price of greater than two percent are found for coal in one cycle, 1842 to 1897, and for oil in two cycles, 1897 to 1953 and …, the shift in motive power from coal to oil is associated with a rise in the price of oil relative to coal and, in the most … recent cycle, a trend decrease in the real coal price …

). Since its launch, the corresponding price has shown rather turbulent dynamics, including nervous reactions to policy … announcements and a price collapse after a visible over-allocation in Phase I. As a consequence, the question whether fundamental … factors (fossil fuel prices, economic activity, weather) affect the EUA price remained partially unresolved. Today, being …