With carbon credits under the European Emissions Trading Scheme (EU ETS) trading at close to €30/MWh, their impact was lifting electirity generation prices across Europe. However, as initial data from phase 1 of the scheme has revealed a surfiet of allowances, the price of carbon credits plunged to around €11/MWh.
The data revealed that even Spain, which has been forced to burn more coal as an extended drought curtails hydro-electric generation, has used less of its carbon credits than expected.
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