Dóra Fazekas Carbon Market Implications for new EU - UniCredit ...

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Appendix VI. – Trading platforms in the European carbon market Trading platform European Climate Center EU ETS products Exchange (ECX) London Spot and forward trading in EUA European Energy Exchange (EEX) Energy Exchange Austria (EXAA) Leipzig Wien NordPool Oslo BlueNext Paris CSX London Spot and forward trading in EUA Auctions daily Spot and forward trading in EUA Auctions weekly On 11 February, 2005 Nord Pool became the first exchange in the world to start trading in EUAs Spot and forward EUA Europe's leading spot exchange for EUAs BlueNext Spot EUA BlueNext Spot CER and Futures EUA and CER will be launched at the beginning of the second quarter of 2008 Provides the platform for the spot trading of environmental products designed to combat climate change Carbon Pool Europe Moedling International spot trading platform for EUAs Poee Rogowiec Spot and forward trading in EUA New Values Amsterdam Spot and forward trading in EUA Vertis Budapest STX Services Amsterdam APX Power Limited London In February 2008 the euets.com, the European Energy Auction and New Values merged their activities into Climex Spot CO2 exchange • CO2 allowances • Green Certificates • Dutch NOx Emissions • Power & Gas • Biofuel Tickets Central clearing counterparty Spot and forward trading in EUA 202
Appendix VII. - Foreign emission allowances transferred to Hungarian accounts Installation Complia nce year Originati ng Registry Amount Szector Company Allocation 203 Verified emissions Surrendered amount 2005 HU 6508 3910 6508 6508 EURO- METAL 2006 HU HU 5222 2682 Iron and 3910 7012 5222 Öntödei Kft. 2007 PL 6000 steel 3910 6892 8682 2005 HU 26266 24358 26266 26266 Villeroy & Boch Magyarorsz ág Rt. 2007 DE HU 4000 20793 Ceramics 2006 HU 26761 24358 26761 26761 Villeroy & Boch 24358 24793 24793 2005 HU 255831 375649 255831 255831 2006 HU 198566 375649 198566 198566 CZ 44236 Pannon H"er"m! Rt. Pécsi FR HU PL 106199 504384 1175 Er"m! 2007 SK 21390 Energy producti on DALKIA 375649 182204 677384 2005 HU 777952 810866 777952 777952 2006 HU 761485 810866 761485 761485 Csepel II. KCGT Er"m! Dunakeszi Aszfaltkever 2007 2006 CZ EE HU HU PL PL 88000 3200 873768 6918 304 305 Energy producti on Energy producti on ATEL New 810866 0 964968 3969 964968 964968 964968 10060 " üzem 2007 HU 2533 entrant 1 2838 10061 Paksi Téglagyár 2006 UK 2710 Ceramics New entrant 0 1354 2710 INOTAL HU PL 5001 1513 Energy producti New KFT URSA Salgótarjáni Üveggyapot 2007 2006 ES HU HU 1000 20160 8126 on entrant Uralita 0 9659 7514 10001 7515 20160 Rt 2007 ES 2000 Glass Group 9659 10126 10126 Vértesi E"m! Rt. Oroszlányi 2005 2006 HU HU HU 1702685 1558331 1590456 Energy producti 1728503 1728503 1702685 1558331 1702685 1558331 Er"m! 2007 PL 40000 on MVM 1728503 1630456 1630456 2005 HU 5763 10244 6069 5763 2006 HU 6087 10244 5780 6087 Berényi HU 6587 téglagyár 2007 SI 900 Ceramics 10244 7488 7487 Szombathel yi Távh"szolgá 2005 2006 HU HU PL 37874 33017 4000 Energy producti 36302 36302 37874 37017 37874 37017 ltató Kft. 2007 HU 27456 on 36302 27456 27456 Rath DE 2200 Hungária T!zálló 2006 HU 13828 7671 7642 16028 Rt.Téglagyá Rath r 2007 HU 7138 Ceramics Group 7671 7138 7138 ST GLASS Öblösüvegg 2005 2006 HU HU 20723 17092 Glass 18594 18594 20723 17092 20723 17092
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PhD Program in Management and Busin
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List of figures Figure 1. Optimal l
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„If you want to understand today,
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Neither the theory nor the empirica
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Table 1. Installations receiving th
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oth on national and corporate level
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1. Climate Change Regulation The fi
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approaches, activities that are not
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In Europe the United Kingdom and De
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(2) Allocating emission rights is d
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Figure 2. The cap determines the ma
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Table 5. Tradeable certificates (ba
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value, sectoral and spatial coverag
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with their quantified reduction tar
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* * * Several authors (Hahn and Sta
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EU ETS Within the context of the UN
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establishing an international marke
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(c) Allowances can also be distribu
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• ETS in New Zealand; • Volunta
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emissions trading schemes, making i
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end of the pilot phase. Since Augus
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Figure 10. Distance to burden-shari
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Early attitude of companies towards
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high quality, differentiated produc
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investments needed in the industry.
