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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:
$138.22
(Call 203-662-3638 for
description)
| |
Bids * |
|
Offers * |
|
Trades |
MPI |
| Price/Volume |
2,500 |
@ |
$135.00 |
|
2,500 |
@ |
$135.00 |
|
Not
listed |
|
| |
|
|
$135.00 |
|
|
|
$139.00 |
|
$140.67 |
$138.22 |
Bid and offer for vintage
2002 allowances.
Immediate
Settlement:
| |
|
|
|
Best
Prices ($/Allowance) |
|
Maximum
Volume |
|
| Term |
|
Vintage |
|
|
|
Bid to Buy |
Offer to Sell |
|
Bid |
|
Offered |
|
|
| 1 |
Year |
|
2002 |
|
|
|
$135.00 |
$139.00 |
|
2,500 |
|
2,500 |
|
Allowances |
| 1 |
Year |
|
2003 |
|
|
|
$134.66 |
|
|
2,500 |
|
|
|
Allowances |
| 1 |
Year |
|
2004 |
|
|
|
$133.33 |
|
|
2,500 |
|
|
|
Allowances |
| 1 |
Year |
|
2005 |
|
|
|
$132.35 |
|
|
2,500 |
|
|
|
Allowances |
| 1 |
Year |
|
2006 |
|
|
|
$127.39 |
|
|
2,500 |
|
|
|
Allowances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swaps:
| Swap
Rates against vintage 2002 allowances |
| |
2003 |
2004 |
2005 |
2006 |
| Offer |
0.25% |
1.25% |
2.00% |
6.50% |
| Ratios for base years
other than 2002 are available upon request |
SO2 EA Market Beat --The Cantor Environmental Brokerage SO2 EA Market
Price Index decreased by 3.77% this month from $143.64 in August 2002
to $138.22 in September 2002.
|
|
| |
BEST BIDS TO BUY |
| 1999 |
50 tons |
$375/ton |
| 2000 |
100 tons |
not listed |
| 2001 |
100 tons |
$575/ton |
| 2002 |
100 tons |
$630/ton |
| 2003 |
50 tons |
$4,800/ton |
| 2004 |
50 tons |
$4,600/ton |
| 2005 |
50 tons |
$3,800/ton |
|
BEST OFFERS TO SELL |
| 1999 |
50 tons |
@ $425/ton |
| 2000 |
100 tons |
@ not listed |
| 2001 |
100 tons |
@ $625/ton |
| 2002 |
100 tons |
@ $670/ton |
| 2003 |
50 tons |
@ $5,000/ton |
| 2004 |
50 tons |
@ $4,900/ton |
| 2005 |
50 tons |
@ $4,100/ton |
|
|
|
| V04/07 for $3500/ton |
swap- 505 v00 for 375 V01 |
V04 for $4,800/ton x2 |
| V02 for $640/ton |
V02 for $630/ton |
V04 for $4,950/ton |
| V04 for $4,400 /ton |
V02 for $635/ton |
V04 for $5,000/ton |
| V99/01 for $550/ton |
V02 for $625/ton |
V03/04 for $4,900/ton |
| swap- 425 v00 for 375 V01 |
V04 for $4,500/ton |
V02 for $635/ton x2 |
| V02 for $625/ton x 2 |
V04 for $4,450/ton |
V02 for $615/ton |
| V02 for $620/ton |
V02 for $610/ton |
V02 for $610/ton |
| V02 for $630/ton |
V99 for $400/ton |
V02 for $615/ton |
| V02 for $630/ton x3 |
V99 for $385/ton 2x |
V04 for $4,800/ton |
| |
|
V02 for $645/ton |
| |
|
V02 for $650/ton |
|
| |
| 1999 |
$397/ton |
- $46 |
| 2001 |
$597/ton |
- $47 |
| 2002 |
$644/ton |
- $7 |
| 2004 |
$4,741/ton |
|
| 2003-2004 |
$4,900/ton |
|
| 2004-2007 |
$3,433/ton |
+ $183 |
|
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.
| 2002 Ozone Season Comes to a Close
Along with fall’s arrival this past weekend, the 2002 ozone
season comes to a close on September 30, 2002. NOx Budget sources
must now “true up”: make sure that compliance account
balances have sufficient allowances to cover 2002 actual ozone season
emissions. Sources must also provide their third quarter emissions
data (“quarterly report”), and complete the 2002 compliance
report by December 31, 2002. Please make note of the fact
that next year’s (2003) compliance report will be due before
the end of the year: Specifically, November 30, 2002.
Connecticut Sources Begin New Program Connecticut
has decided that its sources must comply with the NOx Budget requirements
on an annual basis. As a result, October1, 2002 will mark the beginning
of the first nonozone season during which Connecticut Budget sources
will begin counting their nonozone season NOx emissions for compliance
purposes. SO2 Set to Rise??
SO2 has remained range-bound this month, although a rumor ran through
the market suggesting that prices will rise. Specifically, it is
rumored that a previous seller of several hundred thousand tons
of SO2 may have to buy back some tons. This question is to be resolved
as a matter of law, and the parties remain uncertain of the outcome.
We will endeavor to keep you updated regarding whether any such
event(s) begin to take shape.
Cantor Daily Price Sheets Cantor
Fitzgerald has this month undertaken to provide daily updates on
all trades in the NOx and SO2 allowance markets. We have been providing
these daily price sheets by email. If you would like to receive
Daily sheets at no charge to you, please do not hesitate to ask.
EMA Meeting in Toronto September 29-October
1 The Emissions Marketing Association (EMA) will host its
6th Annual Fall Meeting & International Conference September
29– October 1, 2002 at the Toronto Hilton Toronto, Ontario
~ Canada. The conference provides a wonderful opportunity
for understanding new and existing emissions markets, networking,
and generally, learning more about emissions trading. Record attendance
for the Toronto conference is expected. Additional information can
be obtained at www.emissions.org. . |
| Greenhouse Gas Reductions Portfolio:
CO2e.com, Cantor Environmental Brokerage ' sister company, provides market-based
solutions to help companies manage the opportunities and risks
of climate change including: environmental brokerage, climate
neutral solutions, trading and risk management tools and advice,
and market information. CO2e.com can help your company hedge greenhouse
gas exposure and liabilities. CO2e.com experts provide risk managers
with options to create a diverse portfolio of greenhouse gas reductions
and offsets. Transactions range from simple purchases and sales
to structured options transactions. CO2e.com currently represents
a diverse family of reductions including: (a) Renewable energy,
energy efficiency, land-use and methane projects expected to be
eligible for credit under the Clean Development Mechanism in South
and Central America, Asia, and Africa; and (b) Renewable energy,
energy efficiency, methane capture and recovery, and land-use
projects in Australia, Canada, Europe and the US. Price estimates
vary, but currently range from $1.00 - $2.00 per ton CO2 equivalent
and increase up to $9.00 depending on vintage year, risk guarantees,
volume, and contract structure. Options prices are according
to structure. For details call Corinne Boone at 416-350-2177
or at 1-800-228-2955 (ext. 10 or 11). |
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 13/14 |
| 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 |
| Lori
Oshiro |
San
Francisco |
West
Coast Office Manager |
800-228-2955
ext 5 |
| Jenny
Jo |
San
Francisco |
West
Coast Administrative Assist. |
800-228-2955
ext 3 |
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