The Hubei provincial government has notified companies in its ETS that a new compliance deadline under the scheme is July 10, more than a month later than the original deadline, information provider Crystal Carbon said Monday.

Hubei emitters, in the middle of their first compliance process after the provincial carbon market launched last year, were originally obligated to surrender permits for 2014 by May 31.

But the deadline was extended – even though no official announcement was made – because the Hubei DRC had not finalised the scheduled adjustment of allocation, which it will carry out annually based on verified emission and production data.

On Monday the DRC notified emitters the new deadline has been set to July 10, Crystal Carbon reported.

Hubei prices have remained stable around 25 yuan ($4.03) since the original deadline passed, although volumes have fallen to around a quarter of normal levels as most companies don’t know exactly how many allowances they will have to surrender.

By Stian Reklev – stian@carbon-pulse.com