EU CO2 Eases, Ignores UN Climate Head Departure
European carbon emissions futures eased slightly in Thursday's afternoon trade but showed no reaction to the resignation of U.N. climate chief Yvo de Boer, traders said. EU Allowances for December delivery were off 7 cents or 0.54 percent at 12.84 euros ($17.40) a tonne at 1351 GMT, having fallen to as low as 12.65 euros in early trade. Volume was at heavy at 5,001 lots traded
Nina Chestney | PlanetArk | Reuters | 19-Feb-10
"The news won't impact prices. If anything, it could dent the market's reputation," an emissions broker said.
U.N. climate chief Yvo de Boer will step down to join a consultancy group as an adviser, he said on Thursday, two months after a Copenhagen summit failed to support a legally binding climate pact.
Carbon markets depend on the U.N. talks and a Kyoto successor after 2012 to continue global trade in carbon offsets.
This morning, EUA prices sank to a two-week low as U.S. banks sold power and carbon, traders said. Prices had recovered slightly by mid-morning but failed to breach the 13 euro mark.
"There was stop-loss trading because nobody is 'long' anymore. The market is a poker table today -- everyone has been surprised by the volatility on German power," a trader said.
German Calendar 2010 baseload power on the EEX was down 40 cents at 47.85 euros per megawatt hour on Thursday, while U.S. oil fell toward $77 a barrel, dragged down by high inventory levels and a stronger dollar.
U.N.-backed certified emissions reductions edged down 8 cents to 11.31 euros a tonne.
Ireland's national registry will be unavailable from 2000 GMT on Friday until 0900 GMT next Tuesday due to planned maintenance of the International Transaction Log and a software upgrade on Monday, it said on its website.
Britain's registry will be offline from 1430 GMT on Friday until Monday.
EU member states have approved proposals to revise the EU carbon market's registry system to make it more standardized and secure, the EU executive Commission said on Thursday.
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