[Top News] from [REUTERS]
[Green Business]
LONDON
Tue Dec 29, 2009 8:13am EST
EU carbon slips 0.5 percent on German power
LONDON (Reuters) - European carbon futures fell slightly on Tuesday on the back of lower German power, despite a sharp rise in crude oil prices, traders said.
EU Allowances for Dec-10 delivery lost 6 cents or 0.5 percent at 12.68 euros a tonne on light volume of just over 250 lots traded by 0922 GMT.
"The market's down a bit on German power, but we're seeing what can be best described as 'nothing'," said one trader.
German Calendar 2010 baseload power fell by 55 cents or 1.2 percent at 43.95 euros per megawatt hour.
Spot European power prices eased on Monday in thin trading on the back of lower consumption during the Christmas holidays and milder temperatures, traders said, adding supply was ample.
U.S. crude oil futures held steady below $79 on Tuesday, after hitting a five-week high a day earlier, as the firm dollar offset colder U.S. weather and expectations of a further drawdown in crude inventories.
Oil is up nearly $10 or some 13 percent since December 14.
Dec-10 CERs traded down 5 cents or 0.5 percent at 11.17 euros a tonne on light volume of 37 lots.
The EUA-CER spread edged up to around 1.55 euros.
With just two and a half trading days left in 2009, benchmark EUAs are down 3.22 euros or 20 percent for the year.
The front month Phase 2 (2008-12) contracts hit a 2009 high of 16 euros on May 12, a far cry from the record high of 29.69 euros on July 2, 2008. The futures are up some 58 percent since bottoming out at a record low of 8.05 euros on February 12, 2009.
The European Climate Exchange will close at midday on Thursday for New Year's Eve and remain closed on Friday. (Reporting by Michael Szabo; editing by James Jukwey)
[Green Business]
MADRID
Tue Dec 29, 2009 8:18am EST
Iberian spot power hits year-low on wind, demand
MADRID (Reuters) - Iberian spot power prices sank to their lowest levels since 2007 on Tuesday due to a combination of low, festive-season demand and hefty supplies of wind and hydropower, traders said.
The Omel exchange fixed the benchmark day-ahead spot price at its lowest level since the rate published for May 28, 2007, when it was 18.67 euros per megawatt-hour for Spain.
On an hourly basis, spot prices for Spain hit zero in the early hours of Monday and Tuesday for the first time since January 1, 2003.
"Demand today is like it is on a Sunday, there's lots of wind and we haven't seen this much hydro for a couple of years, so those three factors have come together," a dealer said.
Spain's wind parks, the world's third-most productive, were meeting 28.1 percent of all demand at midday, while hydroelectricity accounted for 13.7 percent of the generating mix after recent heavy rainfall.
Traders expected spot prices to remain weak even after demand picks up with people returning to work in the New year, because additional supplies of cheap nuclear power are expected.
The Asco I plants is due to finish maintenance in January and the Almaraz I plant is awaiting approval for expanding its output of thermal power.
Together, both plants produce 2,000 megawatts, or about 7 percent of average demand for power.
Spain's six other nuclear plants were generating a total of 5,343 MW, equivalent to 16.3 percent of demand, according to data from the CSN nuclear regulator and national grid operator REE.
Forwards were little changed in light volume, with dealers reporting little trading in calendar-year 2010 -- the benchmark for most of 2009 -- because trading in the contract is about to expire.
Cal-2011 traded up 0.09 to 43.90 euros/MWh on the Omip exchange, which accounts for about 30 percent of trade.
Spanish power stations were meanwhile emitting 4,918 tonnes per hour of carbon dioxide, an unusually low amount for a weekday.
(Reporting by Martin Roberts)
[Green Business]
MADRID
Tue Dec 29, 2009 8:20am EST
Rain in Spain boosts hydro, irrigation reserves
MADRID (Reuters) - Heavy rain has raised Spain's capacity to generate hydroelectricity and irrigate crops, official data showed on Tuesday in the heavily gas and grain-dependent country.
