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Carbon soars past EUR 58/t to fresh record high

02/07/2021 - François-Xavier Branthôme
Prices of allowances on EU ETS has soared almost 140% since January
According to specialized press, European carbon prices rallied to fresh highs on July 1, 2021, amid ongoing gains in the gas market and EU plans to cut emissions at a faster pace, according to market participants. The benchmark EUA traded just above EUR 58/t; the contract's previous within-day record stood at EUR 56.90/t on 14 May.
The reasons behind persistent rally could be attributed to energy commodities which have experienced a rise in market value in the past and recent week, most likely due to increased electricity consumption,” Jan Kresnik, a trader at Belektron said in a report.

In addition, a leaked draft proposal from the European Commission suggested the EU ETS cap on emissions would be reduced in a one-off adjustment during the current phase of the market. 
Among other things, the commission also proposed the market stability reserve (MSR) intake rate of 24%, which applies until 2024, would be extended until 2030.
The price of emissions allowances on Europe’s cap and trade scheme has soared almost 140% since the start of the year.
Observers have attributed the gains to tougher climate policy expectations, a tight gas market that has become more critical for power generation, mounting speculative interest in the commodity as well as delays and downward corrections to the distribution of free permits to industry.

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