Today’s top stories include Bavaria’s Stock Exchange bailing out of the emissions markets in Reuters’ German bourse scraps EU carbon emissions trading, as well as Britain’s new energy blueprint which includes nat gas and nuclear power, and the Texas’ outlook for energy over the next decade in Reuters’ “Texas power supply outlook worsens, grid says.”

Quote of the day:

“Leaving the electricity market as it is would not be in the national interest. If we don’t secure investment in our energy infrastructure, we could see the lights going out, consumers hit by spiraling energy prices and dangerous climate change.”

– UK energy and climate change secretary Ed Davey in Business Green’s piece “Government launches Energy Bill to deliver ‘transparency and certainty’ for low carbon economy.”

Lead Stories

German bourse scraps EU carbon emissions trading
Bavaria’s stock exchange will abandon its carbon emissions certificate trading operations in the EU-traded CO2 market on June 30 after volumes in Europe “plunged to practically zero” in recent months, it said on Tuesday.
**RKB — The is the exchange arm known as Greenmarket.

Bayerische Borse Press Release (in German) 

New CEO, Dirk Forrister, Takes Over the Helm at IETA
Press Release
Earlier this month, the International Emissions Trading Association (IETA) welcomed Dirk Forrister as its new Chief Executive. A veteran of Washington, D.C., Forrister has served in several influential roles that have shaped global policy and markets for climate change and clean energy. Today, Forrister announced a restructuring of IETA’s presence at its U.S. headquarters in Washington, D.C.

Republican ‘War on Coal’ Claims Fight Market Reality
Republicans are pushing hard to stir up anger over the administration’s so-called war on coal. When Vice President Biden was out campaigning in Ohio last week, Republicans shot out email blasts and web videos reminding voters that Biden had once said that coal-driven air pollution was more deadly for average Americans than terrorism. And they are castigating Obama for tightening up rules on greenhouse gas emissions, regulations that will cost coal companies at least $12 million to retrofit aging plants. Even though these rules were a long time coming—and long overdue, in the eyes of environmentalists—they’ve sparked an election-year fight over the scope of government regulation  

UN climate talks face impasse on mitigation pledges
Negotiators at UN climate talks in Bonn, Germany, remained divided today over the key issue of increasing short-term emissions cuts, causing an impasse that threatens to derail discussions for the remainder of the meeting and beyond. 

How to Buy a Bright Future With Natural Gas
Wall Street Journal
Investors trying to get their arms around natural gas may as well be trying to…get their arms around natural gas. 

Investors Look for Gas Cap
Wall Street Journal
Natural-gas prices have jumped as much as 44% since sinking to decade lows last month. Much of that rally had been powered by rising demand from utilities, which had taken advantage of the low prices by using more natural gas instead of coal. But the higher prices are making coal competitive once again. Coal prices are down 22% since the start of the year.

Government launches Energy Bill to deliver ‘transparency and certainty’ for low carbon economy
Business Green
The government has today confirmed long-awaited plans for the biggest shake up to the energy industry in a generation, vowing that its ambitious package of “electricity market reforms” will bolster energy security, slash greenhouse gas emissions, and help create up to 250,000 new green jobs.
**JK – Germany turns away from nuclear while Britain glows toward it. See more in Europe.

Electricity Market Reform – the reaction
Business Green
The government today released a package of electricity market reforms (EMR) as part of its draft energy bill it said represented the biggest shake-up of the sector since privatisation.

Government holds out prospect of early support for low carbon projects
Business Green
Renewable energy and nuclear power projects that are currently awaiting final investment decisions could soon receive specially tailored support from the government under controversial proposals set out in today’s draft Energy Bill.

Camco swings to 29.2 mln euro loss on carbon price
Camco International reported on Tuesday a 2011 loss of 29.2 million euros ($37 million), compared with a profit of 10.1 million euros in 2010, as the value of the company’s carbon portfolio got hit by record low carbon prices.
**JK -Long, long year for Camco.

