The Athens Stock Exchange will conduct its first regular carbon emission rights' auction for European Union Allowance (EUA) units on June 29, using the OASHS trading platform.
The quantity to be auction is 1.1 million EUAs from the Environment, Energy and Climate Change ministry's reserve of new rights.
To assist participants and make the auction more effective, there will be a number of improvements compared with the first extraordinary auction held on June 15.
This will include the option of modifying the sale price during the auction in order to ensure that the sale price is in line with current prices on international markets.
A significant widening of the range for placing buy orders, with the ASE announcing the minimum and maximum prices in the morning of the day of the auction.
In all, the Greek state will auction 10 million EUAs for the current year in the primary market, mainly to large industries. Plans are underway for the creation of a secondary market allowing the participation of private investors.
The European Union, following ratification of the Kyoto Protocol, has allocated each member-state carbon emission rights based on the maximum quantity of greenhouse gases allowed to be freed up to the atmosphere, during the period 2008-2012. These rights are transferable and enterprises could used them to fulfill part of their obligations to cut greenhouse emissions.
Regular auctions will be followed until the end of 2011 in the last Wednesday of every month, with the exception of August and December, while extraordinary auctions will be held as well.