|
What are the Cantor Environmental Brokerage SO2 EA and NOx EA MPIs?
The Cantor Environmental Brokerage Market Price Indices (MPIs) are prices that
reflect current market conditions for Clean Air Act Title IV SO2, Ozone
Transport Commission and Section 126/NOx SIP Call emission allowances
(EAs). The MPI is an average of the following three numbers (where available)
(Note: fees and commissions are not factored into the MPI):
- Recent transaction price - prices from the most
recent transactions (sales, swaps, and options) either executed by Cantor Environmental Brokerage and/or reasonably believed by Cantor Environmental Brokerage to
have occurred. Also note that the MPI does not include transactions
that are reported as retirements or facility changes of ownership because
such transactions may not be reflective of current market conditions.
- Lowest offer price - lowest price, reported to Cantor Environmental Brokerage , at which a seller is willing to sell.
- Highest bid price - highest price, reported to Cantor Environmental Brokerage , at which a buyer is willing to buy.
| Note:
All information contained here is obtained by Cantor Environmental Brokerage from sources believed to be accurate and reliable. However,
because of the possibility of human and mechanical errors, as well
as other factors, such information is provided "as is"
without warranty of any kind and Cantor Environmental Brokerage , in particular,
makes no representation or warranty as to the accuracy, timeliness,
or completeness of this information. Under no circumstance shall
Cantor Environmental Brokerage have any liability to any person or entity
for (a) any loss or damage in whole or in part caused by, resulting
from, or relating to any error (negligent or otherwise) or other
circumstance involved in procuring, collecting, compiling interpreting,
analyzing, editing, transcribing, transmitting, communicating, or
delivering any such information, or (b) any direct, indirect, special,
consequential, or incidental damages whatsoever even if Cantor Environmental Brokerage is advised in advance of the possibility of such damages, resulting
from the use of, or inability to use, any such information. The
data and information contained herein are, and must be construed
solely as statements of opinions and not statements of fact or recommendations
to purchase, sell, or hold SO2 or NOx EAs. All prices are merely
indications of interest, do not represent firm bids and offers,
and their terms are subject to change without notice. NOWARRANTY,
EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS,
MERCHANTABILITY, OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH
DATA OR INFORMATION OROTHER OPINION IS GIVEN OR MADE BY Cantor Environmental Brokerage IN ANY FORM OR MANNER. |
| For
information on trading SCAQMD RTCs and/or ERCs, SJVAPCD and BAAQMD
ERCs, Illinois ATUs, ERCs, DERs, or Sewerage Facilities Charge Credits
please visit www.emissionstrading.com
or call 1-800-228-2955 ext. 1, 2, 4, 6, 7, 8, or 9. For
information on trading HGA NOx Allowances, call 800-228-2955 ext.
13 or 14. For information on trading NOx OTC Allowances, Section
126 Allowances, and SO2 Allowances call (203) 662-3638 or 800-228-2955
ext. 6 or 12. For information regarding Greenhouse Gas Credits
visit www.CO2e.com, or call 800-228-2955 ext. 10. |
If you would like to receive this bulletin as an e-mail attachment in
Adobe format please fax this to 415-296-9582 with your e-mail address
listed below, or send an email to loshiro@cantor.com.
Don’t want to get this anymore? No problem! Tell us by checking
the box below and faxing this back to 415-296-9582:
[ ] Stop sending this to me. Give us your name, company, and fax number:
Cantor Environmental Brokerage Market Price Index: $183.59
(Call 203-662-3638 for
description)
| |
Bids * |
|
Offers * |
|
Trades |
MPI |
| Price/Volume |
2,500 |
@ |
$183.00
|
|
2,500 |
@ |
$185.00
|
|
Not
listed |
|
| |
|
|
$183.00
|
|
|
|
$185.00
|
|
$182.77
|
$183.59
|
Bid and offer for vintage 2003 allowances.
