Climate protection windfall
The European Energy Exchange in Leipzig on Friday auctioned a total of 4.36 million emission allowances for the German government that brought in 64.7 million euros, Michael Bauchmüller writes in Süddeutsche Zeitung. The success of the auction marks a new development for emission allowances, which are bought and sold as part of the EU’s Emissions Trading System (EU ETS). While the price of the allowances has long been low, a recent tightening of EU regulations has resulted in rising prices. "The reforms have restored confidence in the market for many," says Patrick Graichen, head of Berlin-based energy think tank Agora Energiewende*. The government is expecting some 1.6 billion euros in revenue from the auction of emissions allowances in 2018.
Read the article in German here.
*Like the Clean Energy Wire, Agora Energiewende is funded by Stiftung Mercator and the European Climate Foundation.