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The Low Carbon Economy Ltd

01 Feb 2011 11:02:13

Energy traders call for reopening of EU carbon market

Energy traders call for reopening of EU carbon market
The European Federation of Energy Traders (EFET) has warned that the continuing suspension of spot carbon trading could have a damaging effect on the market.

In a statement, the organisation, which represents more than 90 energy trading companies in 23 European nations, said it welcomed the temporary closure "in order to prevent any further liabilities for market participants".

Spot trading was suspended on January 19th following the suspected theft of credits from the carbon registries of the Czech Republic, Austria and Greece. It is thought the value of the credits stolen could be as high as €30 million (£25.6 million).

It was expected physical trading would be on hold until January 26th, but the market has yet to reopen.

The EFET has now said: "The absence of a secure trading infrastructure supporting the main European carbon marketplaces will rapidly become untenable.

"Therefore, we insist that the registries in the UK, Germany and France ought to be brought back online as soon as possible, and no later than February 7th 2011."

It added it was "critical" that national registries provide the European Union with information about stolen allowances to prevent their circulation.  ADNFCR-1235-ID-800377604-ADNFCR

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