MARKETS AND FINANCE 4400 BBiiooeenneerrggyy IInntteerrnnaattiioonnaall NNoo 8811,, 55--22001155 pelletS EUR/MWh • August 2014 - July 2015 31 30,5 30 29,5 29 28,5 28 Pix Pellet Nordic CI F Note: PIX Pellet Nordic CIF focuses on industrial pellets use in the Nordic and Baltic Sea region. The index is based on the previous month’s data and published the 3rd Tuesday of every month at 12 noon GMT+2. For price conversion between price per ton and price per MWh, a coefficient of 4.8 is used, if not otherwise informed by the price provider. The PIX indexes are trade mark registered, worldwide, by FOEX Indexes Ltd. Using the PIX indexes commercially is subject to approval by FOEX Indexes Ltd, the owner of the PIX index trademark. Beijing | 北京 2,436 0.2 50 0.00 Chongqing | 重庆^ 28,441 19.6 125 0.02 Guangdong | ⼲⼴广东 2,774,099 220.8 408 0.68 Hubei | 湖北* 6,624,749 90.5 324 2.04 Shanghai | 上海 8,408 1.4 160 0.01 Shenzhen (2013) | 深圳 (2013) 539 0.0 32 2.16 Shenzhen (2014) | 深圳 (2014)# 692,035 46.2 Tianjin | 天津 936,993 91.4 160 0.59 Global Carbon marke ts US$/tonne • July 2015 EUR ^ Trading started in June 2014 * Trading started in April 2014 # Trading started in August 2014 ^ 2014年6⽉月开始运⾏行 * 2014年4⽉月开始运⾏行 # 2014年8⽉月开始运⾏行 Price Comparison Across Major Global Carbon Markets for July 2015 | 2015年7⽉月全球碳市场价格对⽐比 Carbon Market 市场 Price Range (USD/tonne) 价格范围 (美元/吨) Month-end Price (USD/tonne) ⽉月末价格 (美元/吨) Monthly Price Change (%) ⽉月价格浮动 (%) China Carbon Market Review July was a particularly volatile © ChinaCarbon.net.cn 10 month for the 7 pilot carbon markets in China. While some market witnessed record traded volumes due to extended compliance deadlines, others witnessed very less number of transactions leading to collapse of prices. Guangdong, Tianjin, Hubei, and Shenzhen were among the markets were traders remained busy as compliance deadlines were either later than other markets or had been extended. Over 2.77 million allowances were traded in July in Guangdong which represents 220% of the total allowances traded in 2014. Interestingly, traded volume in Guangdong Emission Allowances (GDEA) remained high even after the compliance deadline, possibly due to traders looking to take advantage of low prices. Over 6.62 million allowances were traded in the Hubei carbon market as compliance deadline was extended by the local authorities. The traded volume represented 90% of the total number of allowances traded in 2014. Hubei Emission Allowances (HBEAs) witnessed unusual volatility in transaction prices after the compliance deadline. Tianjin Emission Allowances (TJEAs) were also traded in heavy volumes during the first 2 trading weeks of July. Over 930,000 allowances changed hands representing 91% of the total allowances traded in 2014. All but one of the 7 carbon market registered a month-on-month decline in transaction prices; clearly indicative of the absence of buyers in the markets. Participants stayed away from the markets even when allowance prices collapsed to record levels. Shanghai Emission Allowances (SHEAs) collapsed to 9.50 CNY (USD1.49), the lowest price ever in all pilot carbon markets in China. Only 8,408 SHEAs were traded in July. BI81/4988/AS Source: ChinaCarbon.net.cn an online media & analytics website that specializes in providing news, content and data on the China carbon market. China- Carbon.net.cn is a trademark of Climate Connect Ltd. 164 countries have renewable targets Differential to 100-day MA (%) 对⽐比100⽇日均线 (%) Beijing | 北京 5.47 - 6.57 6.57 – 6.40 – 9.12 Chongqing | 重庆 2.03 - 2.81 2.34 – 16.67 – 32.14 Guangdong | ⼲⼴广东 2.32 - 2.57 2.37 – 0.52 – 26.53 Hubei | 湖北 3.64 - 4.38 3.83 – 3.12 – 3.82 Shanghai | 上海 1.48 - 2.50 1.48 – 38.70 – 56.59 Shenzhen (2013) | 深圳(2013) 4.65 - 5.63 4.65 – 15.91 – 25.01 Shenzhen (2014) | 深圳(2014) 3.35 - 6.51 4.76 – 26.84 – 21.14 Tianjin | 天津 2.08 - 2.87 2.61 + 16.70 – 16.29 EU ETS (EUA Spot) | 欧盟排放 交易体系 (EUA现货) 8.14 - 8.93 8.70 + 5.78 + 7.51 California (CCA Spot) | 加利 福尼亚 (CCA 现货) 12.64 – 12.69 12.66 + 0.16 + 0.72 RGGI (Spot) | 区域温室⽓气体减 排⾏行动 (现货)# 5.81 - 5.88 5.72 + 2.79 + 6.33 Renewable energy targets are now a defining feature of the global energy landscape, according to a new report by the International Renewable Energy Agency (IRENA). The report “Renewable Energy Target Setting” finds that 164 countries have adopted at least one type of renewable energy target, up from just 43 in 2005. Developing and emerging economies are leading the adoption of targets, accounting for 131 of the 164 countries with renewable energy targets. The majority, 150 countries, focus on the electricity sector but commitments in other sectors are also on the rise. BI81/5014/AS Russian pellet production is expected to increase again this year, driven by higher exports to Europe and growing local consumption. Russia is currently the third largest exporter of pellets to the EU, with about 878 000 tonnes of production last year. The two largest markets for these exported pellets are Denmark and Sweden, with these two covering over two thirds of Russian pellet exports. For this year, the pellet exports from Russia are predicted to exceed 1 million tonnes for the first time. The industrial pellet market in Europe has remained quiet. According to Hawkins Wright, the spot prices in ARA area have still been going downwards in USD-terms, while rising in EUR-terms. In the UK, the government’s support policies for renewables has continued unclear and caused uncertainty. Many pellet consumer projects in the UK, and other related supply projects especially in the US South, are somewhat dependent on these decisions. Despite the short warm period in the beginning of the month, the weather in July in the Nordic countries continued clearly colder than the long-term average. Price quotes delivered to us for the PIX Pellet Nordic Index were largely unchanged, but some mainly downward changes were also included. The Euro value against the Swedish Crown increased by 1.2 % in July, compared to the June 2015 average. This meant downward pressure to the Euro-value and the opposite to the SEK-value. After removing the highest and lowest 10 % of the price quotes, the PIX Pellet Nordic index value declined in Euro-terms by 0.66 euros, or by 2.21 %, ending at 29.16 EUR/MWh. The value decreased also in Swedish Crowns, by 2.80 crowns, or by 1.01 %, and closed at 273.70 SEK/MWh. General Economy – The US Fed is increasingly unlikely to raise US Central Bank interest rates before December, if even then. Euro-zone GDP grew by 0.3 % during the second quarter of the year, which was a disappointment, especially as the slowdown of the Chinese economy is likely to have an increasingly negative impact on the European growth potential during the second half of the year. Japanese economy contracted, as was feared, during the second quarter, driven by a fall of 2 % in private consumption in June. BI81/4981/JH 27,5 Aug Sept Oct Nov Dec Jan Feb March April May June July
Bioenergy no 5 September 2015
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