Sluggish German economy forces EU carbon to record low
17 Jan 2013 17:26 Last updated: 17 Jan 2013 21:32
LONDON, Jan 17 (Reuters Point Carbon) – EU carbon prices hit a fresh record low on Thursday as poor economic data from Germany and relatively healthy supply of coal continued to force European power and coal prices lower.
http://www.pointcarbon.com/news/1.2142679
In related news, California says they aren’t going to get involved in Australia’s carbon Market via any price linkages:
California downplays possibility of Australia CO2 market link
17 Jan 2013 00:33 Last updated: 17 Jan 2013 00:33
DAVIS, CALIFORNIA, Jan 16 (Reuters Point Carbon) – California officials said they have no plans to sign any agreement with Australia linking their carbon markets down the road, despite interest on the part of Australian officials to expand its coming emissions trading system.
http://www.pointcarbon.com/news/1.2141217
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It looks like the EU Carbon price is following the trend of the Chicago Climate Exchange (CCX) before it flatlined and folded.
Since the EU carbon price has been in free fall for awhile now, it is just a matter of time.
Related articles
- EU Carbon May Decline to Record as Glut Expands: Energy Markets – Bloomberg (bloomberg.com)
- EU Carbon Market Disclosure Draws Fire as Permit Prices Slump – Bloomberg (bloomberg.com)
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Family Figueres, of UNFCCC and Costa Rica traditions, push Carbon Trading, even now.
The flatline is an indication of how corrupt the whole process is.
Carbon markets are the only markets I know of where fraud benefits all participants:-
The suppliers of fraudulent carbon credits get to make money with minimal effort.
The buyers of fraudulent carbon credits get to keep their costs down.
Since it doesn’t cost the criminals anything to issue fraudulent carbon credits, and companies welcome the opportunity to keep their costs down, carbon markets always rapidly evolve into an arms race to zero.
Boo hoo so sad to see this tragedy – my heart just flat-lines for the poor Co2 hucksters!
Fake problem. Fake solution. Fake money. = Fraud
This seems like the Church’s indulgences and forgiveness of sins. Say 5 Hail Marys and 5 Our Fathers and go in Peace.
How does one know if that works?
How much will a carbon credit lower the temp in 2100?
“The relative price of coal and gas is crucial to the health of European utilities. At the beginning of November 2012, according to Bloomberg New Energy Finance, a research firm, power utilities in Germany were set, on average, to lose €11.70 when they burned gas to make a megawatt of electricity, but to earn €14.22 per MW when they burned coal.”
Hmm. I wonder which route they will take?
http://bishophill.squarespace.com/blog/2013/1/17/bp-talking-down-shale.html
Might as well give them away with packets of cornflakes.
I wonder if the numerous scammers and cold-callers (“You can get rich through carbon trading – ride the wave of global warming!”) have stopped ripping off the vulnerable and elderly yet? Everything about AGW is a scam from top to bottom.
Heeheehee. I like this. This is good. 🙂
If Gov Moonbeam isn’t lying, then this is the first example of intelligence WRT CO2 that California has exhibited on the subject.
Whatever will the grandchildren do now ?
They were, after all, the driving force behind the racket.
Weren’t they ?
INVESTOPEDIA Word of the Day . . . . “”””Graveyard Market
The period near the end of a prolonged bear market. In a graveyard market, long-time investors have taken large losses, while new investors prefer to stay liquid by sitting on the sidelines and keeping their money in cash or cash-equivalent securities until market conditions improve.
Investopedia Says:
The term graveyard market is an apt description of this market phenomenon: the investors in a graveyard market can’t get out of it, and the investors who aren’t in it don’t want to be. Therefore, until a positive outlook becomes more conclusive, the overall market conditions will be slow to improve.””””
Coincidentally???? Only I don’t think there are any long-time investors. Besides BP Capital . . . and that would be Boone Pickens.
http://www.ttnews.com/articles/natgasshowtemplate2.aspx?storyid=30706
http://www.spectator.co.uk/features/8825701/the-pacific-president/
both short reads . . .
This is the best news we could have. This has always been about money, and the ultimate closing of the European carbon market might just end it. Climate realists still may be losing the PR battle with MSM, but the money market remains supreme. When no profits are expected the “real” players will fall away and we will have to compete only with the “religion”, meaning we can fight only with the science. The remaining problem is Obama in the States. The major cabinet changes will signal where he is heading. Battle on Americans- we Canadians are with you.
One can easily understand why Thomson Reuters political friends are doing all they can to disrupt Canada’s energy industry ( http://ezralevant.com/2013/01/natives-as-frontmen-unscrupulo.html ), and propose to inflict punitive carbon tax policies to a captive populace ( http://www.straight.com/news/343006/marc-lee-progressive-carbon-tax-reform-win-win-opportunity-bc ) in order to save some of big green’s investors’ bacon.
I wonder if the BBC is feeling a bit pinched. Aren’t their retirements all tucked away in carbon?
Anthony:
I have been saying it for years.
Carbon trading is the only market where both the buyer and the seller are payed to lie so corruption is ‘built in’. Therefore, all carbon markets will fail because responsible traders will withdraw as soon organised crime starts to move in, and organised crime will move in as soon as it can.
Richard
Now that’s a hockey stick graph to be proud of!
I’m a bit confused.
“Australian officials to expand its coming emissions trading system.”
Has Australia started its carbon trading system or is it scheduled for release? I thought it was up and running.
