MARKETS AND FINANCE PELLETS &63.8It+VMZ+VOF # # " " Pix Pellet Nordic CIF /PUF1*91FMMFU/PSEJD$*'GPDVTFTPOJOEVTUSJBMQFMMFUTVTFJOUIF/PSEJDBOE #BMUJD4FBSFHJPO5IFJOEFYJTCBTFEPOUIFQSFWJPVTNPOUITEBUBBOEQVC MJTIFEUIFSE5VFTEBZPGFWFSZNPOUIBUOPPO(.5'PSQSJDFDPOWFSTJPO CFUXFFOQSJDFQFSUPOBOEQSJDFQFS.8IBDPFGmDJFOUPGJTVTFEJGOPU PUIFSXJTFJOGPSNFECZUIFQSJDFQSPWJEFS5IF1*9JOEFYFTBSFUSBEFNBSLSFH JTUFSFEXPSMEXJEFCZ'0&9*OEFYFT-UE6TJOHUIF1*9JOEFYFTDPNNFSDJBMMZJT TVCKFDUUPBQQSPWBMCZ'0&9*OEFYFT-UEUIFPXOFSPGUIF1*9JOEFYUSBEFNBSL 3344 BBiiooeenneerrggyy IInntteerrnnaattiioonnaall NNoo 8800,, 44--22001155 GLOBAL CARBON MARKETS 64UPOOFt.BZ EUR Price Comparison Across Major Global Carbon Markets for May 2015 | 2015 5":*-6 Carbon Market * Price Range (USD/tonne) -6WH (%/a) Month-end Price (USD/tonne) "R-6 (%/a) Monthly Price Change (%) "-6X (%) Beijing | 9A 7.28 - 8.13 7.53 – 7.31 – 9.19 Chongqing | L 3.87 - 3.87 3.87 0.00 – 11.88 Guangdong | ;! 2.69 - 5.31 2.69 –35.41 – 29.25 Hubei | Q9 3.90 - 4.17 4.02 + 0.81 + 0.93 Shanghai | # 3.63 - 4.66 3.79 – 16.49 – 17.76 Shenzhen (2013) | .\(2013) 5.52 - 7.14 6.35 – 12.33 – 2.33 Shenzhen (2014) | .\(2014) 6.08 - 7.65 6.90 – 6.89 + 2.61 Tianjin | ^ 3.05 - 3.89 3.05 – 21.47 – 21.71 EU ETS (EUA Spot) | T_, 3/0 (EUAG) 8.04 - 8.55 8.20 + 1.08 + 15.33 California (CCA Spot) | 5 'NO (CCA G) 12.54 –12.57 12.54 – 0.08 – 0.71 RGGI (Spot) | ?Y>KI , (G)# 5.54 - 5.41 5.43 – 0.73 – 0.55 China Carbon Market Review Last-minute buying of emission allowances was noticed in most of the seven pilot carbon markets in China. This jump in traded volume, however, failed to support the transaction prices. Only one of 8 emission allowances on offer in the Chinese markets ended the month with a gain. Hubei Emission Allowances (HBEA) were the only ones that ended the month in green but managed a gain of less than 1%. Guangdong and Tianjin carbon markets saw massive decline in transaction prices. While Tianjin Emission Allowances (TJEAs) were traded in large numbers, breaching the 150-day moving average during some trading sessions, there was little demand for Guangdong Emission Allowances. Both, Tianjin and Guangdong emission allowances slipped below the 20 Yuan-mark. Shanghai Emission Allowances managed to traded above the 20 Yuan mark throughout the month. Beijing Emission Allowances Differential to 100-day MA (%) 100 V7 (%) broke through a long-time support of 50 Yuan and traded below this level for several consecutive sessions with high volumes. Allowances in Beijing and Shanghai slipped to alltime lows during May trading with higher than usual volumes, indicating a bearish trend, reminiscent to the trends seenjust before the compliance deadlines last year. Every emission allowance closed the month below the 30-day moving average, except Shenzhen Emission Allowances (2014). Allowances in a number of carbon markets also slipped below the long-term technical price parameters (100 and 150- day moving averages). With covered entities facing compliance deadlines, fears of widespread oversupply in the China carbon markets seem to be coming true. Allowance hitting fresh alltime lows in the second compliance year should ring alarm bells for the Chinese regulatory authorities. BI80/4922/AS 4PVSDF$IJOB$BSCPOOFUDOBOPOMJOFNFEJBBOBMZUJDTXFCTJUFUIBUTQFDJBM JFTJOQSPWJEJOHOFXTDPOUFOUBOEEBUBPOUIF$IJOBDBSCPONBSLFU$IJOB $BSCPOOFUDOJTBUSBEFNBSLPG$MJNBUF$POOFDU-UE EU CO2 emissions 2014 -5% on 2013 Preliminary Eurostat 2014 estimates show that carbon dioxide (CO2) emissions from fossil fuel combustion in the European Union (EU) dropped 5.0% compared with 2013. CO2 emissions fell in 2014 in almost all EU Member States (MS), except Bulgaria (+7.1%), Cyprus (+3.5%), Malta (+2.5%), Lithuania (+2.2%), Finland (+0.7%) and Sweden (+0.2%). The largest decreases were recorded in Slovakia (-14.1%) and Denmark (-10.7%), followed by Slovenia (-9.1%), the United Kingdom (-8.7%) and France (-8.2%). BI80/4924/AS Graanul Invest is acquiring 100% of SIA Latgran’s shares from BillerudKorsnäs AB and Baltic Resources AB. This will create the largest pellet producer in Europe with an estimated wood pellet production of 1.8 million tonnes in 2015. The deal is expected to be finalized in July this year. In June there was a fire at VAPO’s pellet factory in Turenki Southern Finland. The factory is offline due to the incident and the damages and financial impact can be major. However, VAPO promises this fire will not affect the pellet deliveries to customers. According to the presentations at the Pellets Industry Forum in Munich, the European pellet consumption, especially in the power sector, is expected to keep growing. In the UK, Denmark, Belgium and the Netherlands, the power sector consumption is expected to almost double in each country by the year 2020. According to statistics, EU28 countries are the biggest producer of pellets in the world with a 50% share, whereas the consumption of the EU28 countries covers about 75% of the world total. Pellet spot prices in the ARA area have stabilized. Compared to May 2014, the prices in May 2015 were slightly down in dollar terms but up by 20% in euro terms. According to Hawkins Wright Forest Energy Monitor, reasons for this are e.g. the continued exchange rate pressure and low seasonal demand. Heating pellet prices in Central Europe have been falling due to the summer season and to the oversupply situation caused by the demand softness during the recent mild winters. Through most of May, the temperatures in the Nordic Countries were near to the averages, or slightly lower. With the downward pointing seasonal demand, the prices delivered to us were also mainly retreating. The Euro (EUR) value against the Swedish Crown (SEK) decreased by 0.3% in May, compared to the April 2015 average. This meant a small upward pressure to the Eurovalue and downward push to the SEK-value. After removing the highest and lowest 10% of the price quotes, the PIX Pellet Nordic benchmark came down in EURterms by 39 cents, or by 1.34%, ending at 28.77 EUR/MWh. The value decreased also in Swedish Crowns by 4.36 SEK, or by 1.60%, and closed at 267.57 SEK/MWh. BI80/4929/DN !
Bioenergy no 4 july 2015
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