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APEx 2005 Annual Conference Disney’s BoardWalk Inn, Florida. CO 2 Torger Lien President & CEO, Nord Pool ASA. Kyoto protokoll ETS and EUA quota system. Diff. reductions. ETS Reductions. ETS reductions. Other. Carbon credits CERs (CDM) ERUs (JI). ETS sectorer. Emissions 1990. - PowerPoint PPT Presentation

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  • APEx 2005 Annual ConferenceDisneys BoardWalk Inn, FloridaCO 2

    Torger LienPresident & CEO, Nord Pool ASA

  • Kyoto protokollETS and EUA quota system

  • EUs Kyoto obligationKyoto gap

  • Ways to close the Kyoto gapNon-ETS measures (domestic)Own abatementETSResidual:Government purchasesDomestic policies & measures: Taxes Financial support command-and-control Negotiated agreements Own abatementImports: EU allowances (EUAs) Credits from developing countries (CERs) Credits from Russia/Ukraine ((ERUs) Kyoto units Assigned amount units Governments decide how to share the burden. Ultimately Kyoto commitment rests with governments

  • Allocation to individual installations

  • Gap ETS sector 2005-2007EU 15605040203010EU 1O (New)CDMBaU EU 25Reductions ETS sectorWeatherEconomical growthEnergy prices Mil ton CO2

  • Gap ETS sector 2008-2012EU 2525020015050100Reductions ETS sectorDemandImport of creditsImport of credits:CDM/JI or ETS-sector reductions Competition over CDM/JI credits: Public fund, buyers outside EuropeSupply

  • Marginalcost powergeneration -Continental EuropeCoalprice$64/tonCarbon price16/tonGas price$5.75/mmbtuCarbon price16/tonCoalGas

  • Coalprice, gasprice & carbonprice30252010155Carbon price (/tonn)Gasprice/CoalpriceUKMay 2005E ContinentMay 2004E ContinentMay 2005

  • Fuelcost, gas & coal

  • Trading EU Allowances at Nord Pool

    To start in 2005 Forward contracts physical deliveredTicker code: EUA (1 EUA = 1 tCO2)Min. lot: 1000 EUAStarting with three contracts:EUADEC-05 (last trading day 1st Thursday in December 2005)EUADEC-06 (last trading day 1st Thursday in December 2006)EUADEC-07 (last trading day 1st Thursday in December 2007)Closing price set every dayUse existing infrastructure; PowerCLICK ETS, Clearing Desk Application, SECUR clearing system etc

    Link to national registries for transition of EUA

    EUA spot contract

  • Chart1

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    EUADEC-05

    Prices: CFI-DEC05

    EUR/ tCO2

    EUA Prices

    Graphics&results

    Graphics & results1000 tCO2MarketshareCorr otc/np

    NoPrices:Volum tradedAccumulated traded volumeMarketMarketshareSUM NP3,91512.9 %0.998

    DaysDateEUA05 OTCEUADEC-05CFI-DEC05Spot EEXOTCNP ex otcECX ex EFPEEXSUMOTCNP ex otcECX ex EFPEEXSUMNP OTCECX EFPNP tradeNP ClearingSUM OTC30,342

    11/31/057.1865565576557,655

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