OPCOM

© ICIS HEREN - Interest grows in OPCOM emissions platform

2011-01-05

Romania`s Craiova power plant is looking to buy 500,000 spot certified emissions reductions (CERs) through exchange OPCOM, in return for an equal volume of EU allowances (EUAs). A tender is scheduled for 13 January at 11:00 (local time). Although no emissions auctions have successfully taken place on the Romanian bourse to date, the development marks a growing trend for local and international participants attempting to tap into the large credit and allowance surplus in the country. OPCOM attempted to hold its first emissions auction - for 325,000 EUAs - last month, on behalf of local emissions broker Consus, but it was cancelled due to a lack of interest (see EDCM 8 and 14 December 2010). At the time, the exchange only had five registered members on its carbon platform. Subsequently, Consus again attempted to sell just 30,000 allowances, but this also failed to attract sufficient market interest. The growth in market interest in OPCOM`s platform is more tellingly exemplified by the membership of energy broker Vitol, however. Following the initial Consus auction the Swiss trader made a total of 11 attempts, over two days, to trade CERs in exchange for emission reduction units (ERUs). Volumes were as high as 600,000, but still the bourse has seen no actual trade. In all cases, counterparties have been attempting to deal in spot contracts, pegged to the corresponding price on Paris-based exchange BlueNext. Other members of OPCOM`s emissions platform include Alpiq, Edison, local generator Turceni and broker ISRA-MART. Verified emissions data from the European Commission suggests that in 2009 the Craiova energy complex - which produces 930MW - was short 770,000 allowances. (THE ICIS HEREN REPORTS - EDEM 6.002 / 05 January 2011)

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