Search results for " Trading"
showing 10 items of 83 documents
Emission Trading in a High Dimensional Context: To What Extent Carbon Markets are Integrated with the Broader System?
2023
The following work will provide further insights into the influence of European Emission Allowance (EUA) prices on carbon dioxide trends and relevant variables of the economic-financial climate-environmental system considering a large set of time series. The methodological approach will employ Hierarchical Vector Autoregression by W. B. Nicholson et al. (2020) deal with a high-dimensional context. Results of the two specifications highlighted how CO2 appears to be more influenced by commodity prices, climate variables, along with past industrial performances. Furthermore, a shock of carbon prices could potentially exert significant turbulence on the carbon dioxide series, fading in intensit…
Unwanted effects of European Union environmental policy to promote a post-carbon industry. The case of energy in the European ceramic tile sector
2016
Global warming combined with low carbon transition plans is threatening the future of high energy consumption industry sectors in the European Union (EU). The need to respond to environmental challenges is demonstrated by support for international level energy policies and legal requirements, such as the Kyoto Protocol which the EU supports, and increased EU-level environmental legislation and energy policies. The effect of these initiatives is gradually transforming industrial activities in the EU. However, since not all countries have adopted these policies, evaluation of their net effect needs to take account also of side-effects such as delocalization of industry activity and the legal …
The timeline of trading frictions in the European carbon market
2012
We evaluate the quality of prices of EU-ETS, the most active European derivative market for greenhouse gas emissions allowances (EUAs). So far, this market has had two phases, a trial phase (from 2005 to 2007) and a commitment phase (from 2008 to 2012). The true value of a trial-phase EUA at the beginning of 2008 was inevitably zero because it could not be used in the commitment phase to cover emission targets. However, continued rumors of over-allocation of EUAs led to an early collapse of the market by May 2007. We study whether this market breakdown and the subsequent outbreak of the international financial crisis had a persistent effect on the quality of the commitment phase. We provide…
CO2 Prices, Energy and Weather
2007
One of the main objectives of the European Union Emission Trading Scheme is the establishment of a market price level for allowances that show to European CO 2 emitting installations the environmental impact of their polluting activities. The aim of this paper is to focus on the daily price changes during 2005 in an attempt to examine the underlying rationality of pricing behaviour. Specifically, we study the effect of those weather and non-weather variables that academic and market agents consider as the major determinants of the of CO 2 price levels. The results show that the energy sources are the principal factors in the determination of CO 2 price levels, and that only extreme temperat…
Regulation as determinant of EUA prices
2014
In this paper we analyse the impact of supply and demand factors on EUA Phase II future prices, with a particular emphasis on the European Commission announcements regarding the organisation of Phase II and Phase III of the European Union Emission Trading Scheme. Using two different methodologies we find strong significance of EC announcements in particular regarding the National Allocation Plans and the cap for Phase III. Our results are particularly relevant to the light of the decisions that the EC must take to achieve the 20-20-20 objectives.
The informational role of thin options markets: Empirical evidence from the Spanish case
2016
This study investigates the informational role of thin options markets, specifically the Spanish options market. Firstly, we examine the effect of options markets by analysing stock market reaction to earnings news, conditional on the availability of options markets. Secondly, we examine options trading activity before the release of earnings news (including the announcement period). The results show that the impact on prices before the earnings release is significantly bigger when options trading is available. Moreover, the dissemination of earnings news is associated with significant unusual activity in the options market due to informed trading, especially when the earnings surprise is h…
Eiropas Savienības CO2 emisijas kvotu tirdzniecības sistēma un Latvijas tautsaimniecības ilgtspējīga attīstība
2013
ANOTĀCIJA Promocijas darba mērķis ir, balstoties uz datiem par Eiropas Savienības Emisijas kvotu tirdzniecības sistēmas (ES ETS) darbību Latvijā un ES ETS integrētību Latvijas tautsaimniecības politikā, mikro un makro līmenī izpētīt ES ETS līdzšinējo ietekmi uz Latvijas tautsaimniecības ilgtspējīgu attīstību. Pētījuma ietvaros autore izstrādājusi modeli lēmuma pieņemšanai par tiešo dalību atļauju tirdzniecībā, formulējusi stratēģijas tiešajai dalībai atļauju tirdzniecībā, izvērtējusi ES ETS integrētību Latvijas tautsaimniecības ilgtspējīgas attīstības politikā, novērtējusi ES ETS ietekmi uz Latvijas ES ETS dalībniekiem, izanalizējusi Latvijas ES ETS dalībnieku zināšanas un izpratni par ES E…
Electricity demand response schemes in China: Pilot study and future outlook
2021
Abstract Electricity demand response (DR) improves the overall energy management efficiency and allows for the integration of large-scale renewable energy into the power grid through interactive management and control of the supply and demand sides. However, in China and other emerging countries (e.g., Japan and Australia) with DR programs, the DR market mechanism is not well-established. This is particularly the situation in countries where the state power system is not freely open to participate in the DR market. Previous research has proven that considerable DR resources are largely existing in the demand side; however, the dearth of a market mechanism hinders the development of DR. Henc…
EUROPEAN UNION EMISSIONS TRADING SYSTEM’S IMPACT ON LATVIA’S COMPETITIVENESS
2012
The goal of this paper is to analyse the general impact of the European Union Emissions Trading System (EU ETS) on Latvia’s competitiveness. The hypothesis of this paper – the EU ETS in past did not had a significant impact on Latvia’s competitiveness. At the beginning of the paper the EU ETS mechanism is discussed in the context of M.E. Porter’s identified principal factors determining state’s competitiveness. Afterwards the EU ETS operation in Latvia is described and its impact on Latvia’s competitiveness is analysed. The analysis is based on statistical data about Latvia’s 79 companies and their operation in 2005-2010, inter alia, allocations and transactions of European Union Allowances…
Technical, Environmental and Economical Aspects of Hybrid Systems Including Renewables and Fuel Cells
2006
In this paper, some configurations including renewables and fuel cells are studied. Technical, environmental and economical aspects are treated in the frame of the EU regulations concerning the ‘emission trading’ issue and the way in which Italy has implemented the relevant EU directive. The study has been carried out considering some architectures including renewables such as photovoltaic and wind with a back up system to increase continuity of supply based on the application of fuel cells and of a hydrogen storage system. Performing several runs with different values of the cost of energy (COE) bought from the network and produced with traditional fuel, it has been observed that, for some…