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Britain First to Backload Permits

ECBritain will be the first to cut the supply of European Union carbon permits on March 12, Reuters reports.

Britain will cut the volume in its fortnightly auction of permits under the EU Emissions Trading System to 2.515 million units from March 12. Manufacturers have said they foresee a permit shortfall as a result.

The plan to postpone sales of emissions permits is intended to boost prices of emissions credits. The EU’s executive arm plans to withhold the equivalent of about half of a year’s supply of emission allowances through 2016 and return them to the market at the end of the decade.

The auction formerly sold 4.63 million units in each of its first four sales of 2014, ICE said.

About 25 EU member states will continue to hold three auctions per week but from March 17 will cut the amount per sale to 1.928 million units from 4.019 million.

Germany will reduce its weekly Friday auction volumes to 2.352 million units from 4.6 million, while Poland will stop holding permit auctions after March 5.

 

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