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New primary market for emissions allowances – some remarks on auctioned products |
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Tuesday, 20 April 2010 21:07 |
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In spite of mysteriously drafted provisions of Article (4(2) and 4(3) of the Auctioning Regulation, beneath I try to determine the concrete time span for auctions of futures and forwards in relation to EUAs of the third trading period, as well as the available volumes of such contracts.
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Formal errors in the draft of the auctioning Regulation |
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Monday, 19 April 2010 14:49 |
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Non existing dates (31 June 2015), multiple erroneous references, mess in punctuation, typographical errors – there are quite a lot of such mistakes in the current version (of 6 April 2010) of the auctioning Regulation. Beneath the list of errors of a formal nature, which can be found in the aforementioned draft of the legal text relating to auctions of EUAs of the third trading period.
On the other hand, “incomplete” Annexes I and III are not simple errors – but a result of a concept of the chosen procedure. But it raises doubts as well.
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The Community guidelines on State aid and EUETS after 2013 – changes urgently needed |
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Thursday, 08 April 2010 20:24 |
The Community guidelines on State aid for environmental protection, which were adopted in 2008 (OJ C 82, 1.4.2008, p.1. – hereafter the Environmental State Aid Guidelines) are not adapted yet to a climate-energy legislative package, in particular to the Directive 2003/87/EC (as amended by the Directive 2009/29/EC).
Some of the foreseen by the Directive 2009/29/EC State aid measures are not covered by the existing Guidelines and thus the interpretation of these measures on the basis of State aid rules can raise several questions.
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Bidding strategies in the future auctions of EUAs |
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Friday, 16 April 2010 20:56 |
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The rules on the random resolution of “tied bids” and on the application of a uniform clearing price, foreseen in the Commission proposal for the Regulation on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/EC of the European Parliament and the Council establishing a scheme for greenhouse gas emission allowances trading within the Community (version of 6 April 2010) will for sure be of utmost attention of the future auction participants.
According to the Impact Assessment, amongst the arguments for the eventual model in that regard was the intention to facilitate access to auction for small and medium-sized enterprises (SMEs).
But the aforementioned principles will take effect in bidding strategies of all bidders.
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VAT taxation of EUAs, CERs and ERUs trading – state of play |
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Friday, 26 March 2010 12:33 |
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If a company trading in CO2 allowances had a subsidiaries in United Kingdom, France, Netherlands, Romania and Poland, only as regards intra–Community, cross–border transactions all the subsidiaries would have an equal level-playing field.
When we take into consideration allowances traded domestically in each of these countries, each of the aforementioned subsidiaries would have to apply different legal regime. Such a situation hardly can be regarded as an acceptable from a common market point of view.
But the odds are that nothing will change in the near future. The new draft of amendment to the VAT Directive (proposal for a Council Directive amending Directive 2006/112/EC as regards an optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services susceptible to fraud) provides for the measures, which are only of optional and temporary nature.
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