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Purchase and Sale of CO2 Certificates as Forward

1. A situation of EUA purchase or sale

Accordance with the relevant EU legislation and the national allocation system operators get laws in 2008-2012 by its competent authority CO2 allowances (EUA) which they have according to their actual emissions return in 2008-2012. Any excess can be sold on the open market, any shortages must be purchased.
In this connection we have almost always the situation that a need for additional CO2 allowances is recognized at a time when the company is either no money to buy, or if the price of allowances appears to be too high at the moment. For enterprises, the certificates have left, there is often the case that they could be sold, but the current price is too low. It also happens that it seems that prices are constantly rising and falling. In these cases, the question arises to what extent, when the current or later need for certificates or to be acting as already apparent excess inventory is to be traversed.
Not infrequently is also the problem that the liquidity of a plant operator fluctuates, for example, by the necessary purchase of cheaper coal or gas in the spring. Instead to apply complicated and expensive loans for the purchase of coal at normal banks here can be partially helped with forward contracts of CO2 trading.

2. The difference between spot trading and forward trading in CO2 certificates

By the purchase or sale of EUA is distinguished, whether the transaction takes place against money certificates or certificates for cash immediately (spot trading) or agreed in the future at a specified time (futures trading). Here distinction is made in the variants forward trading and futures trading.

As futures trading, trading in highly standardized products is called (usually on stock exchanges). A forward trading can be individualized, and therefore CO2 futures more usable. Often is spoken in everyday language of CO2 trading only from a CO2 forward transaction or a CO2 in the futures. The term CO2-forward is however correct when it comes to an individual contract between an operator and a bank for example.
Here we will be busy with the ins and outs of the trade as well as forward. With the opportunities and risks for participants of CO2 trading in Europe
Basically, it should be noted that many plant operators have not yet engaged with the possibility of emissions trading or lack of detailed information and reliable advice afraid to use the possibility of takings or by cheap certificates.
While the CO2 spot trading money and certificates to speak in nearly simultaneous exchange physically change hands (goods for money or money for goods), this is the forward trading in general, governed differently. There, with a contract from today a deal on a future, individually agreed tag is closed. On this day in the future, then the transaction is settled physically: money for goods or goods for money. The main difference to a spot trading is that an agreement to date price for the product CO2 is fixed, then so is the date of delivery (settlement date) in the future and can not change anymore.

3. Who may offer and conclude a CO2 or forward contract?

Forward contracts are contracts in the future, often bringing large quantities of goods to play (in this case CO2) and money involved. Therefore Forward contracts for both parties then pose a risk if one of the parties, if one of the parties is not to meet their obligations. For this reason, forward contracts offered by banks almost always only in CO2 trading as well as a few specialized energy companies and trading firms that also have appropriate licenses and permits for futures trading. A futures trading between two CO2 system operators is theoretically possible, but for reasons of risk strongly inadvisable. Banks, retailers and energy companies operating in the EU CO2 forwards are usually tested by their national authorities strictly.

4. The reliability of the trading partner from the perspective of the plant operator

Since the risks for a trading partner if the other trading partner can be so serious, the question arises how this risk can be excluded beforehand.
The plant operator should be looking for a business partner who has long been active in the market and has an appropriate capital structure. The capital base of the trading partner is so important, because it may be that the partner with another CO2 business, which is no fault of his failure (another business partner he could not deliver CO2 or pay any money), itself come into financial difficulties and then its commitments to the operator may observe can not. For this reason and also because of the longer lasting financial crisis, the selection of trading partners made according to the criterion of the lowest possible risk and only second priority to the criterion of financial income. This is already evident that no external, independent help of a consultant certain risks when signing a CO2-forward contract can not be excluded.

5. The reliability of the trading partner from the perspective of the Bank

In addition, trade partner offering the CO2 forward contract, there is a risk. As a bank, dealer or an energy company has to be expected that the forward contract is bursting at the time of delivery of and payment for CO2. This means that the plant operator - has either no money or no certificates - by type of contract purchase or sale. The reason may be that the operator is not either illiquid (insolvency) or myself has no CO2 allowances (from whatever reason). The real problem is that the bank on the day the contract was signed, in most cases themselves in a barter deal, the concern later to the operator certificates to be delivered on the exchange. Or the certificates that the operator will provide to the bank in the future, the bank sold the same day the contract was signed already.
If so then the day of the planned physical delivery, the system operator has no money or any certificates (depending on the type of contract), this can be for the bank to be a total failure of the certificates or money. For this reason, the bank is in a CO2-forward contract always look at the system operator and its balances accurately. In many cases, the transaction must be secured by additional collateral to bring the needs of the operator. The rule, is the more time between the effective date and the date of delivery,

  • the greater the risk to the bank
  • the larger the additional collateral to be provided to be
  • the more income the bank needs to additionally have internal provisions for an
  • possible failure of the operator.

