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How much discount apply on account of invalidation risk of California offsets?

Category: California cap-and-trade
Published: 10 September 2012

 

Every offset has its own woes. Kyoto units suffer from eligibility concerns, California offsets are in turn undergoing the hot debate about the scale of the invalidation risk.

 

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Consolidated account as a means of managing compliance instruments and compliance obligations for entities with a direct corporate relationship under California cap-and-trade

Category: California cap-and-trade
Published: 05 September 2012

 

The compliance obligation for the entities that are part of the consolidation will be summed and assigned to the Consolidated Entity Account (CEA). The operator of the CEA will have the responsibility to meet the combined obligations.

 

CEA under California program appears to be a modernised and improved version of the  unsuccessful institution of pooling regulated in the EU ETS by Article 28 of the Directive 2003/87/EC (which will extinguish with the end of the second trading period on 31 December 2012).

 

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When the change of the heat supplier under EU ETS rules leads to a significant change in the installations capacity, and consequently to a change in allocation of emission permits free of charge

Category: Implementation
Published: 03 September 2012

 

The fundamental change in the rules of the EU ETS as from 2013 consisting in the allocation of free emission allowances to the heat-benchmark sub-installations principally for the consumption of the heat (and for the production thereof in exceptional cases only) necessitates the careful examination of technical connections in the context of the allocation rules.

 

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The importance of the good faith in the free circulation of greenhouse gases emission permits

Category: Australia cap-and-trade
Published: 29 August 2012

 

Emission trading schemes evidently evolve in the direction of attributing the decisive character of the entry in the registry as regards the proof of ownership over emission allowances while retaining the institution of ‘good faith’ as a some sort of ‘safety valve’ for the  gross breaches of business honesty.

The Australian program represents the most recent manifestation in that regard.

 

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Heat flows between installations and their influence on free allocation of emission permits

Category: Implementation
Published: 27 August 2012

 

Changes in heat flows between installations made after 30 June 2011 may significantly impact the level of free allocation of permits and, pursuant to the rules governing the EU ETS as from 2013, it may be sometimes effected in quite surprising way.

 

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Capacity reductions in industrial sectors under EU ETS rules as from 2013

Category: Implementation
Published: 22 August 2012

 

Installation's capacity reductions need always be considered in the context of potential EUAs allocation. 

 

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Energy efficiency obligation schemes – EU retreats from mandatory provisions

Category: Energy efficiency
Published: 20 August 2012

 

The uniform “white certificates” scheme at the European Union level should not be expected in the foreseeable perspective.

 

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What can be expected in 2013 as regards legislative developments in the energy market

Category: Energy market
Published: 16 August 2012

 

2014 has been politically set as a target for the completion of the European internal market for electricity and gas. It is useful to know the schedule for adopting the main network codes in that regard.

 

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Allowance Price Containment Reserve – the mechanism for managing the risks of the California carbon market or the risk in itself?

Category: California cap-and-trade
Published: 13 August 2012

 

Generally, from the perspective of entities covered be the California scheme (voluntarily associated entities excluding), knowing that the Reserve is available quarterly at an established price provides an alternative to purchasing allowances in the market at prices above the price level set.

The internal structure of the Allowance Price Containment Reserve, the size of its resources, the mechanisms for supplying the Reserve and for its use play consequently a key role in  every strategic analysis of possible market trends as regards prices of California emission allowances (CCAs).

 

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Reporting for non-standardised wholesale energy market contracts under REMIT framework pursuant to ACER guidelines

Category: REMIT
Published: 08 August 2012

 

Reporting for non-standardised wholesale energy market contracts under REMIT Regulation will not be an easy task for market participants.

 

Given the non-standardised contracts are to be reported to ACER directly by market participants (and not by trading venues), the former are allowed more time for contract verification against reporting schedule. The one-month period seems to be sufficient for such an assessment even when it comes to complex and complicated contracts. Moreover, mandatory submitting to the ACER the pdf file of the entire contract enables additional examination of the contract by ACER services.

 

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Banking of units under EU ETS, California and Australia emission trading schemes

Category: Emissions trading
Published: 06 August 2012

 

Compliance flexibility can be enhanced by the option of saving credits/allowances to future periods (banking). This option enhances cost-effectiveness and foster carbon price stability. In addition, banking provides incentives for early action, but also involves increasing risks of over-allocation of allowances/credits in subsequent periods.

 

Analysing emerging emission trading schemes like California and Australia as well as an relatively old one - EU ETS, a general thesis can be posed that banking of allowances between periods becomes now a common rule. Sparse exceptions cover the EU ETS first trading period in the years 2005-2007 and the Australian fixed charge phase which will last till 1 July 2015.

 

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How to prepare for an annual emission report verification from an operator’s perspective under the new V&A Regulation

Category: Implementation
Published: 01 August 2012

 

The basic need is the acknowledgment whether the extent of the engagement falls within the scope of the verifier’s accreditation. This should done with the help of Annex I to the V&A Regulation which specifies the relevant codes of activity groups for the scope of accreditation for verifiers.

 

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  1. EMIR – intra-group transactions exemption
  2. How to regulate the balance of demand and supply in the carbon emissions trading scheme
  3. Second carbon leakage list – basic legal environment for the issue
  4. Emission factor and sustainability of biomass under the new M&R Regulation

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