[Top News] from [REUTERS]
[Green Business]
LONDON
Tue Dec 22, 2009 1:04pm EST
EU carbon prices close 2 percent higher
LONDON (Reuters) - Prices for European carbon emissions futures on Tuesday clawed back a little of Monday's 9 percent falls, as bearish sentiment waned over a watered-down deal at the U.N. climate talks in Copenhagen. EU Allowances for December 2010 delivery closed 2.01 percent higher at 12.70 euros ($18.17) a tonne, with volume at 4,378 lots.
Prices should recover to around 13 euros by the end of the week, Societe Generale/orbeo analyst Emmanuel Fages said in a research note.
On Monday, traders sold EUAs as confidence in the market was battered by the bare-minimum climate deal that emerged from Copenhagen. Prices fell 8 percent in opening trade, and had fallen another 1 percent by the close.
German Calendar 2010 baseload power was up 1.47 percent at 44.75 euros per megawatt hour.
On Tuesday, certified emissions reductions closed 1.37 percent higher at 11.13 euros a tonne.
Oil trading firm Gunvor International executed its first trade in the European carbon market on Tuesday, the company told Reuters.
"We did our first EUA, ECX-cleared trade with broker ICAP in the market this morning," said Michael Uzzan, emissions trader at Gunvor.
U.S. lawmakers face an uphill battle enacting a climate bill in 2010 that includes a cap-and-trade market in greenhouse gases, after this month's U.N. meeting in Copenhagen.
U.S. climate legislation remains likely as lawmakers feel pressure to help the country lead in production of low-carbon energy sources such as wind, solar and nuclear power.
But the Copenhagen Accord did not include emissions targets, making it difficult for lawmakers to argue that the United States should have a cap while China, the world's top emitter of greenhouse gases, and other big polluters are not legally required to act on climate.
(Reporting by Nina Chestney; Editing by Keiron Henderson)
[Green Business]
Tom Doggett
WASHINGTON
Tue Dec 22, 2009 1:07pm EST
U.S. October highway travel off 0.5 pct from year ago
WASHINGTON (Reuters) - U.S. highway travel fell in October by 0.5 percent from a year earlier, the first decline in five months, the U.S. Transportation Department said on Tuesday.
That drop mirrors preliminary Energy Department data which shows motor fuel consumption fell 0.1 percent in October from a year ago.
The decline of 1.4 billion miles driven by consumers in October, after four straight months of increases, reflected an economy that is still sputtering.
"I think the economy, while recovering, still has some struggles ahead" and that has resulted in tepid gasoline demand, said Phil Flynn, analyst at PFGBest Research, .
Flynn said the drop in gasoline consumption has kept fuel prices low, which in turn should help "jump start" demand.
Many Americans changed their driving habits in response to
last year's record fuel prices, using public transportation and buying more fuel-efficient vehicles.
"Consumers are more cognizant of wasting fuel," Flynn said.
Cumulative travel through October of this year was up a slight 0.2 percent, or 4.8 billion vehicle miles, from the same period in 2008, according to the Transportation Department.
During October, highway travel declined in the Northeast by 1.2 percent, in the Midwest by 1.3 percent and in the south central Gulf states by 1.2 percent. Highway travel increased in the West by 0.3 percent and in the south Atlantic states by 0.4 percent.
The Transportation Department tracks motorists through more than 4,000 automatic traffic recorders operated by state highway agencies.
(Reporting by Tom Doggett; Editing by David Gregorio)
[Green Business > Environment > COP15]
James Grubel
CANBERRA
Tue Dec 22, 2009 1:09pm EST
Australia backs carbon plan, early poll chances cool
CANBERRA (Reuters) - Australia promised to press on with its carbon trade plan on Tuesday despite the U.N. climate summit's failure to set emissions targets, but the Copenhagen outcome has cooled chances an early election on climate policy.
Climate Change Minister Penny Wong said the government would consider targets by other countries before finalizing domestic targets to curb carbon emissions, blamed for gobal warming.
"We have our target range, we will consider what is put forward by the rest of the world under this agreement, and we will do no more and no less," Wong told Australian radio.
Australia is the world's biggest coal exporter and the developed world's biggest emitter of greenhouse gas per person, and has promised a broad target to curb carbon emissions by between 5 and 25 percent of 2000 levels by 2020.
