Volume 6 / Issue 92 / Friday, May 14, 2010
UK’s Huhne may oversee new
Platts daily EUA assessments, May 13 (€/mt)
nuclear despite previous objections
London — The UK’s new Energy and Climate Change Secretary, Chris Huhne said in a BBC radio interview Thursday it was possible he could oversee new nuclear power station construction, despite previously opposing such a move, but only if power companies were willing to go-ahead without Monthly Rolling Average
Huhne, a Liberal Democrat and former journalist and economic adviser to major pension firms, wrote in an article in Forward market daily assessments: The low end of the range reflects prices for the Guardian newspaper June 20, 2006 that “the reality is that larger parcels, while the upper end reflects prices for smaller parcels. The typicalsize range is 5,000 to 50,000 mt. Monthly Rolling Average: This is a mathematical nuclear is a tried, tested and failed technology.” average of assessments for the most actively traded contract each month, usually But Huhne said Thursday it was up to the nuclear industry to decide whether it could build nuclear power stations withoutnew public subsidies.
“They do say they can but that remains to be seen because Platts daily CER assessments, May 13 (€/mt)
no new nuclear power station has been able to be built without Delivery
public subsidy for a very, very long time,” Huhne said.
“If they come up with a plan that genuinely involves no public subsidy, and that’s the agreement of the coalition government.then they will put it through the normal nationalplanning process under a new national planning statement.and Monthly Rolling Average
EUAs go up on little
Platts daily EUA/CER spread, May 13 (€/mt)
volume and limited trading
December 2010 EU Allowance prices went up Thursday compared to closing levels for the contract Wednesdayof €15.74 per metric ton as traders said Thursday that EU CO2 price trend
volumes changing hands on the day over electronic exchanges andOTC were low along with trading activity overall as many carbon traders were not working due to national holidays in a number ofEuropean countries that are set to continue through Friday.
Several traders said Thursday that 2010 EUAs opened around €15.72/mt and traded in a tight range all day between €15.74/mtand €15.62/mt for most of the day, breaking out at the end of the day as the traders said many market players were working tosquare their positions away ahead of Friday, when many of the European traders said they would not be at their desks.
One trader said that slightly weaker German Cal 11 power prices Thursday contributed to sluggish 2010 EUA prices.
German week-ahead base was €0.70 lower Thursday at The McGraw Hill Companies
€44.70/MWh as wind power was expected to increase early Generating fuel cost comparisons, Europe (May 13)
In the German forward market, activity was also fairly Profit/Loss
limited due to the bank holiday with June base heard €0.70 lower than Wednesday’s close at €46.10/MWh and Cal 11 base€0.40 down at €51.35/MWh.
UK Baseload (£)
December 2010 EUAs were quoted at €15.82 at the close of CERs go down
Next month
on little volume, trading
NW Europe Baseload (€)
Prices for Certified Emission Reductions for December 2010 delivery went down Thursday compared to closing level for the contract Wednesday of €13.53 per metric ton as traders said Thursday that little market activitydue to public holidays in many European countries.
The value of the 2010 CER/EU Allowance swap Thursday blew out by €0.11, climbing from €2.21 at the close of trading Wednesday to €2.32 Thursday reflecting contangoed 2010 EUA NW Europe/UK Peak load
prices on the day and slightly declining 2010 CER values.
December 2010 CERs were quoted at €13.50 at the close of Fuel Oil 1%S
Fuel Oil 3.5%S
Next month
Gasoil 0.1%S
Next month
UK nukes . from page 1
the proposal will go forward in the normal way,” he added.
Note: Based on typical kg CO2/mmBtu rates of 101.5 for coal, 55 for natural gas, “We are committed in the Liberal Democrat side of the and 72.5 for oil; and on generating efficiencies of 49% for UK gas plant, 54% for coalition that we will not vote against that. So if there is the western Europe gas plant, 34% for all coal plant, and 32% for all oil-fired plant.
Benchmark coal and distillates are priced at ARA. Details of methodology at
majority in parliament in favor of a particular proposal—and there are an awful lot of ifs’ here—then new nuclear will goahead,” Huhne said.
