EU member states have so far handed out just over 75% of the 789.3 million free EUAs allocated to industry this year, the European Commission said on Tuesday.

In a note on its website, the EU executive said countries had handed out 596.3 million as of Mar. 31, compared to around 535 million as of two weeks earlier.

Spain accounted for most of the increase having handed out 55.6 million of its 59.6 million quota in the past fortnight.

While most countries have now distributed their free allowance quotas, Finland, Italy and Poland have not yet issued free EUAs to their their industries for 2015.

A trader said the lack of allocations could keep a lid on EUA price rises. “There is selling interest there so that will add pressure when they are able to come to market,” he added.

The status of the allocation is closely watched by market participants as many factories opt to sell a portion of their EUAs when they arrive in their accounts, putting prices under pressure.

The EC said it will publish a further update on Apr. 14.

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