June 6, 2018 / 1:20 PM / a year ago

Britain auctions 860,000 aviation carbon permits at 15.51 euros/tonne each

LONDON, June 6 (Reuters) - Britain sold 860,000 spot EU aviation emission allowances (EUAAs) for 15.51 euros per tonne each on ICE on Wednesday, the exchange said.

The EUAAs were valued at a 0.23 euro discount to the equivalent EU Allowance contract at Tuesday’s close.

The European Union’s Emissions Trading System caps the emissions of over 12,000 power plants, factories and airlines, requiring them to surrender one carbon permit for every tonne of CO2 emitted annually by April of the following year.

EUAAs can only be used by airlines for compliance with the scheme, which means they trade at a discount to the more liquid EUAs, the staple EU carbon currency that can be used by power plants and factories. (Reporting by Susanna Twidale; Editing by Mark Potter)

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