6. The various kinds of CO2 forwards

As a rule, CO2 forwards - like forward contracts in electricity - meets for December of the year. That means money and CO2 supplied by the respective party to the other party. The 15th December is defined as a default date which may be agreed after a few days ahead, for example, on the 10.12.2011. The price of CO2 forwards can contact futures exchanges based (futures exchanges). The prices there are for a newcomer plant operators but only a guide and is not usually updated daily. All other performance dates are dates that are not standard and can therefore be calculated from the forward vendors individually. This makes them difficult and comparable usually cost a little more.


Example 1 - Purchase of CO2 as a standard forwardAn agreement date 20.02.2013 was agreed that a meeting date 15.12.2017 a lot of 20.000t EUA is the plant operator delivered to the Bank at a price of 12.56 EUR/t. This would be a default date on which the bank would make a price that is likely to be the offered price on the futures exchange is very similar.

Example 2 - Sale of CO2 as a non-standard forward
An agreement date 20.02.2013 was agreed that a meeting date 10.07.2017 a lot of 20.000t EUA provided by a bank to a plant operator at a price of 12.97 EUR/t, this would not be a standard appointment. This costs the bank a price equal to the average of a forward contract between December 2016 and December 2017, plus additional costs for the standard deviation.

Example 3 - Sale of CO2 as a standard forward with haircut
An agreement date 02/20/2013 will be agreed that a meeting date 15.12.2018 a lot of 85.000t EUA will be supplied by the plant operator to the bank, at a price, which is similar to the futures market for December 2018, for as of 13.36 EUR/t.
In this case, however, is between the contract date and settlement date is so much time that the risk of the bank is actually too high, even though the balance sheets of the company look good. In this case, the bank will eventually give up the issuance of additional securities, but the business by securing a higher return (for risk provisions in the event of the insolvency of the company). In practice this means that ultimately the price stipulated in the contract is approximately EUR 0.80 lower than it would be on the futures exchange.

7. Which certificates can be traded when and where as a forward / futures?

In the period 2008-2020 can be used as CO2 -Future EUA2 and EUA3 certificates and CER/ERU certificates are traded on exchanges.
CO2 forwards are traded bilaterally, such as between an operator and a bank. The bank in turn secures by a countertrade, based on a standardized CO2 futures on the stock market.
Trading on stock exchanges may only be made by exchange members. A member of a stock exchange is to be a long process which takes time, costs and that presupposes above all a higher knowledge and experience. Members of CO2 futures exchanges are:

  • Banks that are active in the CO2 trading,
  • Energy companies,
  • CO2 trading houses.

Since the futures market (also called futures trading) generally for the purpose of trading activity takes place and not for the purpose of a specific requirement of CO2 in futures trading is very large, highly capitalized banks operate, a few energy companies and only in exceptional cases dealer the work for himself.

8. The double forward contract (SWAP)

The forward contract is a double feature of futures trading. It is used for example when CO2 exchange to EUA CER or ERU. This EUA-CER swap probably already more than 20% of all made for eligible plant operators in Europe (spot exchange 50-60%). Two Forward contracts are combined. In a contract that is, two transactions are agreed upon in the future. There is the sale of EUA and there is the purchase of CER or ERU. This gives the operator a nice bonus payment to the bank. In 2008, up to 11.50 EUR/t swap volume in 2009-2012 from 1 to 7 EUR fluctuates.

Example 4 - EUA-CER-exchange as a standard exchange forward contract with a later cash bonus
An agreement date 20.02.2012 was agreed that a meeting date 15.12.2012 a lot of 20.000t EUA is the plant operator delivered to the Bank at a price of 12.56 EUR/t. The same agreement is also agreed that the Bank 20.000t CER provides the same day to the system operator at a price of 10.06 EUR/t. The certificates thus change the owner. The funds for the purchase / sale are netted. The difference of 2.50 EUR/t the system operator paid 5 days later by the bank (also called bonus payment).

