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The EU emissions trading scheme : The effects of industrial production and CO2 emissions on carbon prices

Alberola, Emilie; Chevallier, Julien; Chèze, Benoît (2008), The EU emissions trading scheme : The effects of industrial production and CO2 emissions on carbon prices, Economie internationale, 4, 116, p. 93-125

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Type
Article accepté pour publication ou publié
Date
2008
Journal name
Economie internationale
Volume
4
Number
116
Publisher
Documentation française
Pages
93-125
Metadata
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Author(s)
Alberola, Emilie
Chevallier, Julien
Chèze, Benoît
Abstract (FR)
Cet article examine les impacts de la production industrielle dans les secteurs couverts par le Système d’Echange des Quotas Européens (European Union Emissions Trading Scheme, EU ETS) sur les changements de prix au comptant du CO2 durant la PhaseI(2005-2007). À partir d’indices de production sectorielle et de la position de conformité des installations, nous montrons que les changements de prix du CO2 ne réagissent pas uniquement aux erreurs de prévisions sur les prix des énergies et aux évènements climatiques extrêmes, mais également à la variation de la production industrielle dans trois secteurs couverts par l’EU ETS : ceux de la combustion, de la production de fer et d’acier, et de la production de pulpe et de papier.
Abstract (EN)
This article critically examines the impact of industrial production for sectors covered by the EU Emissions Trading Scheme (EU ETS) on emissions allowance spot prices during Phase I (2005-2007). First, sector production indices are used as a proxy of economic activity in sectors covered by the EU ETS. Second, a ratio of allowance allocation relative to baseline CO2 emissions is used to measure the extent to which installations are constrained by the EU ETS. We show that carbon price changes react not only to energy prices forecast errors and extreme temperatures events, but also to industrial production in three sectors covered by the EU ETS : combustion, paper and iron.
Subjects / Keywords
EU ETS; Emissions Trading; Carbon Pricing; CO2 Emissions; Industrial Production
JEL
L11 - Production, Pricing, and Market Structure; Size Distribution of Firms
L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change; Industrial Price Indices
Q48 - Government Policy
Q54 - Climate; Natural Disasters and Their Management; Global Warming

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