Carbon Pulse

The European Commission is investigating the risk of the EU ETS and its emissions registry being used for money laundering, terrorist financing, and fraud.

German utility EnBW advanced its hedging rates over Q2 2019, leaving it in a similar position compared to a year ago even as it sold more power overall.

NZUs edged up slightly in Thursday trade but remained within the tight price range seen since the government last week launched a consultation process that could see some agricultural emissions brought into the ETS from 2021.

EU carbon prices rebounded back above €29.50 on Thursday, bolstered by technical buying and firmer energy prices, as heatwave temperatures peaked across Europe.

A daily summary of our news plus bite-sized updates from around the world.

Incoming British Prime Minster Boris Johnson on Wednesday named new minsters in charge of climate change and energy after more than half of the Conservative cabinet resigned or was sacked upon his arrival at Downing Street earlier today.

The New York Independent System Operator’s (NYISO) planned imposition of a carbon adder in the state’s wholesale electricity market could trigger the northeast US RGGI ETS’ Emissions Containment Reserve (ECR) in the next decade as more low-carbon generation come online, analysts said Tuesday.

California regulator ARB issued over 900,000 new offsets (CCOs) this week, while Quebec resumed its issuances with more than 50,000 of its own compliance-grade credits, according to jurisdictional data.

Connecticut is hoping to finalise its RGGI Model Rule update in the next two weeks and send it to a state committee for final approval, after an initial proposal was rejected for regulatory inconsistencies, an official told Carbon Pulse.

Energy Aspects has lifted its Q3 EUA price forecast back to near the analysts’ previous levels after the benchmark contract hit a fresh 11-year high, with the analysts also playing down the market impact of a recent EU court ruling involving oil major ExxonMobil.

Spain-based utility Iberdrola reported a 72% rise in its ETS-regulated thermal output over H1, as gas-fired output ramped up to cover for low hydro generation, the company said in its financial results on Wednesday.

EUAs set a new 13-year high of €29.95 early on Wednesday, but sank back after failing to top the €30 milestone as key energy prices also eased.

Australia's Queensland government has picked another six projects that will receive a total A$4 million ($2.8 mln) in grants under a programme designed to catalyse action and generate carbon credits for the state’s Land Restoration Fund.

British utility Drax opted to buy back some of its forward hedged coal power output over the first half of 2019 as higher emission costs ensured more of its generation would be unprofitable.

The ninth auction of Australia’s Emissions Reduction Fund (ERF) opened Wednesday, but experts expect the round to produce low volumes at subdued prices.

A daily summary of our news plus bite-sized updates from around the world.

House Democrats unveiled plans to develop a market-related strategy that will achieve net-zero GHGs by 2050 in committee on Tuesday, but specific legislation and future compatibility with progressive lawmakers' Green New Deal has not yet been determined. 

The Ohio House of Representatives agreed to Senate amendments on Tuesday that will subsidise two nuclear plants while weakening and eventually ending the state’s Renewable Portfolio Standard (RPS), as critics lambasted the bill as a corporate bail-out and regression on promoting clean energy at the US subnational level.

The UK government has imposed fines totalling over £80,000 on a dozen companies including utility Uniper and automaker Rolls Royce for EU ETS non-compliance in the latest round of climate-related penalties.

The UK could drastically undercut the EU ETS if it exits the scheme in November and imposes a replacement scheme that initially only delivers a single-digit carbon price, experts have warned.