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Environment ministry consults with BlueNext on recycled CERs

Officials of Hungary's environment ministry on Thursday consulted on the telephone with Paris-based certified emissions reductions (CERs) exchange BlueNext - in the presence of Hungarian Energy Power - with the aim of resolving the problem of reused CERs that appeared on the market earlier in the week, the ministry and BlueNext said in a joint statement.

BlueNext suspended trade in spot CERs on Wednesday after it found some permits had been illegally reused. Rival CERs exchange Nordpool also suspended trade as a precaution.

The recycled CERs were earlier sold by Hungary's environment ministry to Hungarian Energy Power which transferred them to a trader based in London. They were then sold to a Japanese company.

The ministry and Hungarian Energy Power on Wednesday said they did not know how a part of the CERs had turned up on the European market again.

In the joint statement on Thursday, BlueNext acknowledged information Hungary had provided to held identify the recycled CERs and said a technical barrier would be established to prevent the entrance of reused CERs onto the market in the future. (MTI-Econews)