The accord from the U.N climate summit of 193 countries in Copenhagen included no new emissions targets, but agreed that deep cuts were needed to keep the rise in global temperatures below 2 degrees Celsius.
The result is also likely to make it harder for U.S. President Barack Obama to win Congressional support for a cap and trade carbon scheme in the United States.
Prime Minister Kevin Rudd wants carbon trading to start in Australia in July 2011, obliging 1,000 of the biggest companies to buy permits for their carbon emissions and providing a market-based incentive to clean up pollution.
But laws to set up the carbon trade scheme have twice been rejected in parliament's upper house, where the opposition has the largest voting bloc, giving Rudd the option of calling an early election on his key climate policy to resolve the deadlock.
Rudd plans to re-introduce the carbon trade laws to parliament in February, but the opposition Liberal Party has hardened its stand after electing new leader Tony Abbott, who won the job with the backing of climate skeptics.
Abbott has been buoyed by the outcome at Copenhagen, saying the lack of firm emissions targets was a rebuff for Rudd and proved Australia should wait to see what other countries do.
EARLY ELECTION COOLS
Analyst Rick Kuhn said the results in Copenhagen would now make Rudd cautious about an early election, with the government more likely to wait for a regular poll due in late 2010.
"Climate change is now clearly not the issue to go to an early election on. I think for the time being, it is off the agenda," Kuhn, from the Australian National University, told Reuters.
Opinion polls continue to show Rudd holds a strong lead and would easily win a fresh election with an increased majority, although analysts expect Abbott's election as opposition leader will see a shift back toward the opposition.
Betting agency Centrebet on Tuesday said Abbott's honeymoon period may already be over, with the odds of the government winning the next election narrowing over the past two weeks to $1.19 for a $1 bet from $1.23.
Kuhn said Abbott, a blunt speaking social conservative who once studied to become a Catholic priest, would win back votes from traditional Liberal Party supporters, but was unlikely to secure enough support to win an election.
"He can play all sorts of right-wing issues, but unless he has some traction on the economic issues, I don't think he is going to get that far," he said.
[Green Business]
LONDON
Tue Dec 22, 2009 1:04pm EST
EU carbon prices close 2 percent higher
LONDON (Reuters) - Prices for European carbon emissions futures on Tuesday clawed back a little of Monday's 9 percent falls, as bearish sentiment waned over a watered-down deal at the U.N. climate talks in Copenhagen. EU Allowances for December 2010 delivery closed 2.01 percent higher at 12.70 euros ($18.17) a tonne, with volume at 4,378 lots.
Prices should recover to around 13 euros by the end of the week, Societe Generale/orbeo analyst Emmanuel Fages said in a research note.
On Monday, traders sold EUAs as confidence in the market was battered by the bare-minimum climate deal that emerged from Copenhagen. Prices fell 8 percent in opening trade, and had fallen another 1 percent by the close.
German Calendar 2010 baseload power was up 1.47 percent at 44.75 euros per megawatt hour.
On Tuesday, certified emissions reductions closed 1.37 percent higher at 11.13 euros a tonne.
Oil trading firm Gunvor International executed its first trade in the European carbon market on Tuesday, the company told Reuters.
"We did our first EUA, ECX-cleared trade with broker ICAP in the market this morning," said Michael Uzzan, emissions trader at Gunvor.
U.S. lawmakers face an uphill battle enacting a climate bill in 2010 that includes a cap-and-trade market in greenhouse gases, after this month's U.N. meeting in Copenhagen.
U.S. climate legislation remains likely as lawmakers feel pressure to help the country lead in production of low-carbon energy sources such as wind, solar and nuclear power.
But the Copenhagen Accord did not include emissions targets, making it difficult for lawmakers to argue that the United States should have a cap while China, the world's top emitter of greenhouse gases, and other big polluters are not legally required to act on climate.
(Reporting by Nina Chestney; Editing by Keiron Henderson)
[Green Business]
Tom Doggett
WASHINGTON
Tue Dec 22, 2009 1:07pm EST
U.S. October highway travel off 0.5 pct from year ago
WASHINGTON (Reuters) - U.S. highway travel fell in October by 0.5 percent from a year earlier, the first decline in five months, the U.S. Transportation Department said on Tuesday.