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3.2. Emission Trading in the new EU
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environmental benefits at a relativ
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well below their Kyoto target (EEA,
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lawsuits against the Commission for
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The most active countries to host J
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Figure 14. Hot air as supply for AA
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There have been three proposals on
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transparency of AAU transfers; redu
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Figure 18. Tradeable Hungarian AAU
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“Think Globally, Act Locally” I
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At the same time, this relatively f
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processes on the whole act a sink,
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directly from CO2 emissions are ess
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1.2. A Review of the Hungarian Lite
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2. Introducing the EU ETS in Hungar
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databases containing common data el
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instances where inconsistent decisi
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emissions each calendar year Non-tr
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is found to be in order, they may s
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economy to a market economy, as is
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the EU ETS. Many observers believe
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Emissions allowances to be allocate
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2005 2006 2007 Installation Alloc.
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Finance is putting much of the reve
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conclusion. It is safe to conclude
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allowance surplus, and then increas
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agent. 23 Denmark sold 2,762 thousa
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and Water prepared its proposal on
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What was the reason for this anomal
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considered a “transfer.” Apart
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When allowances are recognized as g
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provision is to be formed against t
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the model shall be supplemented wit
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Participants of the Hungarian EU ET
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program, full sets of emissions dat
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Figure 27. The Concentration of the
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Figure 30. The Hungarian EU ETS mar
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Figure 32. Positions of Hungarian E
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Figure 40 below shows the allocatio
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3.2. The Impact of the EU ETS on Hu
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interviews, that companies looked u
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neither emissions-reduction targets
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was considered, since they all obta
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spillover effect; this, however, co
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During the pilot period, Hungarian
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to comply shall have their names pu
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eact efficiently to regulations. Th
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ensuring great enough profit, it sw
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combined with an internal price tha
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Were Emissions Actually Reduced? Co
Page 151 and 152: column) and the verified emissions
Page 153 and 154: Figure 38. Hungarian reference peri
Page 155 and 156: * * * The effects of the EU ETS on
Page 157 and 158: (2) Transfer account of allowances,
Page 159 and 160: In an EU-context, Hungary held its
Page 161 and 162: installations the author spoke to w
Page 163 and 164: Companies, which were certain of th
Page 165 and 166: Figure 42. Hungarian transactions d
Page 167 and 168: phase. CITL Data The transaction da
Page 169 and 170: International Transfers The author
Page 171 and 172: Based on these numbers, it may be c
Page 173 and 174: The two right-hand side columns in
Page 175 and 176: sales, and how much was accounted f
Page 177 and 178: the CITL only contains data on wher
Page 179 and 180: approximately two-fifths of the vol
Page 181 and 182: (3) Installations that had shut dow
Page 183 and 184: production, one-fifth represented t
Page 185 and 186: IV. EXPERIENCES OF THE EU ETS PILOT
Page 187 and 188: starting in 2012, the European Unio
Page 189 and 190: originally allocated. Based on thes
Page 191 and 192: economic development rather than as
Page 193 and 194: Hungary has still to learn to opera
Page 195 and 196: Appendix I. - Questionnaire 3.c. Cl
Page 197 and 198: Had surplus but did not sell EUAs ,
Page 199 and 200: Appendix III. - Accounting Aspects
Page 201: Appendix V. - Overview and main fea
Page 205 and 206: Hungária Cementipari Rt. 2006 HU 5
Page 207 and 208: Reductions Clean Development Mechan
Page 209 and 210: Linking Directive from project acti
Page 211 and 212: VII. REFERENCES Ahman, M. - Burtraw
Page 213 and 214: Burtraw, D. - Palmer, K. - Bharvirk
Page 215 and 216: EEA (2006): Greenhouse gas emission
Page 217 and 218: Hahn, R. - Stavins, R. (1999): What
Page 219 and 220: Kaderják, P. (1997): Economics for
Page 221 and 222: Montero, J. P. (1997): Marketable P
Page 223 and 224: Philibert, C. (2006): Certainty ver
Page 225 and 226: Tietenberg, T. (1992): Relevant Exp
Page 227 and 228: Woerdmann, E. (2003): Developing ca
Page 229 and 230: Hungarian law - Hungarian governmen
Page 231 and 232: Oxford University Press, USA http:/
Page 233: Author’s Publications related to
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