EU carbon price hits two-year high

摘要

EU emission Allowance prices hit a two-year high ofn€26.55 per metric ton of carbon dioxide equivalent onnMay 22. The gains were driven by strong natural gasnprices, which at the UK National Balancing Point ralliednin May to their highest levels for over a year. Higher gasnprices prompt power generators with fuel flexibility tonswitch to coal. Coal’s high emissions intensity boostsndemand for EUAs to cover the additional emissions. Gasnprices were in turn responding to the rally in crude oilnprices, which hit new records in May, so that carbonnprices were in effect dragged up by the oil market