That drop mirrors preliminary Energy Department data which shows motor fuel consumption fell 0.1 percent in October from a year ago.
The decline of 1.4 billion miles driven by consumers in October, after four straight months of increases, reflected an economy that is still sputtering.
"I think the economy, while recovering, still has some struggles ahead" and that has resulted in tepid gasoline demand, said Phil Flynn, analyst at PFGBest Research, .
Flynn said the drop in gasoline consumption has kept fuel prices low, which in turn should help "jump start" demand.
Many Americans changed their driving habits in response to
last year's record fuel prices, using public transportation and buying more fuel-efficient vehicles.
"Consumers are more cognizant of wasting fuel," Flynn said.
Cumulative travel through October of this year was up a slight 0.2 percent, or 4.8 billion vehicle miles, from the same period in 2008, according to the Transportation Department.
During October, highway travel declined in the Northeast by 1.2 percent, in the Midwest by 1.3 percent and in the south central Gulf states by 1.2 percent. Highway travel increased in the West by 0.3 percent and in the south Atlantic states by 0.4 percent.
The Transportation Department tracks motorists through more than 4,000 automatic traffic recorders operated by state highway agencies.
(Reporting by Tom Doggett; Editing by David Gregorio)
[Green Business > Environment > COP15]
James Grubel
CANBERRA
Tue Dec 22, 2009 1:09pm EST
Australia backs carbon plan, early poll chances cool
CANBERRA (Reuters) - Australia promised to press on with its carbon trade plan on Tuesday despite the U.N. climate summit's failure to set emissions targets, but the Copenhagen outcome has cooled chances an early election on climate policy.
Climate Change Minister Penny Wong said the government would consider targets by other countries before finalizing domestic targets to curb carbon emissions, blamed for gobal warming.
"We have our target range, we will consider what is put forward by the rest of the world under this agreement, and we will do no more and no less," Wong told Australian radio.
Australia is the world's biggest coal exporter and the developed world's biggest emitter of greenhouse gas per person, and has promised a broad target to curb carbon emissions by between 5 and 25 percent of 2000 levels by 2020.
The accord from the U.N climate summit of 193 countries in Copenhagen included no new emissions targets, but agreed that deep cuts were needed to keep the rise in global temperatures below 2 degrees Celsius.
The result is also likely to make it harder for U.S. President Barack Obama to win Congressional support for a cap and trade carbon scheme in the United States.
Prime Minister Kevin Rudd wants carbon trading to start in Australia in July 2011, obliging 1,000 of the biggest companies to buy permits for their carbon emissions and providing a market-based incentive to clean up pollution.
But laws to set up the carbon trade scheme have twice been rejected in parliament's upper house, where the opposition has the largest voting bloc, giving Rudd the option of calling an early election on his key climate policy to resolve the deadlock.
Rudd plans to re-introduce the carbon trade laws to parliament in February, but the opposition Liberal Party has hardened its stand after electing new leader Tony Abbott, who won the job with the backing of climate skeptics.
Abbott has been buoyed by the outcome at Copenhagen, saying the lack of firm emissions targets was a rebuff for Rudd and proved Australia should wait to see what other countries do.
EARLY ELECTION COOLS
Analyst Rick Kuhn said the results in Copenhagen would now make Rudd cautious about an early election, with the government more likely to wait for a regular poll due in late 2010.
"Climate change is now clearly not the issue to go to an early election on. I think for the time being, it is off the agenda," Kuhn, from the Australian National University, told Reuters.
Opinion polls continue to show Rudd holds a strong lead and would easily win a fresh election with an increased majority, although analysts expect Abbott's election as opposition leader will see a shift back toward the opposition.
Betting agency Centrebet on Tuesday said Abbott's honeymoon period may already be over, with the odds of the government winning the next election narrowing over the past two weeks to $1.19 for a $1 bet from $1.23.
Kuhn said Abbott, a blunt speaking social conservative who once studied to become a Catholic priest, would win back votes from traditional Liberal Party supporters, but was unlikely to secure enough support to win an election.
"He can play all sorts of right-wing issues, but unless he has some traction on the economic issues, I don't think he is going to get that far," he said.
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