Research (Česká spořitelna)
Czech markets  |  January 28, 2013 09:50:55

CEZ: Prices of CO2 permits fell last week after a vote in the EP

CO2 allowance prices yesterday fell by about 6.9% to € 4.33 after the industrial commission of the European Parliament voted against a plan to postpone the issue of 900 million allowances from the years 2013-15 to a later period. Commission for the Environment, which is at work on this plan is responsible, to be voted on next month.

Negative opinion of the Industrial Commission for a further vote of the European Parliament and of the nation-state binding, but indicates that the plan is to large EU opposition. Yesterday's price reaction as allowances and CEZ shares seems a bit overdone. But one can expect that the price of allowances will remain at a low level until it clears attitude big countries - such as Germany - on the issue.CO2 prices in the long term are about 0.2 x positive lever ČEZ profits (through electricity prices), their decline is so negative for CEZ. Lower CO2 prices in turn are a positive example for the Polish PGE. Petr Bartek

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