Immediate
Settlement:
| |
|
|
|
Best
Prices ($/Allowance) |
|
Maximum
Volume |
|
| Term |
|
Vintage |
|
|
|
Bid to Buy |
Offer to Sell |
|
Bid |
|
Offered |
|
|
| 1 |
Year |
|
2003
|
|
|
|
$183.00
|
$185.00
|
|
2,500 |
|
2,500 |
|
Allowances |
| 1 |
Year |
|
2004
|
|
|
|
$185.77
|
|
|
2,500 |
|
|
|
Allowances |
| 1 |
Year |
|
2005
|
|
|
|
$180.74
|
|
|
2,500 |
|
|
|
Allowances |
| 1 |
Year |
|
2006
|
|
|
|
$179.41
|
|
|
2,500 |
|
|
|
Allowances |
| 1 |
Year |
|
2007
|
|
|
|
$171.83
|
|
|
2,500 |
|
|
|
Allowances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swaps:
| Swap
Rates against vintage 2002 allowances |
| |
2004
|
2005
|
2006
|
2007
|
| Offer |
0.25% |
1.25% |
2.00% |
6.50% |
|
Ratios for base years other than 2003 are available upon request
|
SO2 EA Market Beat - The Cantor Environmental Brokerage
SO2 EA Market Price Index increased by 1.49% this month from $180.89 in
August 2003 to $183.59 in September 2003.
|
|
| |
| 2003 |
50 tons |
$2,650/ton |
| 2004 |
50 tons |
$2,500/ton |
| 2005 |
50 tons |
$3,000/ton |
|
|
| 2003 |
50 tons |
@ $2,850/ton |
| 2004 |
50 tons |
@ $2,800/ton |
| 2005 |
50 tons |
@ $3,200/ton |
|
|
|
| V03 for $3,000/ton x2 |
V03 for $2,300/ton |
V04 for $2,400/ton |
V03 for $2,700/ton x2 |
| V04 for $2,600/ton x2 |
V04 for $2,300/ton |
V04 for $2,350/ton x2 |
V04 for $2,675/ton |
| V03 for $2,950/ton |
V04 for $2,200/ton |
V03 for $2,400/ton x2 |
V03 for $2,700/ton |
| V03 for $2,650/ton |
V03 for $2,150/ton |
V04 for $2,300/ton |
V04 for $2,625/ton |
| V03 for $2,600/ton |
V05 for $2,400/ton |
V04/05 for $2,350/ton |
V04 for $2,650/tpy |
| V04 for $2,500/ton x2 |
V03 for $1,975/ton |
V03 for $2,400 |
V04 for $2,600/ton |
| V04 for $2,400/ton |
V04 for $1,900/ton |
V03 for $2,350/ton |
V04/05 for $2,700/ton |
| V04 for $2,350/ton |
V05 for $2,000/ton |
V05 for $2,650/ton |
V05 for $3,000/ton x2 |
| V05 for $2,850/tpy |
V04 for $1,850ton |
V03 for $2,550/ton x2 |
V05 for $3,050/ton |
| V04 for $2,400/ton |
V04 for $1,950/ton |
V03 for $2,600/ton x2 |
V03 for $2,750/ton |
| V03 for $2,625/ton x2 |
V03 for $2,300/ton |
V05 for $2,800/ton |
V05/07 for $2,000/ton |
| V04/05 for $2,225/ton |
V04 for $2,300/ton |
V03 for $2,550/ton |
V03 for $2,700/ton |
| V05/07 for $2,050 x4 |
V05 for $2,400/ton |
V03 for $2,600/ton x2 |
110 V04 for 98 06/07 |
| V05/04 spread for $485/ton |
V05/07 for $1,800/ton |
V04 for $2,600/ton |
|
|
|
|
| 2003 |
$2,691/ton |
- $404 |
| 2004 |
$2,585/ton |
- $53 |
| 2005 |
$2,972/ton |
+$444 |
| 2004-2006 |
$2,641.67 |
|
| 2005-2007 |
$1,986.90 |
|
|
As always Cantor Environmental
Brokerage does not trade for its own account. All allowances
purchased in the auction or traded in the open market are for our clients.
