May 7, 2020 / 7:27 AM / 25 days ago

EU to publish number of carbon permits in circulation on May 8

FILE PHOTO: European Union flags fly outside the European Commission headquarters in Brussels, Belgium, February 19, 2020. Picture taken February 19, 2020 REUTERS/Yves Herman

LONDON (Reuters) - The European Commission said it will publish the total number of carbon permits in circulation in the EU Emissions Trading System (ETS) on May 8.

The amount, which will be published after 1600 GMT, will determine how many permits will be placed in the so-called Market Stability Reserve (MSR) of the scheme if the number exceeds 833 million.

They will be placed in the reserve through reduced auctioning between Sept. 2020 and Aug. 2021, the Commission said.

The EU uses firms’ annual emissions data to work out how many surplus permits are in the ETS. The MSR then removes a share of these permits, to avoid a build-up of oversupply that could depress the carbon price.

Since January last year, nearly 400 million permits have been put in the reserve through a drop in auctioned permits.

Reporting by Nina Chestney; editing by Jason Neely

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