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EU carbon prices will retest last month’s seven-year high by the end of the year before hitting €20 in 2020, according to a poll of analysts conducted by Carbon Pulse.
Embattled US EPA Administrator Scott Pruitt resigned as leader of the country’s environmental office on Thursday after a multitude of political and financial scandals, with deputy administrator and former coal industry lobbyist Andrew Wheeler slated to become the acting agency head on Monday.
California and RGGI prices were largely static this week as the summer holiday season kicked off in earnest with the July 4 holiday.
Colombia will spend at least three years studying ways to impose an ETS in the country, a government official told Carbon Pulse on Thursday, dimming prospects of a rapid launch of emissions trading following lawmaker clearance last week.
The number of RGGI allowances held for compliance purposes declined in the first quarter of 2018 as the northeast US carbon market’s latest true-up deadline arrived March, according to a report by market monitor Potomac Economics.
The former head of environmental products trading at oil major BP has left to set up a US-based firm specialising in biofuels and forest carbon assets.
European carbon prices reached their highest level in a month on Thursday as continued rises in power spurred buying in anticipation of increased demand from utilities for the rest of the summer.
CARBON FORWARD 2018
Don’t miss the 3rd annual Carbon Forward conference and training day – Oct. 16-18, 2018 in London.
Spend two days with top experts, players, and decision-makers from the global carbon markets as they address today’s most attractive opportunities and pressing challenges. And join us for the EU ETS pre-conference training day organised by carbon market experts Redshaw Advisors, where you will learn how to effectively manage your carbon risk ahead of the looming overhaul of the bloc’s emissions trading scheme.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Brussels binoculars – The European Commission will organise a high-level stakeholder consultation event on July 10-11 in Brussels on the EU’s long-term strategy for reducing greenhouse gas emissions and building a prosperous, modern, clean, and competitive economy.
Pope plenary – Pope Francis’ climate meeting with environmental advocates and scientists kicked off in Vatican City on Thursday. The two-day conference, named the “International Conference Saving our Common Home and Future of Life on Earth”, falls on the third anniversary of the pope’s climate encyclical “Laudato Si” (“Praise be to you”). It also follows Pope Francis’ meeting with oil and industry executives several weeks ago. (Politico)
Dog days of power demand – Sweltering temperatures throughout the US to start the month have tested the capacity across three US wholesale power markets, leading to record demand. The 13-state PJM Interconnection market reported 144,600 MW of demand on July 3, the highest level in nearly two years, while the Electric Reliability Council of Texas (ERCOT) reported a monthly record of 69,600 MW of demand on July 2. New York’s Independent System Operator (NYISO) also reported demand of 32,810 MW, the highest total in five years. Although all markets had sufficient capacity to meet demand, ERCOT is expected to break its all-time record later this summer, with tighter reserve margins stemming from generation retirements possibly leading to management measures in the case of unexpected outages. (Utility Dive)
And finally… Burger off – New Zealand’s acting prime minister Winston Peters and agriculture minister Nathan Guy have sided with the country’s beef industry in reacting angrily to national carrier Air New Zealand’s synthetic burger menu option. Peters said he is “utterly opposed to fake beef,” and the airline should be using real animal products. The remarks may be telling as the government undergoes consultation on the extent to which the country’s agricultural sector – which accounts for over half of NZ’s climate-warming emissions – should be subject to emission targets or included in the NZ ETS. (The Guardian)
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