The European Investment Bank said it sold 12 million carbon permits in December from a special post- 2012 reserve in the European Union emissions trading system to help aid low-emissions technologies. The Luxembourg-based bank got an average price of 8.15 euros ($10.35) per allowance in the first month of sales from the 300 million-permit EU reserve for new entrants to the bloc’s cap-and-trade program, known as NER300, according to a report published on its website. The EU decided in 2008 to use proceeds from the sales to encourage renewable energy and carbon capture projects. Permits for delivery in December 2013 declined 1.3 percent to 7.61 euros on the ICE Futures Europe exchange in London today, valuing the reserve at 2.3 billion euros, compared with as much as 6 billion euros in May. The contract lost 44 percent over the past six months on oversupply concerns and speculation the debt crisis in the region using the euro may worsen. “The reported 12 million tons sold by the EIB during December is slightly higher than our estimates of 10 million tons,” said Konrad Hanschmidt, an analyst at Bloomberg New Energy Finance in London. “With many traders still expecting the volumes to be closer to 20 million tons it may have a bearish impact on prices tomorrow morning and push prices below 7 euros a ton for the rest of the week.”
No comments:
Post a Comment