While compromises had been made by both sides on a range of issues to achieve the coalition accord, there was in the European Union of generating electricity from complete agreement on the rejection of public money for new “We’ve got to get renewables way up, we’ve got to make “First and foremost there is absolutely no disagreement sure we are much more energy efficient,” he added.
between us on the key principle that there will be no public Huhne’s appointment was welcomed by the Renewable Energy Association, but the lobby group said further policy “Now if it turns out that for the first time in decades a consortium is prepared to build a nuclear power station without “The appointment of Chris Huhne should be good news for public subsidy then that will in all probability go ahead but I the renewables industry and we congratulate him,” said REA think there are a lot of ifs there and I do think this is a way forward which allows the integrity of the Conservatives and “However, today’s announcement lacks detail on a number Liberal Democrat positions to be maintained,” he added.
of key areas, particularly renewable heat and renewable Huhne underscored his support for renewable power transport. We look forward to receiving further information sources such wind, waves and tidal, and said much more The REA said issues still outstanding included details on “We literally have an abundance of potential for renewable how the new renewable heat incentive to be introduced in energy, but yet we have one of the worst records of any country April 2011 will be implemented and funded and a Copyright 2010, The McGraw-Hill Companies confirmation that the current Renewables Obligation forlarge-scale renewables will remain alongside the new EUROPEAN EXCHANGE DATA
electricity feed-in-tariffs. — Darren Stetzel and Paul Whitehead ECX/ICE Emissions data, May 13
Suspension from Kyoto
Price (€/mt)
Volume (mt)
emissions trading looms for Bulgaria
Sofia — Bulgaria will likely be suspended from greenhouse gas emissions trading as of June 30 for failing to comply with UN recommendations, Environment Minister Nona Karadzhova The UN Compliance Committee of the Kyoto Protocol has taken a preliminary decision to revoke Bulgaria’s accreditation to trade in GHG emissions, which is likely to be definitively confirmed on June 30, the minister said.
Bulgaria’s previous government had not complied with the Nordpool Emissions data, May 13
committee’s recommendations to bring its system for recordingGHG emissions up to scratch, she said, blasting the previous Settlement
Price (€/mt)
Volume (mt)
administration for its “criminal inaction.” The ruling will deprive Bulgaria of its right to sell an annual 40 million surplus sovereign pollution rights under Kyoto — known as Assigned Amount Units or AAUs — which were expected to generate up to 500 million Leva (€256 million, $322 million) and which the government was counting on to battle It would also jeopardize companies’ trading of surplus EU Allowances under the EU Emissions Trading System, which the European Commission just approved in late April.
Karadzhova expressed hopes Thursday that industries would be able to trade at least some of their surplus carbon credits by EEX Emissions data, May 13
June 30, when the ban would come into force.
The government, however, would not be able to do this as Settlement
Price (€/mt)
Volume (mt)
parliament has yet to pass key legislation regulating carbon Karadzhova said she hoped to restore the country’s European Carbon Futures (Early December)
Under the Kyoto Protocol, Bulgaria agreed to cut its GHG emissions by 8% compared with its 1990 level by 2008-2012 European Carbon Futures (Mid December)
and emit no more than 130 million metric tons of CO2 Certified Emission Reductions Futures (Early December)
Polish companies against EC’s
30% emissions cut: industry group
Certified Emission Reductions Futures (Mid December)
Warsaw — Polish industries are opposed to the European Commission’s proposal to hike the EU’s CO2 emissions reduction target from 20% to 30% by 2020, because it could slow the country’s economic development and prompt plants tomove abroad where climate rules are not binding, a Polish Climex Spot Emissions data (€/mt), May 13
“We are of the opinion that it is a dangerous initiative for Closing price
the competitive edge of Polish and European industries,” said Copyright 2010, The McGraw-Hill Companies Forum CO2, an association which groups 12 industrial sectors Bluenext Emissions data, May 13
including electricity and heat generating companies. “The plan may slow development of industries, trigger Settlement
Price (€/mt)
Volume (mt)
leakage of many plants abroad and cause many negative economic consequences,” the Warsaw-based group said.
The statement came two days after EU Climate Action Commissioner Connie Hedegaard made a statement The Forum CO2 statement was sent to Poland’s environment minister Andrzej Kraszewski, economy minister Waldemar Pawlak, and chairman of the European Parliament Kraszewski earlier said that his government would be EUA forward curve
against the increased target of 30%.
“We call on the European Commission to stop producing this kind of initiatives which create additional business risks and social tensions,” said Forum CO2.
“It would be better if the EC focused on negotiations leading to conclude the international agreement specifying a According to Forum CO2, the launch of the proposal by the EC came at the most inappropriate time.