Indian efforts of buying carbon credits: KBP urges government to take immediate notice
Business Recorder
Kisan Board Pakistan (KBP) has urged the government to take immediate notice of Indian efforts of buying carbon credits for its seven hydropower projects to be built on Sindh, Chenab and Jhelum rivers.

CARBON EXPO is supported by eleven prestigious organizations
Press Release – Environmental Expert blog
From 30th May to 1st June 2012, the CARBON EXPO carbon fair, organized by the World Bank, the International Emissions Trading Association and Koelnmesse, provides participants the opportunity to visit 200 exhibiting companies from over 20 countries presenting every aspect of the greenhouse gas emissions market, including green technology and successfully implemented projects.

Bringing Climate Change Disaster Into The Boardroom
Mairi Dupar, CDKN Global Public Affairs Coordinator, on Ecosystem Marketplace
Government and business must put weather-related disaster risk management at the heart of economic and fiscal planning. That is the message from a new Climate and Development Knowledge Network (CDKN) report ‘Tackling Exposure; Placing Disaster Risk Management at the Heart of National Economic and Fiscal Policy’ launched May 9 at the African leg of the World Economic Forum (WEF).

Tackling exposure: placing disaster risk management at the heart of national economic and fiscal policy

Commentary:There is an alternative to the Iran impasse
Financial Times
In early 2005 Dr Hassan Rowhani, Iran’s chief nuclear negotiator, told me of the Iranian supreme leader’s position on nuclear enrichment. Ali Khamenei had told him: “I would never abandon the rights of the country as long as I am alive. I would resign if for any reason Iran is deprived of its rights to enrichment, otherwise this may happen after my death.”

Exclusive Interview: Why Tar Sands Oil Is More Polluting and Why It Matters
Adam Brandt, global expert on the carbon footprint of fuels, explains why oil sands’ 20% greater greenhouse gas emissions are significant.


Shale Glut Means $1-a-Gallon Savings Burning Frozen Gas: Energy
Chad Porter wants to run his 18- wheeler trucks on frozen natural gas along a highway that crosses Canada’s Rocky mountains even before the world’s longest chain of refueling stations gets built to keep them fueled.

Amid Economic Concerns, Carbon Capture Faces a Hazy Future
National Georgraphic
For a world dependent on fossil fuels, carbon capture and storage (CCS) could be a key to controlling greenhouse gas emissions. But the technology meant to scrub carbon dioxide pollution from the air is experiencing stiff headwinds that have stalled many projects at the bottom line.

Spectra Energy Receives FERC Certificate for New Jersey-New York Expansion Project

Spectra Energy Corp SE +0.59% yesterday received approval from the Federal Energy Regulatory Commission (FERC) for its New Jersey-New York Expansion Project, which will transport new, critically needed natural gas supplies to high demand markets in northern New Jersey and New York City.

Texas power supply outlook worsens, grid says
Rolling blackouts may hit Texas years sooner than expected, the state electric grid operator warned on Tuesday in a report that intensified the call for more power generation to keep pace with growing demand over the next decade.

Hudson Pipeline Approval Is Sure to Draw Mixed Reviews
The New York Times
The Federal Energy Regulatory Commission has approved the construction of a much-debated natural gas pipeline that would run beneath the Hudson River from New Jersey into the West Village in Manhattan, connecting with Consolidated Edison’s distribution system.

Rep. Kucinich: Keystone approval will cause gas prices to rise
The Hill’s E2 Wire
Outgoing Rep. Dennis Kucinich (D-Ohio) said Tuesday that the Keystone XL pipeline approval mandate that is currently being debated by a conference committee on a proposed multi-year surface transportation bill will lead to higher prices if it becomes law. 

White House touts green energy credits

The Hill’s E2 Wire
The White House is pulling out all stops — or at least, plenty of stops — to build pressure on Congress to extend expiring tax credits that are vital to the wind energy industry.


Coyne: Is Mulcair’s oilsands gambit an astute attack on the Tories’ base?
National Post
Other factors besides oil may have contributed to the dollar’s rise. A higher dollar is not unambiguous in its effects on manufacturers — it lowers the costs of imported machinery, for example — nor is manufacturing’s decline necessarily dollar-related.

