SO2 EA and NOx EA
December
2004 |
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What are the Cantor Environmental Brokerage SO2 EA and NOx EA
MPIs? |
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The Cantor Environmental Brokerage Market Price Indices (MPIs)
are prices that reflect current market conditions for Clean
Air Act Title IV SO2, 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.
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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.
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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.
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If you would like to receive this bulletin as an e-mail
attachment in Adobe format please fax this to 203-662-3643
with your e-mail address listed below, or send an email
to apaton@cantor.com. |
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For More Information
Call (203) 662-3638
19 Old Kings Highway South, Darien, Connecticut 06820
Fax (203) 662-3643
www.emissionstrading.com
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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 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 Section 126/NOx SIP Call Allowances, and
SO2 Allowances call (203) 662-3638 or 800-228-2955 ext.
6 or 12. For information regarding Greenhouse Gas Credits
visit , or call 800-228-2955 ext. 10. |
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December
2004
CANTOR ENVIRONMENTAL BROKERAGE
SO2
EA Market Price Index |
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December
2004
CANTOR
ENVIRONMENTAL BROKERAGE
NOx
EA Market Price Index |
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| BEST
BIDS TO BUY |
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BEST
OFFERS |
| 2004 |
50 tons |
$2,250/ton |
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2004 |
50 tons |
$2,375/ton |
| 2005 |
50 tons |
$3,550/ton |
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2005 |
50 tons |
$3,625/ton |
| 2006 |
50 tons |
$3,200/ton |
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2006 |
50 tons |
$3,325/ton |
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RECENT TRADE PRICES
November 30, 2004 - December 23, 2004 |
| V03-V04 for $2,240/ton |
V05 for $3,450/ton |
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| V05-V07 for $3,010/ton |
V06 for $3,250/ton |
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| V05 for $3,525/ton |
V06 for $3,225/ton |
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| V05 for $3,500/ton |
V05 for $3,550/ton |
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| V05 for $3,475/ton |
V05 for $3,575/ton |
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| V04for $2,175/ton |
V05 for $3,600/ton |
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| V04 for $2,225/ton |
V06 for $3,300/ton |
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| V05 for $3,425/ton |
V04 for $2,275/ton |
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| V05 for $3,375/ton |
V05 for $3,625/ton |
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| V05 for $3,425/ton |
V04 for $2,325/ton |
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| V05 for $3,375/ton |
V04 for $2,325/ton |
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| V05 for $3,375/ton |
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| V05 for $3,400/ton |
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| V04 for $2,200/ton |
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| V05 for $3,450/ton |
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| MARKET INDEX PRICE |
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2004
$2,296/ton |
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$7 |
339 tons trade this
month |
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2005 $3,581/ton |
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$7 |
900 tons trade
this month |
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| 2006 $3,282/ton |
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$18 |
350 tons trade
this month |
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2007 N/A |
N/A |
N/A |
N/A |
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December
2004
CANTOR
ENVIRONMENTAL BROKERAGE
Market
News |
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EPA
Releases Preliminary NOx Data
Late on December 3, 2004, EPA released preliminary emissions
data for the 2004 ozone season. Actual emissions were approximately
471,000 tons, against an allocation of approximately 675,000
tons. We thus anticipate approximately 204,000 tons to carryover
into 2005. The 2005 allocation is presently planned to be
approximately 516,000 tons. With these figures in mind, there
will be progressive flow control (Flow Control) next year.
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The
preliminary data suggests the following Flow Control
ratio to be applied in 2005 to only 2003 and 2004 tons
used (NOT banked) in 2005:
(10% x 2005 Allocation)
÷ Leftover
2003 & 2004
tons
= (0.10 x 516,000)
÷ 204,000
= 0.25
Please note
that as the data is preliminary, this number is presently
an indication, and not firm.
The number is remarkably close
to the “guesstimates” that
the market |
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established
with the second quarter emissions
data this past July. Tons
sitting in accounts are NOT discounted. Only v03 and v04
tons used for 2005 compliance would
be discounted (if at all). Using the 0.25 preliminary Flow
Control number, 25 of every 100 tons would be useable on
a 1 for 1 basis, with the 75-ton balance useable on a 2:1
basis. Thus, as a preliminary indication, every 100 tons
of 2003 and 2004 used for compliance would equate with 63
vintage 2005 tons. Unused tons would not be discounted, and
could be carried over for use or sale in the future. |
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