Laurie Bowen @ur momisugly 2:21
Boone Pickens is losing his shirt right now . While everyone touts the low price of natural gas , few realize that the current price exceeds the production costs . Four dollars per million cubic feet is about the break even point for conventional production – fracking is considerably more expensive . ( The last I heard gas was around three dollars seventy cents per mcf . Ol’ Boone’s company has invested heavily in Gulf Coast shale fields and is locked into ” use it or lose it ” leases . So it’s no wonder he wants the trucking industry to convert to nat gas vehicles . Also look for a decline in gas production over the next few years .
They giving away Carbon Credits with Loft Insulation now .Good way to cut everyones Carbon footprint create Fuel Poverty.Enviromental form of population control Freeze poor people to death.
A link for my comment above :
http://www.nytimes.com/2012/10/21/business/energy-environment/in-a-natural-gas-glut-big-winners-and-losers.html?src=me&ref&_r=0
clipe says:
January 17, 2013 at 1:33 pm
“The relative price of coal and gas is crucial to the health of European utilities. At the beginning of November 2012, according to Bloomberg New Energy Finance, a research firm, power utilities in Germany were set, on average, to lose €11.70 when they burned gas to make a megawatt of electricity, but to earn €14.22 per MW when they burned coal.”
———————————————
A MW is not a unit of energy. Your comment is meaningless drivel. Study physics enough to have a basic understanding of power and energy. Then you will be able to form a thought on the subject.
Sorry about being so frank, but you need to wake up.
I spent 20 years digging up monuments that mark property corners, but this was a year that stands out in memory.
http://articles.chicagotribune.com/1996-02-02/news/9602020132_1_frost-pipes-near-record-low-temperatures
“With little or no protective blanket of snow to cover it from near-record low temperatures, the ground around the Chicago area is fast becoming a dirt Popsicle.”
—
But a whole world of change is also occurring beneath our crunching footsteps, and many people don’t realize the precise march of the elements below until the moment they turn on the faucet and nothing happens.
Scientists, builders and plumbers know it as the frost line: The depth to which the ground is frozen.
As temperatures remain locked in the teens or single digits, the frost is starting to reach down to the vast network of underground pipes that snake and tangle beneath our feet, pipes that were buried to keep them away from the cold.
It is like an annual, subterranean ice age, a glacier that moves downward instead of forward, growing each winter and receding each spring.
Buildings are built and pipes are laid based on the average depth where the frost line stops its annual push.
Some of those pipes are ancient, buried since the 19th Century, which means they haven’t broken yet but are also growing more fragile.
As the frost line pushed down this week, Chicago’s Water Department began getting calls from people who never much thought about the frost line, until it had reached their pipes. On Thursday, some 1,000 people called to report frozen pipes.
To prevent the problem, officials suggested that homeowners keep a slow trickle of cold water running somewhere in the house.
“It’s not going to get better through the week,” said John Kosiba, assistant commissioner in the Chicago Water Department. “We anticipate the frost line is going to go deeper.”
The National Weather Service says that the frost line around Chicago typically doesn’t reach beneath 42 inches. Most municipalities require an 18-inch buffer, putting the underground water works at 5 feet below the surface.
But on Thursday, as city crews spread out to begin thawing homeowners’ pipes, measurements showed that the frost line has reached the 42-inch level in some places and promises to drive deeper in coming days.
===================
I know of one civil engineer (my boss), that was worried that the specs in use when he built, might be exceeded.
( a mere 17 years ago).
This is good news. It was 16 EUA in July, now it’s 5.6. That’s a really good trend for carbon credits. We should all applaud. Cannot wait until it is 0.00. This is the way it should be.
We pay $23 Australian per tonne for our carbon emissions and the gov are to increase it each year by $6. They then want to join the European ETS. Thankfully The current mob will be thrown out later this year unless they bribe enough with borrowed cash. Trading based on a fraud is doomed to fail eventually. Thank God for the financial troubles or we would all be trading carbon and building windmills. As it is only the dumbest are.
Apart from being a government tax scam in its own right, carbon trading has provided organised criminals in the European Union with a bonanza.
Carbon credits are subject to Value Added Tax in each member state of the European Union. EU Allowances were first issued in 2008 resulting in a huge increase in trading. Criminals immediately targeted the carbon markets to commit VAT fraud. The cost of this fraud to the UK economy alone was £5 billion of lost tax revenue.
The European Union had stupidly compelled the national registries which hold carbon credits on behalf of account holders, to publish the full personal details of the account holders on their web sites. This resulted in phishing and millions of euros worth of carbon credit certificates were stolen.
In 2010 a building in the Czech Republic which held the national registry of carbon credits received a bomb threat. The building was evacuated and whilst empty hackers gained access to the registry and transferred certificates to other national registries. The certificates were then sold. The Greek, Dutch and Italian registries were hacked at the same time in a co-ordinated attack.
Security at some national registries had been so poor that only an email address was needed to open an account. The national registries were therefore forced to close until they established independently audited security measures set by the EU. Now if someone opens an account at the UK national registry it is examined by both the Revenue and the Serious Organised Crime Agency.
As a result thousands of bogus registry accounts have closed. For example in Norway the registry had 3000 accounts, but only 150 of them were legally involved in the scheme.
A trial in Frankfurt of criminals involved in carbon trading carousel fraud is just one example. The “individuals in question acquired permits free from VAT under European Union rules and resold the permits, reportedly to Deutsche Bank, with VAT applied, only to disappear without remitting the tax – said to amount to EUR300m – to German authorities.”
http://www.tax-news.com/news/Six_Jailed_In_EU_Carbon_Trading_Carousel_Fraud_Probe____53133.html
Reblogged this on This Got My Attention and commented:
Why is the price of carbon declining? Is the global warming movement slowing down?