“It is a destabilizing proposal which has surfaced in a time when the macroeconomic situation of the EU member states is difficult and when all the countries are trying to overcome the global financial crisis,” it said. The EC broadly considers that ambitious emissions reduction targets will help spur the development of low-carbon industries, making Europe a leader in new growth CER forward curve
Environment ministry spokeswoman Magda Sikorska said the government is expected to make clear its official position onthe issue at the next weekly session on May 18. — Bogdan Turek German opposition party SPD in
talks with Greens after state vote
London — Germany’s main opposition party, the SPD, has started coalition talks with the Green party to form a new regional government in the state of North Rhine-Westphalia, but needs wider support as a so-called ‘red-green’ coalition isstill one seat short of a majority.
liberal faction in the Dusseldorf-based assembly said Chancellor Angela Merkel’s CDU plunged to its worst result in over 60 years in Sunday’s state vote,1 while its The new Left party has for the first time gained seats in current coalition partner at both federal and regional level, the assembly, but has been shunned so far by mainstream the liberal FDP only got 12 seats, falling below the vote for political parties due to its radical policies and alleged links to the former communist party in East Germany.
SPD and Green party chiefs said late Wednesday in Should the SPD and the Greens fail to achieve wider Dusseldorf that they would first invite the FDP and then the support, a so-called ‘grand coalition’ between SPD and CDU Left Party for further talks to gain majority support in North will be the most likely outcome, according to media reports.
Rhine-Westphalia, German media report Thursday. In any case, the CDU’s defeat in Sunday’s elections means However, the FDP has rejected the prospect of any talks that Chancellor Merkel’s federal coalition has lost its majority with an SPD/Green alliance unless they categorically exclude in parliament’s upper chamber, the Bundesrat, which may negotiations with the radical Left party, the head of the undermine her government’s plans to extend the lifespan of Copyright 2010, The McGraw-Hill Companies starting with electric power in 2013. Electric utilities would be However, opinion is split between legal experts whether a able to trade emission allowances to help them meet a reversal of Germany’s nuclear-phase-out law needs the tightening emissions cap. The bill provides free tradable approval of the Bundesrat. The law was enacted in 2002 by allowances to cover all the sector’s carbon emissions for the Chancellor Schroeder’s SPD/Green coalition without going program’s first couple of years and sets a $12-$25/ton price collar around the allowances in the carbon market, two key The federal government currently models four nuclear- extension scenarios including a 28-year extension until 2050, Compared to the climate bill that passed the House of but will not decide on the matter until October, when it plans Representatives in 2009, Kerry-Lieberman provides more free to present a new national energy concept. — Andreas Franke allowances to the electric power sector and a collar aroundthe carbon price for utilities not included in the House bill.
The bill’s price collar, however, “escalates fairly high” at AMERICAS
5% with inflation and the allocation formula to utilities of75% based on a power plant’s historical emissions and 25% ontheir retail volume differs from the 50-50 split agreed to by IOUs urge passage
EEI, Kuhn said. But the issues are not showstoppers, he said.
“The industry as s whole gave me permission to stand up of US Senate climate bill
here and support it moving forward and that included allaspects of the companies that were part of our negotiations Washington — The Edison Electric Institute, Duke Energy and FPL Group Wednesday came out in support of moving Rogers also said that the bill “needs some work” but Kerry landmark legislation this year to put a price on US industry and Lieberman provided the right structure for business emissions of greenhouse gases with provisions to ease the certainty during a transition to a low-carbon economy.
transition to low-carbon fuels and hope to find ways to sway “The bill has the right framework but I still think there is room to tweak a little here, tweak a little there because you need that Senators John Kerry, a Massachusetts Democrat, and Joe room to tweak to bring different people on board,” said Rogers. Lieberman, an Independent Democrat from Connecticut, Once lawmakers understand the bill’s transition unveiled their 987-page bill with fanfare from the large mechanisms to protect consumer costs, they are “going to get electric utilities that have negotiated cost-containment comfortable that a vote for this won’t undermine their ability Tom Kuhn, president of EEI, the investor-owned electric Exelon CEO John Rowe on Wednesday put the odds of the power sector, Duke Energy CEO Jim Rogers and FPL Group Senate passing energy and climate change legislation this year CEO Lew Hay flanked Kerry and Lieberman as well as the at less than 25% “but more than 5,” but also said that “those environmental organization and business leaders during a odds can change if a few people want them to.” news conference to present the bill that sets GHG reduction He made his comments to reporters after a speech at the targets of 17% below 2005 levels by 2020 and 80% by 2050. Washington think-tank Resources for the Future. Rowe said he Kuhn and Rogers highlighted the positive elements of the was invited to join Kerry and Lieberman at the unveiling of bill but conceded that there is room for improvement if the bill the bill, but it conflicted with his commitment to the RFF is to garner the support of Republicans and moderate Democrats to achieve the 60 votes it must have to clear the Senate.
