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Title:The European Commission and EUA prices: a high-frequency analysis of the EC's decisions on second NAPs PDF Logo
Authors:Rotfuß, Waldemar
Conrad, Christian
Rittler, Daniel
Issue Date:2009
Series/Report no.:ZEW Discussion Papers 09-045
Abstract:This paper empirically examines price formation in the European Union Emissions Trading Scheme (EU ETS). Our analysis shows that unexpected allocations of European Union Allowances (EUAs) lead to pronounced price reactions of the expected signs. Moreover, we find evidence that the adjustment of EUA prices to the European Commission's decisions on second National Allocation Plans (NAPs) is not instantaneous, but takes up to six hours after the decision announcement.
Subjects:EU ETS
price formation
European Union Allowance (EUA)
European Commission
Document Type:Working Paper
Appears in Collections:ZEW Discussion Papers, Zentrum für Europäische Wirtschaftsforschung (ZEW)
Publikationen von Forscherinnen und Forschern des Zentrums für Europäische Wirtschaftsforschung (ZEW)

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