Example 5 - EUA-CER-exchange as a non-default swap contract with a later-bonus certificates
An agreement date 20.02.2012 is agreed that to the individually agreed settlement date 15.03.2013 a lot of 20.000t EUA by the plant operator to the bank at a price of 11.66 EUR/t. is delivered. The same agreement is also agreed that the Bank 20.000t CER provides the same day to the system operator at a price of
10.06 EUR/t. The bonus of EUR 1.60/t = 32.000 EUR would not be paid, but will be delivered in additional certificates on 15.03.2013. Here, the operator may choose whether to 3.181 additional CER (32.000 EUR: 10.06 EUR/CER) or 2.744 would like to receive additional CER (32.000 Euro: 11.66 EUR/EUA).

Example 6 - EUA-CER-exchange as the default swap contract with an immediate cash bonus
An agreement date 20.02.2012 was agreed that a meeting date 15.03.2012 a lot of 20.000t EUA2 is supplied by the plant operator to the bank at a price of
13.26 EUR/t. The same agreement is also agreed that the Bank 20.000t CER supplies on 15.12.2012 to the operator at a price of 10.06 EUR/t. The certificates are thus replaced, that means the operator is its registry authority in April 2013 returned no EUA2 20.000 but 20.000 CER. The bonus money, which is the difference from 13.26 to 10.06 = 3.20 x 20.000t = 64.000 EUR be immediately paid to the plant operator, that means 5 days after the 15.03.2012. Should the operator to date 15.03.2012 still have no EUA on its registry account shifts the delivery to the bank to get the certificates.

Example 7 - CER concession as a standard rental contract with cash bonus
An agreement date 20.02.2013 was agreed that a meeting date 15.12.2013 a lot of 20.000t CER credits is measured by the operator delivered to the Bank at a price of 3.08 EUR/t. The same agreement is also agreed that the Bank 20.000t CER delivered on 15.12.2014 to the system operator at the price of EUR 3.88/ t. The certificates are by the operator, so to speak "on loan" to the bank. This is clearly a sale but at the same time with the agreed purchase. The bank pays the difference between the two CER deliveries as rental fee of EUR 0.80/t that means 16.000 EUR 5 days after the settlement date on the 20.12.2014.  It should be noted, that the rental fee must be negotiated individually. Moreover, these double CER forwards only be made by operators who will have to secure a settlement date on CER (for example, by a pre-agreed exchange EUA-CER).

Example 8 - EUA concession as non-standard rental contract with charge
An agreement date 20.02.2015 was agreed that a meeting date 15.03.2015 a lot of 100.000t EUA allowances will be supplied by the plant operator to the bank at a price of 7.08 EUR/t. The same agreement is also agreed that the Bank 100.000t EUA certificates delivered on 15.12.2015 to the system operator at the price of
7.88 EUR/t. The certificates are by the operator, so to speak "on loan" to the bank. This is clearly a sale but at the same time with the agreed purchase. 5 days after delivery of the EUA to the bank that pays the sales proceeds of EUR 708,000.00 to the operator.
Since the sales price of the certificates but lower than the price of the purchased certificates, the owner must obtain their certificates for the return on 15.12.2015 to pay to the Bank the sum of 788.000,00 EUR. So the sum of 80.000 EUR more than it has previously received. This corresponds to a rate of 0.882% per month, or an amount of 10.58% per annum. In the event that the operator intends to replace another, more expensive credit and the CO2-forward for a new short-term borrowing used, this is a possible alternative, but that should be carefully examined.

9. Forward contract, which is coupled with a spot trading

A forward contract, which is coupled to a spot trade may, as all previous examples and are only offered by one in futures trading or spot trading on a stock exchange approved companies. This contract is agreed relatively rare, because usually even earlier to better market prices, a double forward contract could be concluded.
This coupled forward spot contract is preferred mainly by companies that want to grope slowly to the possibilities of futures trading and also does not have consultants that will help them in the management. It is usually the economically unattractive version of the EUA-CER-swap.

Example 9 - EUA-CER-swap as a spot-forward combination with an immediate cash bonus
The system operator pursuant to an allocation already made from 10.03.2011 to register his account over EUA certificates. An agreement date 15.03.2011 was agreed that a meeting date 20.03.2011 a lot of 20.000t EUA is the plant operator delivered to the Bank at a price of 11.33 EUR/t. The same agreement is also agreed that the Bank 20.000t CER supplies on 15.12.2012 to the operator at a price of 10.46 EUR/t. The funds for the purchase / sale are netted. The difference in amount of 0.87 EUR/t is the operator paid 5 days after the EUA delivery to the bank, that means on 25.03.2011.