Rainfall over the past 10 days has caused severe flooding in many parts of Spain and on Tuesday the Met Office issued weather alerts for more than half the country.
Hydropower reservoirs held enough water to generate 9,425 gigawatt-hours, a jump of 685 GWh since last week, the Ministry for the Environment and Rural Affairs said in its latest weekly bulletin.
Data from national grid operator REE total demand over the past year in Spain was 251,600 GWh, so reserves would be enough to provide electricity for 13.7 days, if no other power sources were available.
In recent weeks hydroelectricity's share of the generation mix has recovered after months of near-drought and on Tuesday it helped drive down wholesale power prices to year-lows.
Greater availability of hydroelectricity makes Spain less dependent on generators fueled by gas, more than 99 percent of which it has to import.
Demand for gas fell by 9.3 percent in the year to November from the same period in 2008, according to gas grid operator Enagas.
Spain is also the world's third-largest importer of liquefied natural gas, via six regasification plants.
ABOVE-AVERAGE RAIN
Rainfall logged by the Ministry was more than three times the historical average for the week to December 27, at 50.7 millimeters.
Reservoirs set aside for consumption, including irrigation, meanwhile leapt to 45.5 percent of capacity from 37.7 percent a week ago.
Irrigation is needed to grow maize and cut into Spain's hefty structural grain shortfall, which requires annual imports of at least 10 million tonnes from countries ranging from Argentina to Ukraine.
Farmers say weather conditions are currently ideal for planting cereals, but estimate they will sow about 5 percent less land this winter and spring due to low farm-gate prices.
Rice, cotton and alfalfa -- which is used in animal feed -- also need irrigation.
(Reporting by Martin Roberts; editing by James Jukwey)
[Green Business]
LOS ANGELES
Tue Dec 29, 2009 8:24am EST
SunPower's president of systems unit leaving
LOS ANGELES (Reuters) - The president of SunPower Corp's systems unit will depart the U.S. solar power company on January 10 after an extended leave of absence, the company said on Monday.
The departure of Daniel Shugar follows a leave of absence that the executive took in March for nine to 12 months.
Shugar informed SunPower last week of "his decision to not return as an employee of SunPower or its affiliates," SunPower said in a filing with the U.S. Securities and Exchange Commission on Monday.
Shugar joined SunPower as head of its systems unit in 2007 when SunPower acquired PowerLight Corp, where the executive had worked since 1996.
The systems unit develops, engineers and manufactures large-scale solar power systems.
The solar power sector is looking for a stronger year in 2010 after a difficult 2009 with falling panel prices and tight credit for new renewable energy projects. The San Jose, California-based SunPower is also probing millions of dollars of accounting mistakes.
Shares of SunPower closed down 0.2 percent at $24.26 on Nasdaq on Monday.
(Reporting by Laura Isensee; Editing by Richard Chang)
[Green Business]
SEOUL
Wed Dec 30, 2009 6:34am EST
South Korea to launch emissions scheme in January
SEOUL (Reuters) - South Korea will launch a pilot carbon emissions trading scheme from January after the environment ministry received applications from 641 public and private organizations, the ministry said on Wednesday.
A ministry official said trading mainly among local municipalities will be done online next year, and from 2011 at Korea Exchange, the country's bourse.
The ministry has not yet decided its price for emissions per ton, she said.
A statement released from the ministry on Tuesday said the scheme will provide a base for the country's voluntary 2020 emissions reduction target. South Korea has pledged to cut emissions by 30 percent from its forecast under a "business as usual" scenario.
"The scheme is designed to meet the country's mid-term emission reduction target and connect with international carbon markets," the statement said.
South Korea, one of the world's fastest growing polluters, said in August it hopes to become Asia's trading hub for carbon emission certificates and related products under its plan for a new carbon exchange from 2011.
