded as a separate contract, widened 1 cent
to 3.46 euros ($4.60) a metric ton on the ICE Futures Europe
exchange, the most since Dec. 7.
UN regulators are boosting issuance of credits following
criticism by some lobby groups including the International
Emissions Trading Association that bottlenecks were curbing
investment in clean energy. UN credits can be used for
compliance in the EU program, the world's biggest greenhouse gas
market by traded volume.
UN Certified Emission Reduction credits for December rose 2
cents to 11.08 euros a ton. EU allowances for December increased
0.5 percent to 14.56 euros. Factories can swap some spare EU
allowances for cheaper UN credits to reduce the cost of
compliance. They must hand in allowances or credits by the end
of April to match verified emissions in 2010, according to the
EU program's rules.
"We expect to see more buyers coming in before the end of
the 2010 compliance period to take advantage of the spot swap
levels, which are currently around 2.90 euros," said Michael
Karavias, director of carbon markets at Evolution Markets Ltd.
in London.
At the start of January, spot CERs were trading as high as
47 cents over CERs for December 2011, Karavias said today by
phone and e-mail. "Coupled with the lack of compliance buyers
and large issued volumes, the price has tailed off to around 30
cents through the brokered markets," he said. The spread was 27
cents a ton today based on contracts on ICE and the BlueNext
exchange in Paris.
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: Mike Anderson, Randall Hackley.
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
UN Carbon Discount Widens as Supplies Jump 9.2 Million Tons
2011-01-17 18:10:30.17 GMT
By Mathew Carr
Jan. 17 (Bloomberg) -- The discount of United Nations
emission credits compared with European Union permits widened on
speculation that regulators may supply a record number of offset
credits this week.
The supply of credits from the UN emissions program may be
a record 24 million metric tons this week, analysts including
Clemens Tummeltshammer at Bloomberg New Energy Finance in London
forecast. The UN supplied 9.2 million tons today, according to
data compiled by Bloomberg.
The discount, traded as a separate contract, widened 1 cent
to 3.46 euros ($4.60) a metric ton on the ICE Futures Europe
exchange, the most since Dec. 7.
UN regulators are boosting issuance of credits following
criticism by some lobby groups including the International
Emissions Trading Association that bottlenecks were curbing
investment in clean energy. UN credits can be used for
compliance in the EU program, the world's biggest greenhouse gas
market by traded volume.
UN Certified Emission Reduction credits for December rose 2
cents to 11.08 euros a ton. EU allowances for December increased
0.5 percent to 14.56 euros. Factories can swap some spare EU
allowances for cheaper UN credits to reduce the cost of
compliance. They must hand in allowances or credits by the end
of April to match verified emissions in 2010, according to the
EU program's rules.
"We expect to see more buyers coming in before the end of
the 2010 compliance period to take advantage of the spot swap
levels, which are currently around 2.90 euros," said Michael
Karavias, director of carbon markets at Evolution Markets Ltd.
in London.
At the start of January, spot CERs were trading as high as
47 cents over CERs for December 2011, Karavias said today by
phone and e-mail. "Coupled with the lack of compliance buyers
and large issued volumes, the price has tailed off to around 30
cents through the brokered markets," he said. The spread was 27
cents a ton today based on contracts on ICE and the BlueNext
exchange in Paris.
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: Mike Anderson, Randall Hackley.
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
LCH.Clearnet to Offer UN Emission Contracts Through 2015
http://www.lchclearnet.com/member_notices/circulars/2011-01-17.asp
+------------------------------------------------------------------------------+
LCH.Clearnet to Offer UN Emission Contracts Through 2015
2011-01-17 12:57:39.905 GMT
By Mathew Carr
Jan. 17 (Bloomberg) -- LCH.Clearnet Group Ltd. said it will
start on Jan. 28 to offer forward contracts on United Nations
emission credits for 2013, 2014 and 2015.
Link to Company News:{214587Z LN <Equity> CN <GO>}
For Related News and Information:
Top Stories:{ETOP<GO>}
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:
Mike Anderson at +44-20-7673-2718 or
manderson34@bloomberg.net
+------------------------------------------------------------------------------+
LCH.Clearnet to Offer UN Emission Contracts Through 2015
2011-01-17 12:57:39.905 GMT
By Mathew Carr
Jan. 17 (Bloomberg) -- LCH.Clearnet Group Ltd. said it will
start on Jan. 28 to offer forward contracts on United Nations
emission credits for 2013, 2014 and 2015.
Link to Company News:{214587Z LN <Equity> CN <GO>}
For Related News and Information:
Top Stories:{ETOP<GO>}
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:
Mike Anderson at +44-20-7673-2718 or
manderson34@bloomberg.net
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