Neuhoff, Karsten; Schopp, Anne; Boyd, Rodney; Stelmakh, … - 2012
In the European Emission Trading scheme the supply of allowances exceeds emissions - cumulating, according to our estimates, in a surplus of 2.7 billion tonnes by 2013/2014. We find that initially the surplus was acquired by power companies so as to hedge future carbon costs. As the surplus...