Carbon Pulse

Spanish utility Endesa reported on Tuesday a 45% decline in coal power output over the first half of the year while natural gas generation rose, likely reducing the company’s EUA demand.

California Carbon Offset (CCO) prices are tightening against WCI allowance values amid increased demand from compliance entities and sluggish issuances by state regulator ARB, market sources said.

A strong auction result pushed EU carbon prices to a new 11-year high on Tuesday, with bulls now targeting €30 as a scorching heatwave arrives in Europe, threatening to push energy prices up even further.

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New RGGI speculators recently began to offload positions built earlier this year, while compliance entities sought allowances prior to a US heatwave, Commodity Futures Trading Commission (CFTC) data showed.

More stringent electricity benchmarks for new natural gas plants under Canada’s ‘backstop’ output-based pricing system (OBPS) may still be slow to incentivise greater renewables usage and could also exacerbate dispatch decisions of more carbon-intensive fuel types under the programme, economists said.

California Low Carbon Fuel Standard (LCFS) prices declined Monday from recent highs hit this year, as state regulator ARB will soon reveal more details about a potential hard cap for credit prices.

European carbon prices hit a four-day high above €29 on Monday before the latest rally ran out of steam on a bearish auction result and sliding energy prices.

US Steel will lay off 2,500 workers at its large steel mill in Slovakia over the next two years, the company announced on Friday, blaming high EU carbon and power prices.

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Poland’s parliament passed a bill on Friday to compensate its EU ETS-covered industry for indirect carbon costs, making good on a government plan announced nine months earlier when carbon prices first surged towards €30.

The New York Independent System Operator (NYISO) is delaying the finalisation of its carbon charge on its wholesale power market until this fall as it awaits further analysis on the state’s recently approved carbon neutrality legislation.

A Colorado agency will commence a study this fall on the technical and economic feasibility of implementing a low-carbon fuel standard (LCFS) in the western US state, a government official said.

Switzerland’s energy-related CO2 emissions continued falling in 2018, the government announced this week, though the decline was again mostly seen in the consumption of thermal fuels as transportation’s output was unchanged.

Two Nordic utilities reported rises in EU ETS-covered output over the first half of 2019 as their thermal facilities ramped up to cover lower hydro generation, though they said fossil-based production may ease for the rest of the year as reservoirs have since filled.

European carbon prices emphatically rebounded from a six-day low on Friday's bullish auction result and forecasts of an impending heatwave, with buyers also taking comfort from strong technical signals.

Closing prices, ranges and volumes for China's regional pilot carbon markets this week.

Norway and Suriname are said to be exploring an arrangement where the South American country would earn carbon credits for keeping its tropical forest intact, according to a local news report.

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New York Governor Andrew Cuomo (D) announced the selection of two offshore wind power projects on Thursday to meet the state’s enhanced zero-carbon electricity goals, a move that could reduce future compliance obligations from the state in the northeast US RGGI cap-and-trade programme.