Goldstein: NDP green plan bad news
Toronto Sun
Thomas Mulcair’s so-called “solution” to the “problem” of the oil sands artificially inflating our dollar and gutting Canada’s manufacturing sector is to take billions of dollars more out of the pockets of ordinary Canadians.
That’s because the federal NDP leader’s proposed “cure” is a cap-and-trade market on steroids — far more massive in scope than the existing one in Europe.

Keystone XL Pipeline Will Raise Gasoline Prices
TransCanada Corp. (TRP)’s proposed pipeline to carry crude from the oil sands of Canada to the U.S. Gulf Coast would increase gasoline prices, according to a report from an environmental group that opposes the project.

California Proposes Revised Cap-and-Trade Regulations
K&L Gates LLP – JDSupra
California is on the verge of opening a greenhouse gas/carbon trading market that may ultimately rival the European Union’s carbon trading market as the largest organized carbon market in the world. The state has recently proposed modifications to the regulations governing its nascent carbon cap-and-trade market that would clarify a number of processes, and would also establish a formal link between California’s cap-and-trade program and a similar carbon cap-and-trade program in Quebec, Canada. Comments on the newly proposed regulations are required to be filed by June 28, 2012 with the California Air Resources Board of the California Environmental Protection Agency (“CARB”).
**Linkage to Quebec is spelled out here.


Plans put UK out of step with Europe
Financial Times
In moving ahead with plans to build new nuclear power stations, the UK is increasingly out of step with some of its European neighbours. After Japan’s Fukushima disaster in March 2011, Germany said it would phase out its existing nuclear plants. Italy also voted against starting a nuclear programme, and Switzerland decided not to replace its reactors.

UK proposes energy market overhaul to boost nuclear
Britain unveiled a draft energy law on Tuesday aiming to plug a looming energy gap with £110 billion of investment in nuclear and renewable energy over a decade.
Britain is due to lose about a fifth of its energy capacity over the next 10 years while demand will double by 2050, ministers said, admitting some of the cost of new capacity would come from increases in household bills.

Britain Charts Way to Wider Nuclear Investment
Britain announced plans Tuesday to finance a new generation of nuclear power plants and renewable energy facilities in a move that illustrates divergent energy policies within the European Union as it grapples with the challenge of reconciling economic and environmental objectives.

Minister stresses green growth to continue as Energy Bill travels through parliament
Business Green
Energy and Climate Change Secretary Ed Davey has today downplayed concerns that his department’s draft Energy Bill could delay much-needed investments in new low carbon energy projects, while also revealing that the government has recently started talks with EDF and Centrica to build a new nuclear reactor.


Councils win carbon tax reprieve
The Australian
COUNCILS have been granted a 12-month reprieve from paying the carbon tax on emissions from their landfills as 104 councils examine whether they will be subject to the liability for the carbon pricing scheme that starts on July 1.

Australian companies get first shot at green energy cash
National Times
Mr Combet, meanwhile, will introduce today legislation to set up the $10 billion corporation, to be chaired by respected businesswoman Jillian Broadbent. It will require candidates for funding to have Australian Industry Participation Plans, which are a key part of the government’s broader manufacturing strategy.

Carbon floor price warning
The Australian
A LEADING carbon pricing advocate has warned Australia will face a continuing investment strike in building base load power generation capacity if it scraps the floor price in the carbon pricing scheme after 2015, which could push up electricity costs.

Africa/Middle East

S.Africa’s Sasol launches new $423 mln coal shaft
Petrochemicals group Sasol, the world’s top maker of motor fuel from coal, on Tuesday launched a new 3.5 billion rand ($423 million) shaft at its Twistdraai colliery in South Africa to extend the life of the mine beyond 2039.

Latin America

Brazil to release emissions targets for 3 key sectors
Point Carbon
The Brazilian government will release plans to cap and cut greenhouse gas emissions in its industry, mining and transportation sectors by mid-June, a government source said on Tuesday.

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