10. The advantages of a forward contract

The advantages of a forward contract are rooted in its construction. A Forward bring security in the future, because he commits quantities and prices, which no longer change, regardless of what is arising between the contract date and the settlement date for price developments on the CO2 market. Insofar as the purchase or sale of CO2 with the instrument of a forward contract is a safe and predictable, especially matter. It is not a demand for CO2 allowances or excess allowances hoping for rising or falling prices, but planned ahead and participated actively in the market with CO2. Anyone who has followed the volatility (price volatility) of the CO2 market in the last 8 years, who knows that CO2 allowances ranged in price from 30 EUR and 0.01 EUR per ton.
Therefore is one of the two possible alternatives to the forward contract - to do nothing and wait - in fact actually a dangerous "speculation" without any strategy.
The second alternative would be to spot trading. This is clearly inappropriate to schedule a CO2 trading period on demand or surplus of allowances systematically and to survive without any nasty surprises. The spot trading may be just a momentary instrument to buy surprising and unplanned needs arise or surplus of allowances or sell.

11. The disadvantages of a forward contract

The disadvantages of a forward contract are certainly justified in the fact that an operator has usually dealt with such a treaty never. Therefore he has no experience, what he has to respect the contract terms, which constraints are important, what tasks lie with him and what other opportunities and risks in these contracts are. Moreover, as already mentioned there is a theoretical risk remains that a contractor / a bank is selected at the time of fulfillment on its obligations adequately. The obvious problem is clear, however, that an operator offered him the price of the bank can not measure enough. The Bank will pack all their costs, risks, benefits, uncertainties regarding the creditworthiness of the operator as well as commissions and market volatility to a tee. This price reduction is the difference between a (temporary for 60 minutes) offer price and the reference price of a CO2 futures exchange in Europe.

12. The elimination of the disadvantages of a forward contract

All significant advantages of a forward contract can be used by the operator, if he manages to turn enables all disadvantages. Here he is, but have no experience and no success without outside help alone.
The approach is that, with the help of an independent consultant -. Defending the interests of the company and also involved in the result - the issues "safety" and "income" optimized.

13. The security problem - establishing their own security needs / selection of potential contractors

On the one hand, the security and the unavoidable drawbacks of a contract in the contractual clauses are justified, which may not only take into account the interests of the bank, but, ideally, consider all possible interests of the operator.
On the other hand it is true - even in difficult economic times - to find a bank that gives the operator the maximum security that this fulfills his promises in the future.
Here it makes sense that one of the three possible alternatives authorized exchange participants (provider groups):

  • Banks that are active in the CO2 trading
  • Energy companies
  • CO2 Handel houses

regarding their creditworthiness and security systematically set priorities. Our recommendation here is clear that all three possible groups of providers will come into question if these respective companies:

  • Priority 1: 100% owned by a European state is
  • Priority 2: 50.1% to 99.9% by a European State are
  • Priority 3: are at a level of 1 to 50.0% by a European state
  • Priority 4: are not owned by the state, but so far there was a long and good business relationship with the company and expect to know today is that the company has not taken part in the international real estate speculation

To all other providers that do not fit in the list of priority 1-4, at present, no specific recommendations can be made. However, this does not automatically mean that they would be at risk.

14. The security issue - not advantageous contracts and risks in contract terms

Generally one can say that the test of a report submitted by the bank forward contract can mean a substantial cost because to be tested up to 100 pages including subcontracts.
Basically, it is of course true that the bank's proposed contract will primarily reflect the interests of the bank. Therefore a balanced agreement text is not expected to automatically, it must be fought for in certain circumstances.
Generally must also each plant operator who signs such a contract, be clear that the contract does not include trading advice. The customer wants to buy or sell a lot of CO2. The Bank will not advise the customer whether to do this in general or not. He is unable to advise at a later date contract, although it can be useful (for example, because then the prices are better). Also to the amount they will not tell him whether this is too much or too little, and whether a partial amount at a later date could bring better prices.
A bank also the most in the existing contract damages clauses will not voluntarily explain with examples. Such clauses are often so complex that the consultant of the bank itself can not explain this also immediately
An other problem is the contract that a bank will naturally take all securities of a company can get. The result is that there are banks that are in CO2-forward shops owned companies such B can pledge land as collateral. This is an enormously complex process that requires time and effort, and actually can not be in the interest of the company. Often there are alternatives to, the operator are concealed by the bank as these it has no interest.

