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EU CO2 allowance prices continue to climb, hit Eur10.60/mt

EU Allowance prices under the EU Emissions Trading System rose to an intraday high of Eur10.60/mt Tuesday, boosting the benchmark German Calendar-Year 2019 contract, as markets reacted to more bullish signs from European policymakers.

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France calling for Europe to adopt a carbon price floor to drive the move toward cleaner fuel sources for power generation was supporting the emissions market, a trader said.

"Lots of positive rhetoric on these talks to boost the price ... nothing concrete, but it just adds to the already bullish sentiment," a UK-based trader said.

Technical analysis and fundamentals "show that it will continue to go upwards for EUA carbon allowances -- market participants do mostly agree on that," another trader said.



EU Allowance futures contracts for delivery in December 2018 on the ICE Futures Europe exchange hit Eur10.60/mt ($13.14/mt), after closing at Eur10.35/mt on Monday.

At the same time, the German Cal 2019 baseload power price rose 10 euro cent compared with Monday's close to Eur34/MWh by Tuesday afternoon for the first time since the end of February.

The rise in EUA prices followed Tuesday's carbon auction, in which the EU sold 4.213 mil CO2 permits at Eur10.28/mt at a cover ratio of 2.93, which is higher than the 12-month average of 2.60.

The expected longer-term tightening of supply due to the Market Stability Reserve, which is due to start removing 24% of the net surplus in January 2019, has been a strong driver of carbon prices in recent weeks.

Carbon prices have more than doubled since mid-2017, rising to a six-year high when the permits surpassed the Eur10/mt mark in late February after the EU Council, representing the 28 EU member states, gave its final signoff on the post-2020 reform legislation, in the final stage of the legislation becoming law.

The EU Allowance futures contracts for December 2018 delivery closed at Eur10.47/mt.

--Anuradha Ramanathan, anuradha.ramanathan@spglobal.com
--Inga Freund, inga.freund@spglobal.com
--Shubhlakshmi Shukla, shubhlakshmi.shukla@spglobal.com
--Edited by Jeremy Lovell, jeremy.lovell@spglobal.com