Ladies and Gentlemen,
Last year, the German government generated record revenues of more than 18 billion euros by the European Emissions Trading System.
At the same time, greenhouse gas emissions in the German plants covered by the EU Emissions Trading Scheme fell by 18% to 289 million tons, the largest decline since the introduction of emissions trading in 2005. Across the EU, the overall decline amounted to 17%. In total, 1.09 billion tons of CO2 or its equivalent in other greenhouse gases were thus emitted in the sectors subject to the EU ETS.
Gross electricity generation in particular contributed to this, as electricity generation from lignite fell by 25% and that from hard coal by as much as 36% compared to the previous year.
And in the first half of 2024, electricity consumption from renewable energies continued to rise visibly year-on-year to 147 terawatt hours in Germany, which corresponds to an increase of 9% according to the Federal Environment Agency. The share of renewables was therefore around 57%.
These declines naturally lead to lower demand for emission rights, which is why the price of carbon emission allowances remained bearish last week and fell by 4.2% at the end of the week.
There is a current technical support line at 65.75 and the next resistance level is the 200-day line at 68.76.
As the Polish auction does not take place on Wednesday as scheduled, the EEX will only auction 11,094,500 EUAs on the remaining trading days this week.
| (Average Quotes Exchange / OTC) | |||
| Instrument | 12/07/24 | 19/07/24 | Change |
| EUA (December-2024-Future) | 69.19 EUR | 66.30 EUR | -2.89 EUR |
| VER (Natural Carbon Offsets) | 1.03 USD | 1.01 USD | -0.02 USD |
| VER (CORSIA eligible Carbon Offsets) | 0.24 USD | 0.21 USD | -0.03 USD |
| nEZ (German National Carbon Units) | 45.00 EUR | 45.00 EUR | +0.00 EUR |
| ICE Brent Crude Oil (Benchmark Future) | 85.44 USD | 81.69 USD | -3.75 USD |
| EURO (Currency.. Forex) | 1.0912 USD | 1.0883 USD | -0.0079 USD |
(The VER quotes are average rates (carboncredits.com). which can be used within the framework of CORSIA and voluntary carbon offsetting, EUA. Crude Oil and Euro Currency shows day-end-exchange quotes. This market information has just an informational character and are no advice or offer to trade carbon emission rights or their futures and options. If you want to unsubscribe, please reply to this mail.)
Please call our international carbon desk if any further questions exist: +49.2831.1348220.
With kind regards,
Advantag Services GmbH