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Cheap gas stalls EU's carbon price revival

A slump in gas prices has contributed to the denting of the previous rally in carbon prices

European carbon allowances rose three-fold in 2018 as traders bought in anticipation of tighter supply due to drastic reforms to the EU's emissions trading system (EU ETS). However, the rally has stalled this year, with the unexpectedly mild winter and Brexit uncertainties depressing demand. European carbon prices endured a seven-year slump after the global economic crisis of 2009 dampened industrial production, which led to a glut of EU ETS allowances. Carbon prices dropped from the high €20s/t in 2008 to a low of €2.75/t in 2013 and were still languishing below €5/t in 2017. But, in 2017, the EU approved reforms to the EU ETS aimed at removing as much as 1.6bn surplus EU carbon allowance



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