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CARBON FORWARD 2017
EU pushing for 2016 offset vintage limit as CORSIA rules start to take shape
The EU is pushing for the UN’s aviation offsetting scheme to accept only carbon credits generated from emissions reductions achieved after 2016, according to a senior European Commission official involved in the negotiations.
EMEA
EU Presidency warns major work needed to complete ETS reforms
EU institutions remain at odds on several key elements of the post-2020 EU ETS reform bill, piling pressure on negotiators to cement an agreement at the next closed-door trilogue meeting.
EU Market: EUAs dip back below €7 as analysts flag risk of further power price spikes
EU carbon prices dropped back below €7 on Monday amid bearish signals from the energy complex and a cautious stance from observers.
ASIA PACIFIC
Australia issues 150k new carbon credits
Australia’s Clean Energy regulator has issued nearly 150,000 offset credits over the past two weeks to five different forestry projects.
NZ Market: NZUs soften as coalition talks drag on
New Zealand carbon allowances slipped below NZ$18 on Monday as both major parties confirmed they are in talks with NZ First about possibly forming a government coalition but with no immediate solution in sight.
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Senior Analyst, EU Power and Carbon, ICIS – Karlsruhe, Germany
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Ignoring your own findings – The US Department of Energy announced Friday it has requested that the Federal Energy Regulatory Commission enact changes that would ultimately boost compensation for coal and nuclear power – a move that could potentially create the biggest change to electricity markets in decades and increase the country’s GHG emissions output. In a press release announcing the move, Energy Secretary Rick Perry said his proposal to FERC would “strengthen American energy security by ensuring adequate reserve resource supply.” The request contradicts the findings of a much-anticipated DOE grid study released in August, which found that the grid is not experiencing reliability or resilience issues. Clean energy industry groups have already come out against the proposed ruling, arguing that it ignores the findings from the agency’s very own grid study and distorts competition in the electricity market. Industry analysts and experts expressed more alarm over the idea, telling Utility Dive it could lead to an unraveling of wholesale power markets, though some noted that FERC is an independent federal agency and is not obliged to adopt the details of the DOE proposal. (Climate Nexus)
Keeps on growin’ – Renewables have provided 37.5% of German electricity supply in the first three quarters of 2017, up from 33.4% during the same period last year, according to energy data collector Fraunhofer ISE. (Clean Energy Wire)
And finally… So long Dong – Dong Energy today announced plans to change its name to Ørsted as the company shifts its focus to renewable energy. The firm said the name Dong Energy, which stood for Danish Oil and Natural Gas, was no longer suitable after it completed the sale of its entire oil and gas business to chemicals group Ineos on Friday.
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