EU member states have handed out a further 17.6 million free carbon allowances to industry over the past fortnight, with Italy, Spain and Finland as the only governments to have not yet started the annual process, updated data published Thursday by the European Commission showed.
The latest EUA issuances bring the number handed out by governments so far this year to 553.4 million, or roughly 74% of the total 750.9 million earmarked for heavy-emitting industrial manufacturers in 2016.
The data proves false claims from some corners of the market that Spain had completed its allocation of 2016 EUAs.
Italy’s 70 million and Spain’s 59 million make up the bulk of the still unallotted 197.5 million units, with Finland’s 19.4 million and Germany’s and Britain’s still unallocated 16.8 million and 13.7 million, respectively, representing most of the remainder.
The largest issuances made since the last Commission update on Mar. 3 came from Germany and Britain, which handed out 8.1 million and 4.5 million respectively, while Croatia allocated 4.6 million out of its 4.8 million-unit quota.
The data release gives another official glimpse into how governments are progressing in their free carbon permit hand-outs.
Market participants watch the allocations closely as they can weigh on prices should some companies in need of cash decide to sell parts of their allowance inventories upon receiving them.
The Commission said it would publish an update to the figures on Mar. 31.
By Mike Szabo – firstname.lastname@example.org