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19 Nov 2008 04:11:56

UK auctions carbon allowances

UK auctions carbon allowances
Europe's first carbon allowance auction in the second phase of the EU Emissions Trading Scheme (ETS) was held today.

The ETS sets a cap on emissions from 12,000 installations across the union and then makes available enough carbon allowances to cover the permitted amount of emissions.

Companies have to present EU Allowances (EUA) equal to the amount of greenhouse gases they have emitted.

The UK government sold four million allowances for a total value of £54 million, lower than the £67 million figure Reuters had estimated based on the EUA price yesterday (Tuesday 18th) of €16.8 (£14.06) per tonne.

Energy and climate change minister Mike O'Brien, said: "Today's first Phase II auction demonstrates continued UK leadership in reducing carbon emissions as part of the fight against dangerous climate change.

"The EU ETS is central to keeping the price of tackling climate change as low as possible to industry and the economy."

Next year the government aims to sell 25 million allowances, and Mr O'Brien said that by 2013 it was hoping to auction all the allowances needed by the power sector.



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