“I think the odds are very small since Senator [Lindsey] “We need to find ways to attract Republicans” and sell the Graham felt unable to work on it more at the present time, legislation to 15-17 moderate Democrats from fossil-fuel- but he still’s got his heart in it and if Senator Graham comes producing states, Rogers told reporters following the news back it still could happen,” Rowe told reporters.
But the 13-member Midwest Climate Coalition said it Kuhn and Rogers praised South Carolina Republican would be “imprudent” to take a position on the legislation.
Lindsey Graham for his early contributions to the bill, The group includes Alliant and Integrys.
including funding for CO2 capture and sequestration “We strongly believe that senators from the Midwest technology. But Graham abandoned the bill in April after a should also know how their constituents and local economies riff with Senate leaders over immigration reform legislation,leaving the climate bill without a GOP cosponsor.
“It is important to get a bill that does have bipartisan support,” Kuhn said. “Every energy-and-environmentlegislation that passed in the last 20 years passed with bipartisan support. I think there are going to have to be lot of The bill takes a sector-by sector approach to cap GHGs Copyright 2010, The McGraw-Hill Companies will be impacted by this bill in 5, 15, and 25 years by seeking avoid covering many small facilities.
the state-specific answers to these important questions before The proposal will cover facilities that are responsible for pledging their support,” the coalition said in a statement. 70% of GHG emissions from stationary sources. — Gerald Karey IN-BRIEF
US EPA says regulation
of GHGs to begin in 2011
„ Israel’s Environmental Protection Ministry has issued a tenderto find a company to advise it on implementing technology for Washington — The US Environmental Protection Agency on reducing air pollution from public transport as well as utilizing Thursday said it will begin regulating in January greenhouse gas CDM credits as part of an effort to switch to electric transport, emissions from permitted facilities – including coal-fired utilities according to a ministry spokesman. The ministry said Thursday and refineries — that increase those emissions by at least 75,000 that by next year it plans to impose strict standards on polluting buses and taxis under the country’s Clean Air Law.
The agency said that the facilities will be required to include Initially public transport in the Tel Aviv region will gradually GHGs in their Clean Air Act permits for other pollutants. In July switch to non-polluting vehicles over the next few years. As part 2011, the rule will be extended to cover all new facilities with of the measures being planned, Environmental Protection GHG emissions of at least 100,000 tons/yr and modifications to Minister Gilad Erdan plans to introduce the use of hybrid or existing facilities that would increase GHG emissions by at least electric taxis in Tel Aviv. During a visit to China last week Erdan visited BYD, the world’s second largest battery manufacturer to To receive a permit, operators must demonstrate they are using discuss the company’s latest developments in the electric the best available control technologies to minimize GHG emission vehicle field. The Chinese company has upgraded its batteries increases when their facilities are built or significantly modified.
and they now have a 330 kilometer range. The switch to non- When EPA first proposed the so-called tailoring rule, it set polluting public transport in Tel Aviv is part of a plan that will the threshold at 25,000 tons/yr, but increased the baseline to include all of Israel’s major cities in the coming years. Volume 6 / Issue 92 / May 14, 2010
Editorial: emissions@platts.com; London – Frank Watson Tel: +44 (0)20 7176 6725, Russell J. Dinnage Tel: +44 (0)20 7176 6238 Client services information: North America: 800-PLATTS8 (800-752-8878); direct: +1 212-904-3070; Europe & Middle East: +44 20 7176 6111; Asian Pacific: +65-6530-6430; Latin America: + 54-11-4804-1890 E-mail: support@platts.com Copyright (c) 2010 The McGraw-Hill Companies. All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer system or otherwiseredistributed without prior written authorization from Platts. Platts is a trademark of The McGraw-Hill Companies Inc. Information has been obtained from sources believed reliable.
However, because of the possibility of human or mechanical error by sources, McGraw-Hill or others, McGraw-Hill does not guarantee the accuracy, adequacy or completeness of any suchinformation and is not responsible for any errors or omissions or for results obtained from use of such information. See back of publication invoice for complete terms and conditions.
Copyright 2010, The McGraw-Hill Companies

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