The entire aforementioned security problems can be solved according to experience with an external, independent and experienced consultant who was in similar projects in international environment detectable divisions. Previously concluded in a consulting agreement could be agreed as this peculiarity, that the adviser receives a fee only if the operator closes the forward contract with a bank. In the case a bank contract will not be in force (for example because the operator with the bank agreement does not agree) gets the outside consultant no fee.

15. A special chapter is the language of the contract

The emission trading is international and is handled more than 90% on international stock exchanges. For this reason, it is perfectly normal that even bilateral treaties large market players are drafted in English. The German language is often not available because Germany has the most CO2 emissions and plant operators in Europe.
Banks are generally not interested in contracts in the various national languages, for example, offer in Polish. The cost would be too high. A change of standard contracts - the operator should seek yes absolutely! - Is difficult, almost impossible.
So it is from the perspective of an operator very problematic if it only defines its own language as the language of the contract in question. He will reduce the circle of suppliers extremely strong and thus usually have no more possible to find agreement banks that are owned by the state.
The solution may be here that the forward contract is offered alternatively in English or in German with an additional French or Polish translation, but is not the legally binding. This is a variant, which basically takes into account the interests of both Parties appropriate.
Ideal for the operator, it is natural that he can fall back on its own version of the contract, which takes into account their interests fairly and that he may propose to the bank.
As a rule, however, banks are involved it unless they realize that they are the customer in a current competition and the contract volume is high.

16. The problem of pricing a forward contract

Upon completion of contract negotiations with all relevant conditions of a bank of his choice to the system operator, for example, submitted on 30.01.2009 at 15:00 a price offer of EUR 12.70/t. The price refers to a settlement date 15.12.2012, should be sent to the delivery of 150.000 t EUA.
The deadline for acceptance of the offer will expire at 16:00. The operator has no way to verify the pricing, since as a rule, there is no second, exactly similar forward contract a second bank is present. An alternative would also bank on any account, except the operator would immediately sign his forward contract. This, the operator would have to decline, of course, because he has seen the contract before. The bank likewise, because they do not know the balance sheets of the company.
Therefore a price-comparison would actually be useful only when really 2 or 3 forward contracts of various banks with the same conditions, the same side and the same risks clauses would be adjacent. This would be a huge, has no control effort, followed by a medium or smaller operator can afford anyway and wants and also the knowledge to not have. Furthermore, it would probably arise because of the need in general credit checks that additional collateral must be provided by the operator. The company is the operator would never come up with the idea while offering two or three banks collateral or even to actually write.
In the above situation, the operator has the only the opportunity to get to a CO2 futures market an approximate reference price. On the stock market was in this case on 30.01.2009 in the gaps best bid or best ask to find a lack of supply and demand for 2012 nothing. The final "settled price" is the price from the day before and is given with an amount of EUR 13.29/t EUA for delivery in December 2012.

From this example it can be shown that the offer of EUR 12.70/t is not testable, since even the comparative value of EUR 13.29/t is an old value and thus can not be compared to date. Even if the value of EUR 13.29/t on 30.01.2009 in the "best bid" would stand still, the bank is as a trading partner in between, would have paid for all their work, time, risk, high commissions and also internal must meet the requirements for their profit.
Let's say that now but also on 30.01.2009 the value of "best bid" at EUR 13.29/t would be, the bank could carry out the deal on the exchange. The difference between EUR 13.29/t and EUR 12.70/t multiplied by 150.000 t = 70.800,00 EUR times would the gross profit of the bank in this business.
The approach is to examine the calculation of the bank so skillfully and to question, that the effort is limited. This is achieved by the fact that the operator in the early stages of his deliberations seeks an outside company, brings the experience in CO2 trading and also the "purchase price" of the bank to the stock market monitor in part with can.
Therefore is a CO2 distributors chosen with consulting experience, who is also a member of a CO2 exchange. This company should not be a bank, and certainly not the bank itself, with which one wants to enter into a forward contract.

