A new product will debut on the Athens Stock Exchange on Wednesday, 15 June, with the launch of carbon emission rights’ auction which will be made through the OASHS trading platform.
The Environment, Energy and Climate Change ministry will be the sole seller in the trading -through a trading firm- while Greek industries will be represented by securities firms, in a transaction allowing Greek industries to buy carbon emission rights from the Greek market. Under the plan, the Greek state will auction 10 million EUAs for the current year in the primary market. Large industries will participate in the primary market, while plans are underway for the creation of a secondary market allowing the participation of private investors. The new trading system could also attract foreign investment interest, with revenues from the system expected to surpass 150 million euros.

Business Briefs

-- The Greek government budget's revenues and spending overshoot targets in the first five months of 2011, the Bank of Greece announced on Tuesday. The central bank, in a report, said the central government’s cash deficit widened by 6.0 pct in the January-May period to 10.1 billion euros, with revenues falling by 5.6 pct to 18.7 billion euros and spending rising 8.6 pct to 27.4 billion euros.

-- A MIG board meeting on Tuesday revoked a previous decision for a share capital increase, citing political and economic uncertainty in the country, issues that raised hurdles in raising new capital and promoting new investments, a relevant announcement stated.

-- Electricity demand fell 5.5 pct in May, compared with the same month last year, as both Greek households and enterprises continued cutting demand for power, official figures showed on Tuesday.