DBLM Solutions

David Boles 01 4433584 (Direct) dblmdavid (SKYPE) david@dblmsolutions.com

DBLM Solutions Carbon Update

Carbon Overview

David Boles 01 4433584 (Direct) dblmdavid (SKYPE) david@dblmsolutions.com

At time of writing the Dec '13 EUA Contract was at 4.12. The German power price along the forward curve for delivery in 2014 ia 15 cents down to38.95 and the French equivalent French contract was down 25 cents to 41.95. Theses levels are close to recent 8 year lows. The reasons cited are school holidays in Europe, which are staggered to lessen disruption in Germany. German data published yesterday was also reflected in a bearish carbon price, which dropped 1% during the trading session yesterday. German exports dropped 2.4% in May and Industrial production fell 1% in the month. The standard bearer for European economic prosperity is struggling but still out performing its' European peers. News from Russia indicates that a blueprint for their carbon market will be ready by the end of 2013. A Plan drawn up by banks and business lobby group for Russias carbon market is set to be presented to the government in November. Russias interministerial working group on climate change and sustainable development met last Friday, only its second meeting after forming in February. At this stge efforts are fragmented with a very low attendance rate and Putin's endorsement is delayed by another 6 months.
Dec 13 EUA

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