(Reporting by Cho Mee-young; Editing by Bill Tarrant)
[Green Business]
LONDON
Tue Dec 29, 2009 8:13am EST
EU carbon slips 0.5 percent on German power
LONDON (Reuters) - European carbon futures fell slightly on Tuesday on the back of lower German power, despite a sharp rise in crude oil prices, traders said.
EU Allowances for Dec-10 delivery lost 6 cents or 0.5 percent at 12.68 euros a tonne on light volume of just over 250 lots traded by 0922 GMT.
"The market's down a bit on German power, but we're seeing what can be best described as 'nothing'," said one trader.
German Calendar 2010 baseload power fell by 55 cents or 1.2 percent at 43.95 euros per megawatt hour.
Spot European power prices eased on Monday in thin trading on the back of lower consumption during the Christmas holidays and milder temperatures, traders said, adding supply was ample.
U.S. crude oil futures held steady below $79 on Tuesday, after hitting a five-week high a day earlier, as the firm dollar offset colder U.S. weather and expectations of a further drawdown in crude inventories.
Oil is up nearly $10 or some 13 percent since December 14.
Dec-10 CERs traded down 5 cents or 0.5 percent at 11.17 euros a tonne on light volume of 37 lots.
The EUA-CER spread edged up to around 1.55 euros.
With just two and a half trading days left in 2009, benchmark EUAs are down 3.22 euros or 20 percent for the year.
The front month Phase 2 (2008-12) contracts hit a 2009 high of 16 euros on May 12, a far cry from the record high of 29.69 euros on July 2, 2008. The futures are up some 58 percent since bottoming out at a record low of 8.05 euros on February 12, 2009.
The European Climate Exchange will close at midday on Thursday for New Year's Eve and remain closed on Friday. (Reporting by Michael Szabo; editing by James Jukwey)
[Green Business]
MADRID
Tue Dec 29, 2009 8:18am EST
Iberian spot power hits year-low on wind, demand
MADRID (Reuters) - Iberian spot power prices sank to their lowest levels since 2007 on Tuesday due to a combination of low, festive-season demand and hefty supplies of wind and hydropower, traders said.
The Omel exchange fixed the benchmark day-ahead spot price at its lowest level since the rate published for May 28, 2007, when it was 18.67 euros per megawatt-hour for Spain.
On an hourly basis, spot prices for Spain hit zero in the early hours of Monday and Tuesday for the first time since January 1, 2003.
"Demand today is like it is on a Sunday, there's lots of wind and we haven't seen this much hydro for a couple of years, so those three factors have come together," a dealer said.
Spain's wind parks, the world's third-most productive, were meeting 28.1 percent of all demand at midday, while hydroelectricity accounted for 13.7 percent of the generating mix after recent heavy rainfall.
Traders expected spot prices to remain weak even after demand picks up with people returning to work in the New year, because additional supplies of cheap nuclear power are expected.
The Asco I plants is due to finish maintenance in January and the Almaraz I plant is awaiting approval for expanding its output of thermal power.
Together, both plants produce 2,000 megawatts, or about 7 percent of average demand for power.
Spain's six other nuclear plants were generating a total of 5,343 MW, equivalent to 16.3 percent of demand, according to data from the CSN nuclear regulator and national grid operator REE.
Forwards were little changed in light volume, with dealers reporting little trading in calendar-year 2010 -- the benchmark for most of 2009 -- because trading in the contract is about to expire.
Cal-2011 traded up 0.09 to 43.90 euros/MWh on the Omip exchange, which accounts for about 30 percent of trade.
Spanish power stations were meanwhile emitting 4,918 tonnes per hour of carbon dioxide, an unusually low amount for a weekday.
(Reporting by Martin Roberts)
[Green Business]
MADRID
Tue Dec 29, 2009 8:20am EST
Rain in Spain boosts hydro, irrigation reserves
MADRID (Reuters) - Heavy rain has raised Spain's capacity to generate hydroelectricity and irrigate crops, official data showed on Tuesday in the heavily gas and grain-dependent country.