17. Summary and conclusion to CO2-forward contracts

The advantages of a forward contract are obvious. A CO2 forward contract is the best way to at any time - to sell an excess stock of CO2 allowances or to fill a need for certificates - even in times of high price volatility. A long-term planning can be done according to the principles of a good businessman. Great risks (to the insolvency) for the company, which could otherwise be hidden by the EU rules on emissions trading at the end of a trading period and moved can be avoided.
CO2 allowances and the costs and expenses are a predictable affair. It is not just aimlessly just hoping that the CO2 price rises or falls, but it is forward-looking and actively participated in the market in CO2 certificates.
Despite these advantages of a CO2 forwards it is necessary to eliminate the residual risks of such a contract.
Who is this, searching for an appropriate external and experienced consultant who will enjoy using the predictability and flexibility of CO2-forward contracts. The criteria for a consulting firm should still be set high:

  • Participants with one or more CO2 exchanges
  • CO2 distributor or trading company, ie CO2 business is done on their own account
  • Brokerage firm, that mean CO2-mediated transactions
  • Consulting firm with experience in the CO2 trading advice
  • Consulting firm with experience in the technical aspects of emissions trading (monitoring plan, annual report CO2, fuel management)
  • As many satisfied customers that can be offered as a reference

Ideally, the consulting firm could have all of the above characteristics, experience and knowledge. To find such a company will not be easy, since we also should be noted that it may not be a bank.
Nevertheless, it must be stressed one of the selection criteria: If the company does not have access to a market system can be offered, then from this consulting firm discouraged (if there are alternatives), because this criterion is most contribute to the economic success of a plant operator. Otherwise, a check of non-transparent pricing policies of banks is not possible.

25.02.2018 Prices

++EUA 9,34 Euro/t++CER2 0,47 Euro/t

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Please read the latest information in Emission News 07-2015 from 15.06.2015. Practical Infos for Emission Trading (German version here). Info about a free trial here.)

Emission News Nr. 06-2015

Please read the latest information in Emission News 06-2015 from 13.05.2015. Practical Infos for Emission Trading (German version here). Info about a free trial here.

Emission News Nr. 05-2015

Please read the latest information in Emission News 05-2015 from 07.04.2015. Practical Infos for Emission Trading (German version here). Info about a free trial here.

Emission News Nr. 04-2015

Please read the latest information in Emission News 04-2015 from 16.03.2015. Practical Infos for Emission Trading (German version here). Info about a free trial here.

Emission News Nr. 03-2015

Please read the latest information in Emission News 03-2015 from 02.03.2015. Practical Infos for Emission Trading (German version here). Info about a free trial here.

Emission News Nr. 02-2015

Please read the latest information in Emission News 02-2015 from 09.02.2015. Practical Information for Emission Trading (German version here).

Emission News Nr. 01-2015

Please read the latest information in Emission News 01-2015 from 12.01.2015. Practical Information for Emission Trading (German version here).

Emission News Nr. 13-2014

Please read the latest information in Emission News 13-2014 from 15.12.2014. Practical Information for Emission Trading (German version here).

Emission News Nr. 12-2014

Please read the latest information in Emission News 12-2014 from 10.11.2014. Practical Information for Emission Trading (German version here).

Emission News Nr. 11-2014

Please read the latest information in Emission News 11-2014 from 21.10.2014. Practical Information for Emission Trading (German version here).

Emission News Nr. 10-2014

Please read the latest information in Emission News 10-2014 from 15.09.2014. Practical Information for Emission Trading (German version here).

Emission News Nr. 09-2014

Please read the latest information in Emission News 09-2014 from 25.08.2014. Practical Information for Emission Trading (German version here).

Emission News Nr. 08-2014

Please read the latest information in Emission News 08-2014 from 21.06.2014. Practical Information for Emission Trading (German version here).

Emission News Nr. 07-2014

Please read the latest information in Emission News 07-2014 from 23.06.2014. Practical Information for Emission Trading (German version here).

Emission News Nr. 06-2014

Please read the latest information in Emission News 06-2014 from 19.05.2014. Practical Information for Emission Trading (German version here).

Emission News Nr. 05-2014

Please read the latest information in Emission News 05-2014 from 08.04.2014. Practical Information for Emission Trading (German version here).

Emission News Nr. 04-2014

Please read the latest information in Emission News 04-2014 from 24.03.2014. Practical Information for Emission Trading (German version here).

Emission News Nr. 03-2014

Please read the latest information in Emission News 03-2014 from 10.03.2014. Practical Information for Emission Trading (German version here).

Emission News Nr. 02-2014

Please read the latest information in Emission News 02-2014 from 03.02.2014. Practical Information for Emission Trading (German version here).

Emission News Nr. 11-2013

Please read the latest information in Emission News 11-2013 from 16.12.2013. Practical Information for Emission Trading (German version here).

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