The New Zealand emissions trading market stayed quiet this week as emitters were busy submitting their annual verified emissions to the government ahead of the Thursday deadline, but prices edged up 0.5%.

Spot NZUs closed Friday at NZ$11.15 ($7.69, up 5 cents on last week, with trades going through in modest volumes in the NZ$11.05-11.15 range throughout the week.

“The consolidation period remains in session with emitters taking a step back after filing their emission returns,” said brokers OM Financial.

They will have to surrender permits to the government to cover their 2015 emissions by May 31, though the period leading up to that deadline is normally rather quiet as most emitters have already secured the allowances they need in order to avoid a last-minute rush.

The allowances have remained in the current range for the past two weeks after a bull run earlier in the month that saw the price rise 15% in March on bullish statements from ministers hinting that the 2-for-1 provision will go soon.

At the moment buyers seem reluctant to go higher than current levels until there is more clarity.

By Stian Reklev – stian@carbon-pulse.com

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