Hungary sells €8.9 mln worth of CO2 allowances at auction
Monday, December 11, 2006, 17:35
Out of the 1.2 million EU Allowances (EUAs) offered for sale, the Vertis group sold 1.197 million CO2 allowances on behalf of the Hungarian Ministry of Finance.
The uniform selling price based on the accepted offers was €7.42 per EUA. The successful sale means revenues of €8.9 million (Ft 2.3 billion) for Hungary. Prices during morning trading were between €6.60 and €6.80 on European spot exchanges.
The Hungarian state has allocated 31.7 million emission allowances annually in the first phase (2005-2007) of the EU Emissions Trading Scheme (EU ETS) to Hungarian installations. According to the Hungarian National Allocation Plan, 2.5% of the total amount, 2.4 million EUAs, may be issued for payment. The state has sold part of this volume during today’s auction.
The minimum bid quantity for the electronic auction was 1,000 emission allowances on the euets.com CO2 trading platform operated by Vertis Environmental Finance Zrt.
Bids for 3.42 million allowances were received, of which the Ministry of Finance accepted 1.197 million in order to maximize revenues from the sale. All successful bids have been cleared and will be settled on Wednesday, December 13.
Due to the success of this round, the planned second auction on December 18, 2006 will not take place.
More information about the auction will be published on www.euets.com.