Rainfall over the past 10 days has caused severe flooding in many parts of Spain and on Tuesday the Met Office issued weather alerts for more than half the country.
Hydropower reservoirs held enough water to generate 9,425 gigawatt-hours, a jump of 685 GWh since last week, the Ministry for the Environment and Rural Affairs said in its latest weekly bulletin.
Data from national grid operator REE total demand over the past year in Spain was 251,600 GWh, so reserves would be enough to provide electricity for 13.7 days, if no other power sources were available.
In recent weeks hydroelectricity's share of the generation mix has recovered after months of near-drought and on Tuesday it helped drive down wholesale power prices to year-lows.
Greater availability of hydroelectricity makes Spain less dependent on generators fueled by gas, more than 99 percent of which it has to import.
Demand for gas fell by 9.3 percent in the year to November from the same period in 2008, according to gas grid operator Enagas.
Spain is also the world's third-largest importer of liquefied natural gas, via six regasification plants.
ABOVE-AVERAGE RAIN
Rainfall logged by the Ministry was more than three times the historical average for the week to December 27, at 50.7 millimeters.
Reservoirs set aside for consumption, including irrigation, meanwhile leapt to 45.5 percent of capacity from 37.7 percent a week ago.
Irrigation is needed to grow maize and cut into Spain's hefty structural grain shortfall, which requires annual imports of at least 10 million tonnes from countries ranging from Argentina to Ukraine.
Farmers say weather conditions are currently ideal for planting cereals, but estimate they will sow about 5 percent less land this winter and spring due to low farm-gate prices.
Rice, cotton and alfalfa -- which is used in animal feed -- also need irrigation.
(Reporting by Martin Roberts; editing by James Jukwey)
[Green Business]
LOS ANGELES
Tue Dec 29, 2009 8:24am EST
SunPower's president of systems unit leaving
LOS ANGELES (Reuters) - The president of SunPower Corp's systems unit will depart the U.S. solar power company on January 10 after an extended leave of absence, the company said on Monday.
The departure of Daniel Shugar follows a leave of absence that the executive took in March for nine to 12 months.
Shugar informed SunPower last week of "his decision to not return as an employee of SunPower or its affiliates," SunPower said in a filing with the U.S. Securities and Exchange Commission on Monday.
Shugar joined SunPower as head of its systems unit in 2007 when SunPower acquired PowerLight Corp, where the executive had worked since 1996.
The systems unit develops, engineers and manufactures large-scale solar power systems.
The solar power sector is looking for a stronger year in 2010 after a difficult 2009 with falling panel prices and tight credit for new renewable energy projects. The San Jose, California-based SunPower is also probing millions of dollars of accounting mistakes.
Shares of SunPower closed down 0.2 percent at $24.26 on Nasdaq on Monday.
(Reporting by Laura Isensee; Editing by Richard Chang)
[Green Business]
SEOUL
Wed Dec 30, 2009 6:34am EST
South Korea to launch emissions scheme in January
SEOUL (Reuters) - South Korea will launch a pilot carbon emissions trading scheme from January after the environment ministry received applications from 641 public and private organizations, the ministry said on Wednesday.
A ministry official said trading mainly among local municipalities will be done online next year, and from 2011 at Korea Exchange, the country's bourse.
The ministry has not yet decided its price for emissions per ton, she said.
A statement released from the ministry on Tuesday said the scheme will provide a base for the country's voluntary 2020 emissions reduction target. South Korea has pledged to cut emissions by 30 percent from its forecast under a "business as usual" scenario.
"The scheme is designed to meet the country's mid-term emission reduction target and connect with international carbon markets," the statement said.
South Korea, one of the world's fastest growing polluters, said in August it hopes to become Asia's trading hub for carbon emission certificates and related products under its plan for a new carbon exchange from 2011.
(Reporting by Cho Mee-young; Editing by Bill Tarrant)
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