Seal of approval for Romania state aid
The European Commission on Monday, 11.05.2020, approved a state aid request from Romania to partially compensate its energy-intensive industries from higher electricity costs as a result of the EU ETS. The scheme will cover the period 2019-20, with a provisional budget of approximately €291 mln (RON 1397 mln). This makes Romania the 13th EU nation to compensate for indirect costs, which currently does not have a harmonised system and is subject to the 27-nation bloc’s state aid guidelines.
EU ETS non-compliance rises in 2019
More than 300 installations and airlines failed to meet their obligations under the EU ETS in 2019, according to data published by the European Commission on Monday, 04.05.2020, with the non-compliance rate jumping by nearly 50% since last year.
EU to withdraw another 332.5 mln carbon allowances from ETS after supply glut drops 16%
The EU will be withdrawing 332.5 million EUAs from circulation in the 12 months from 1 September 2020, the European Commission announced last week on Friday, 08.05.2020, on the total number of allowances in circulation (TNAC). The units will be placed in the Market Stability Reserve. This number is down from the 397 million being withdrawn at present, but again represents 24% of TNAC.
EU Market: EUAs ease, stick around €19 amid lack of driving forces
European carbon prices eased on Monday, 11.05.2020, as competing bullish and bearish forces and a general lack of strong drivers continued to keep prices stuck around €19.
EUA Dec-20 increased by €0.38 last week and closed at €19.35 (+2.00%). Traded volumes decreased compared to the previous week with 93.7Mt versus 107.9Mt exchanging hands on ICE ECX across contracts.
Source: Carbon Pulse and Clear Blue Markets, London