Click here to read this in full @ Utility Products: http://www.utilityproducts.com/news/2012/10/09/european-union-eu-cee-carbon-trading-post-2012-a-battle-for-transitional-free-allocation-of-emission.html
The EU Climate Change Package provides for a revision and strengthening
of the Emissions Trading System (ETS). A single EU-wide cap on emission
allowances will apply from 2013 and will be cut annually, reducing the
number of allowances available to businesses to 21% below the 2005 level
in 2020. Further, the free allocation of allowances will be
progressively replaced by auctioning. In July 2011 the EU member states
agreed to the EC proposal to auction 120 million emission allowances for
phase 3 of the ETS in 2012, the year before phase 3 starts. These
so-called "early auctions" are required in view of the widespread
commercial practice in the electricity sector of selling power on a
forward basis and purchasing the required inputs (including emission
allowances) when they sell their output...
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