Carbon Pulse

North American carbon prices and volumes rose modestly along both coasts this week as the WCI market shrugged off the introduction of a bill to rescind Ontario’s cap-and-trade programme, while increased buying helped lift RGGI allowances.

EU carbon prices held above €17 on Thursday, briefly dipping below that mark earlier in the session on a weak auction and sliding power prices before a late recovery sent EUAs back towards the previous settle.

German utility EnBW advanced its Y+2 hedging considerably over the second quarter, but this still left the company somewhat less hedged overall compared to a year earlier.

China’s biggest provincial pilot emissions trading scheme released its 2018 allocation plan on Thursday, keeping CO2 caps at last year’s levels as the central government has urged stability in the pilot markets.

Australia this week finalised the design of its proposed National Energy Guarantee (NEG), including a decision to allow a limited number of domestic offsets, paving the way for a carbon pricing scheme of sorts to emerge in the power sector if the policy wins the backing of state ministers next month.

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The Canadian government may relax industry production benchmarks under its output-based carbon pricing system (OBPS), which forms part of its backstop carbon pricing plan, as well as introduce a similar metric for the power sector, it said at a workshop on Wednesday.

A US Congressional subcommittee on Wednesday heard several experts testify on issues regarding the function and transparency of the biofuels credit market under the federal Renewable Fuel Standard (RFS), which has experienced significant market and policy volatility this year.

California state regulator ARB distributed 94,800 compliance-grade offsets this week to livestock projects, while Quebec's environment ministry awarded 23,100 credits in the agency's second issuance this month.

The Ontario government on Wednesday introduced a bill to formally repeal the province’s cap-and-trade programme, earmarking compensation equivalent to a tiny fraction of the nearly C$3 billion raised through allowance sales and effectively establishing compliance obligations for the scheme's emitters.

Spain-based utility Iberdrola reported a 5% rise in its ETS-regulated thermal output over H1 2018 as gas-fired output ramped up, the company said in its Q2 results on Wednesday.

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EU carbon allowances jumped back towards their seven-year high early on Wednesday as the market comfortably absorbed an exceptionally large UK auction.

Australian Energy and Environment Minister Josh Frydenberg has told state premiers and ministers that the emissions target under the proposed National Energy Guarantee (NEG) could be open to review in 2024, a move that would allow a future Labor government to strengthen the scheme’s ambition.

New Zealand carbon allowances made another leap on Wednesday to hit NZ$23 ($15.64) for the first time as the supply shortage continued to push up prices.

A bipartisan legislative committee designed to give Oregon lawmakers a chance to more fully understand and shape the future of the state’s climate policy revealed on Tuesday that a wide rift still exists between some members over what carbon pricing strategy Oregon should take, if at all.

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The Trump administration’s reported plan to downgrade US vehicle fuel economy standards and revoke California’s authority to set more stringent targets would lead to higher transport sector emissions and greater economic and health losses, according to a policy brief issued Tuesday.

European carbon prices ended their five-day rally on Tuesday, easing back towards €17 after hitting a fresh seven-year high.

UK utility Drax produced 24% less coal-fired power in the first half of 2018, reducing its demand for EU carbon allowances as outages at the firm’s biomass units affected earnings.