Environmental Markets Correspondent/Communities Editor
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Sep 1, 2014

More cash for EU industry, eastern states in 2030 climate goals: draft

LONDON (Reuters) – Big emitting industries and poorer eastern member states in the European Union could get tens of billions of euros in additional funds next decade to help them meet the bloc’s 2030 energy and climate goals, a draft EU document showed.

According to undated draft conclusions leaked from the European Council and seen by Reuters, EU leaders are examining measures aimed at appeasing reluctant states such as coal-dependent Poland and other poorer eastern European nations.

Jul 9, 2014

Three firms buy 510,000 African carbon credits in H1 2014

LONDON, July 9 (Reuters) – Three major international
commodity traders bought a total 510,000 African carbon offsets
from clean energy project developer ecosur afrique in the first
half of 2014, showing some demand still exists for credits from
the battered U.N. market.

The credits – known as Certified Emissions Reductions (CERs)
are to be delivered to the buyers Vitol, Bunge
and Shell Trading before the end of 2015, ecosur CEO
Fabrice Le Sache told Reuters on Wednesday.

Jun 20, 2014

Black Dragon: UK hacker comes clean on carbon credit thefts

LONDON (Reuters) – A British hacker, speaking out for the first time since he was jailed for attempting to steal 8 million euros ($11 million) (6.45 million pounds) in carbon credits, said he was easily able to break into online government and corporate registries.

Matthew Beddoes, known online as the Black Dragon, was arrested in November 2011 with two other men for hacking into carbon trading registries including those of Spain and the United Nations, along with the websites of a London-based commodity broker and an online carbon trading marketplace.

Jun 12, 2014

EU’s top court asked to rule on industry’s CO2 permit challenges

LONDON, June 12 (Reuters) – The Dutch national court has
asked the European Court of Justice (ECJ) to rule on the legal
challenges filed by heavy industry over how many free emissions
permits they are due to receive through to 2020 under the EU’s
carbon market.

The Dutch Council of State on Wednesday requested the ECJ,
Europe’s highest court, make a preliminary ruling on whether the
European Commission had correctly calculated a reduction in the
number of permits – subsidies worth billions of euros – that
would be earmarked for industrial firms.

Jun 11, 2014

Near-term prices rise on undersupply, Russia-Ukraine row

June 11 (Reuters) – British day-ahead wholesale gas prices
rose 2.9 percent on Wednesday on undersupply forecasts, a drop
in LNG availability from import terminals, and the risk that
EU-brokered talks between Ukraine and Russia over a pricing
dispute will drag on.

The prompt contract gained 1.1 pence to a four-day high of
38.65 pence/therm, climbing back from a near four-year low of
36.25 pence hit on Monday due to low demand and healthy supply.

Jun 10, 2014

Price cut pressure mounts on UK energy firms as market costs plunge

LONDON, June 10 (Reuters) – Britain’s big energy suppliers
are coming under mounting pressure from consumer groups and
politicians to cut household power and gas bills after a sharp
drop in wholesale costs boosted the firms’ profit margins.

The country’s “big six” energy providers, which supply 96
percent of UK households, are being urged to tame rising energy
costs, and at least one lawmaker in Prime Minister David
Cameron’s Conservative Party has called on the government to act
swiftly to break up the energy companies.

May 21, 2014

UK carbon compensation plan in line with EU rules

May 21 (Reuters) – A British plan to compensate certain
energy-intensive industries for higher energy costs resulting
from its carbon price floor is in line with EU state aid rules,
the European Commission said on Wednesday.

Britain’s carbon price floor, which was raised in April to
9.55 pounds ($16.09) per tonne of carbon dioxide, is effectively
a tax on companies’ consumption of power produced from fossil
fuels and is aimed at reducing greenhouse gas emissions.

May 20, 2014

UBS slashes EU carbon price forecast on weak backloading effect

LONDON, May 20 (Reuters) – Swiss investment bank UBS
slashed its year-end EU carbon price forecast by 23
percent due to the weaker-than-expected market impact of the
bloc’s plan to cut the supply of carbon permits.

Analysts at the bank now predict front-year EU Allowance
(EUA) prices will end the year at around 10 euros per
tonne, down from a previous forecast of 13 euros.

May 16, 2014

At 3-year low, UK gas prices show no Russian supply fears

LONDON, May 16 (Reuters) – Wholesale spot British gas prices
fell to a three-year low on Friday as ample supply and warm
weather outweighed fears of possible cuts in Russian supply via
Ukraine.

Gas for delivery next week dropped to 43.80 pence per therm,
the lowest level since September 2011, as temperatures were
forecast to rise to more than 4 degrees Celsius above seasonal
averages, cutting into demand.

Apr 8, 2014

Energy companies need insurance cover for cyber attack ‘time bomb’

LONDON (Reuters) – Energy companies have no insurance against major cyber attacks, reinsurance broker Willis said on Tuesday, likening the threat to a “time bomb” that could cost the industry billions of dollars.

Willis highlighted the industry’s vulnerability to cyber threats in its annual review of the energy sector’s insurance market, which called on insurers to find a way to provide cover.

    • About Michael

      "Michael Szabo is an environmental markets correspondent based in London, UK. His focus is on carbon emissions trading, but also looks at renewable energy and climate change policy and science. He also manages the Global Carbon Forum."
      Joined Reuters:
      June 2005
      Languages:
      English, French
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