It is Cantor Environmental Brokerage s policy to keep the identity of
our clients and their positions in the market in strict confidence.
| May & June NOx Emissions Data
Available; NOx Reacts, Then Corrects: On August 27, EPA
published raw data from emissions sources for the months of May
and June. Contained in the data are actual emissions for the first
two months of the 2003 ozone season. Our initial tally shows emissions
of approximately 44,200 tons, which is lower than emissions for
the same period last year by approximately 20,000 tons. That represents
a drop of 31% against a 17% decrease in available allowances (allocated)
for this year. The market reacted bearishly, and vintage ‘03
prices dropped from $2,950 to trade as low as $1,975. Vintage 04's
and ‘05s also traded lower, to $1,850 and $2,000, respectively.
Only after new lows were reached did we see an up-tick to: $2,750/ton
in vintage ’03; $2,600 in vintage ’04; $3,050 in vintage
‘05 . Compliance buying for true-up appears to be occurring
in earnest this month, with irregular size lots trading hands.
Revised NSR Regulation Signed: As anticipated,
a final, revised New Source Review (NSR) regulation was executed
by EPA’s Acting Administrator. The revised regulation was
prompted, in part, to clarify what constitutes a “Major Modification”
within the meaning of the regulation. New or existing facilities
(which make major modifications) in nonattainment areas must go
through NSR permitting, which requires installation of the latest
emissions control technology and techniques (Lowest Achievable Emission
Rate {LAER}) as well as obtain emission offsets. The definition
of what constitutes a major modification appears to maintain the
status quo. Had a stricter definition been derived, additional emissions
controls would have been triggered by maintenance, causing reduced
emissions and, in turn, reducing SO2 and NOx EA demand. Lawsuits
by a number of northeast states have been threatened, and are anticipated.
November 30, 2003 is NEW NOx Budget True-Up Deadline!:
While NOx Budget sources have historically had until December
31 of the calendar year to balance actual emissions with NOx EAs
(“true-up”) compliance accounts, 2003 changes the deadline.
Compliance accounts must be trued-up by November 30 this year, and
every year thereafter. Requisite true-up reports are also due by
November 30. PLEASE MAKE NOTE OF THIS IMPORTANT CHANGE TO THE PROGRAM.
Live Prices and Daily MPI available at www.emissionstrading.com:
Please note, you can review live prices and trades for SO2, NOx,
Renewable Energy Credits, Emission Reduction Credits, RECLAIM Trading
Credits, and other environmental products at www.emissionstrading.com.
We have also added a feature that calculates the daily MPI, to better
assist you to understand market trends. Registering for our website
(there is no charge) gets you access to real-time prices; market
information; and historical data.
|
To
Reach Cantor Environmental Brokerage Staff Call 800-228-2955 or Dial Direct:
|
Josh Margolis |
San Francisco |
RTCs/ERCs/DERs |
800-228-2955 ext 1 |
|
Andy Kruger |
Darien, CT |
ERCs/NOx & SO2 EAs/DERs |
800-228-2955 ext 6 |
|
Laurie Gage |
New Jersey |
NOx &SO2 EAs/RTCs/ERCs/DERs |
800-228-2955 ext 7 |
|
Robin Langdon |
San Francisco |
RTCs/ERCs/DERs |
800-228-2955 ext 2 |
|
Christine Grandstaff |
Los Angeles |
RTCs/ERCs/DERs |
800-228-2955 ext 4 |
|
Patrick Bartosh |
Houston |
NOx EAs/ERCs/DERs |
800-228-2955 ext 14 |
|
Mike Hammond |
San Francisco |
RTCs/ERCs/DERs |
800-228-2955 ext 9 |
|
Lauren Kisling |
Darien, CT |
ERCs/NOx & SO2 EAs/DERs |
800-228-2955 ext 6 |
|
Alexa Paton |
Darien, CT |
ERCs/NOx & SO2 EAs/DERs |
800-228-2955 ext 6 |
|
Diarmuid McGarry |
San Francisco |
Back Office Manager |
800-228-2955 ext 3 |
|
