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Issue LXXXIV

Carbon Newsletter

DBLM Solutions
20 June 2013
The EUA Dec13 contract is currently at 4.38. As expected the carbon fix passed the first hurdle after approval from the Environmental commitee yesterday. The carbon price plummeted 7.2% ahead of the vote yesterday on evidence that there is a difference of opinion within the European peoples party(EPP, largest in European Parliament). The EPP spokesperson (Eija-Riitta Korhola) on the issue basically stated that the environmental commitee vote did not reflect the position of all EPP members. In the meantime, analysts have predicted that a yes vote on July 2 could triple the carbon price in the short to medium term. Yesterdays vote passed by 38 votes to 27.
Weekly Recap ICE EUA Spot 4.38 4.74 4.55 4.67 4.35 4,149 -0.68% ICE CER Spot 0.44 0.44 0.45 0.45 0.45 4 2.27% ICE EUA Dec13 4.36 4.77 4.58 4.70 4.39 140,219 0.68% ICE CER Dec13 0.46 0.46 0.47 0.47 0.47 3,753 2.17%

Auctions
EEX held auctions last Thursday, Friday, Monday and Tuesday,auction prices were 4.55, 4.40, 4.65 and 4.63 respectively. The cover ratios for the above auctions were 4.67,1.96,2.51 & 2.35 respectively.(Cover ratio Amount of bids/actual auction volume).Also, the forthnightly UK auction took place on the ICE exchange yesterday. 4,130,000 million EUAs were sold at 4.52 each. In total an extra 18,534,500 EUAs were brought to the market place. Yesterday, the EEX was officially declared the opt out auction platform for Germany in Phase 3. The ammendment also allows for more flexibility in the auction of aviation allowances.

US
Obamas top energy and climate change advisor, Heather Zichal stated that new climate policy will be forthcoming in the next few weeks. Emissions from power plants are expected to be included. He reiterated the fact that he is willing to do more at his speech in Berlin yesterday, "Our dangerous carbon emissions have come down, but we know we have to do more. And we will do more," He seems to be making good on a a previous promise(use of executive power to push through climate policy) as new measures will not require funding or approval from congress. The Obama administration plans to expand energy efficiency standards for appliances, accelerate clean energy development on public lands and use the Clean Air Act to tackle greenhouse gas emissions in the power and energy sectors.Standards on new power plants are to be introduced and appaently work on emission standards for existing power plants is currently underway.

13/06/2013 14/06/2013 17/06/2013 18/06/2013 19/06/2013 Volumes lots Week %

Point Carbon have forecast that even with a positive outcome for backloading, prices will average 6.10 over the period from 2013-2020. The EUA/CER spread narrowed this week to 3.90 at close of business last night versus the 4.02 spread we witnessed the week before and 3.50 the previous week.

The contents of the Newsletter is not a recommendation, either implicit or explicit, to buy or sell emission permits. Contact: David Boles, Compliance Markets -Direct: +3531 4433 584; Mob:00353 831744707 DBLM Solutions is partly funded by the Wicklow Enterprise Board.

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