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edited by caterina.cruciani@feem.it and marinella.davide@feem.it

EUA price (EU-ETS) October 2011
	Dec. 2011	Dec. 2012	Dec. 2013	Dec. 2014
1st week	€ 10.40	€ 10.88	€ 11.67	€ 12.38
2nd week	€ 10.45	€ 10.94	€ 11.74	€ 12.46
3rd week	€ 10.38	€ 10.86	€ 11.58	€ 12.28
4th week	€ 10.38	€ 10.87	€ 11.57	€ 12.23

1^st week, October 3 - 9, 2011
Carbon prices remained substantially unchanged compared to the previous week. The EU benchmark contract registered a 2.5-year low of €9.82 on Tuesday and then recovered on Thursday by news that an advisor to Europe’s highest court ruled that the inclusion of airlines in the EU ETS was legal under international law. Finally the EUA 2011 closed the week at €10.40, around 1 percent up than the week before. Prices of CER 2011 closed at €7.72, down 1.65 percent than the week earlier.

2^nd week, October 10 - 16, 2011
A very bearish week characterised the prices of CER 2011, which hit €7.15 on early Friday, matching the floor for the U.N.-backed contract on February 12, 2009. At the end of the week the contract slightly recovered to €7.27, 5.8 percent down than the week before. This year CERs already lost nearly 40 percent of their value, and analysts predicted that prices will probably continue to fall in the next weeks due to an oversupply of credits and economic turmoil. The European counterpart held up better despite lower prices across major financial markets. The EUA 2011 closed at €10.45, gaining around 0.48 percent in a week.

3^rd week, October 17 - 23, 2011
A bearish trend characterised the first part of this week, with the European contract which briefly fell under €10 on Wednesday. However, speculators pushed the price higher on Friday with some short buying from a few utilities. The EUA 2011 closed at € 10.38, nearly 0.7 percent lower than the week before. Decidedly worse the situation of CER prices, which fell below €7 amid expectations of a large issuance of Kyoto permits from Russia and Ukraine. CER 2011 ended the week down 4.2 percent after hitting a record low of €6.69 on Thursday and slightly recovering at €6.96 on Friday.

4^th week, October 24 - 30, 2011
This week carbon prices have been positively influenced by news on the agreed package to save the euro, which outweighed the negative pressure of fresh EUA and offset supply. Indeed, two separate auctions held by the Netherlands and Greece together with the weekly 870,000 German permits, placed around 3 million spot EUAs into the market. The EUA 2011 contract substantially held steady around €10.40, closing at €10.38, the same price of the week before. In the secondary market for UN-backed carbon credits, CER 2011 managed to slightly recover to €7, ending the week at €7.01. The EUA/CER swap decreased from €3.42 to €3.37.

EUA price (EU-ETS) September 2011
	Dec. 2011	Dec. 2012	Dec. 2013	Dec. 2014
1st week	€ 12.64	€ 13.19	€ 13.96	€ 13.96
2nd week	€ 11.92	€ 12.42	€ 13.26	€ 14.06
3rd week	€ 12.16	€ 12.67	€ 13.55	€ 14.33
4th week	€ 11.38	€ 11.85	€ 12.68	€ 13.42

1^st week, August 29 - September 4, 2011
After a 8-week peak, a bearish trend characterised this week. Despite two initial days of gains, EUA2011 contract closed at €12.64, down around 22 cents from the week before, while the secondary CER finished at €8.75. Traders attributed these losses mainly to the slowdown in crude oil and UK gas prices as well as to renewed concerns over economic crisis in Spain and Italy. In addition, the worrying data on U.S. employment slightly amplified this downward effect.

2^nd week, September 5 - 11, 2011
The bearish trend continued to characterise carbon prices also this week. The benchmark EUA2011 contract registered the lowest close since August 11, ending the week at €11.92, down €0.36 from last week, amid permit auctions which increased the EUA supply by over 5 million units and persistent worries about the worldwide economic crisis. Moreover, negative comments from the European Central Bank together with the U.S. falling back in to recession contributed to pull down the global markets’ sentiment. Secondary CERs managed to lose less ground than EUAs, with the December 2011 contract closing at €8.37, just €0.14 down, but still registering the lowest closing price since August 10.

3^rd week, September 12 - 18, 2011
After one month of falling carbon prices, a bullish trend characterised the end of this week. On Monday the benchmark contract briefly shot above €12 after news on nuclear explosion in France. From Tuesday to Friday the EUA2011 contract ranged between €11.90 and €12.45, ending the week at €12.16, up 2 percent from last week. Secondary CERs managed to gain more ground than EUAs, with the December 2011 contract closing at €8.83, 3.6 percent higher than the week earlier. On Thursday, news that five of the world’s central banks will boost European banks funding contributed to slightly restore markets sentiment.

4^th week, September 19 - 25, 2011
The positive sentiment registered last week in international carbon market was not confirmed this week, when carbon prices fell again under concerns that a second recession is affecting the global economy. In particular, the EUA contract dropped to a six-week low of €10.95 on Friday morning, pulled down by falling oil prices and closed at €11.38, losing over 6.5 percent on the week. Markets were also influenced by news that ratings agency downgraded Italy. Movements on the secondary CER markets were similar were similar to their EUA compartment, with the CER2011 closing at €8.05.

EUA price (EU-ETS) June 2011
	Dec. 2011	Dec. 2012	Dec. 2013	Dec. 2014
1st week	€ 16.82	€ 17.54	€ 18.88	€ 20.04
2nd week	€ 16.57	€ 17.30	€ 18.66	€ 19.78
3rd week	€ 15.67	€ 16.33	€ 17.51	€ 18.46
4th week	€ 12.20	€ 12.67	€ 13.51	€ 14.25

1^st week, May 30 - June 5, 2011
This week the carbon market was mainly driven by political factors, as the energy complex provided only mixed signals. Although it did not take traders by surprise, the announcement of the phasing out of all nuclear plants by 2022 in Germany had a significant impact on the market, driving up. The buying sentiment generated by this news was slightly diminished by the news of fresh EUA supplies shortly to be coming to the market, as the UK already plans an auction in June and the European Investment Bank confirmed that it would be shortly selling the allowances from the New Entrants’ Reserve, setting the date after the Member States have formally approved the reform measures in a vote scheduled for mid-June. The benchmark contract, the EUA2011 closed the week at € 16.82, while CER2011 at €12.67. Volumes in European allowances were overall comparable to the latest weeks, about 20 million allowances exchanged per day, while on the secondary CER market volumes were markedly lower, with only 1.7 million units exchanged daily.

2^nd week, June 6 - 12, 2011
It was a bearish week for carbon, with all vintages and products losing some ground over the five trading sessions; the culprits once again were macroeconomic signals and the fresh supply of auctioned permits by the UK, which put on the market 3.5 million spot credits. Greece is also planning to sell 10 million unused credits in an auction and the market is still waiting for more details on how the 300 million credits from the new entrant’s reserve will be put into the market by the European Investment Bank. In the meantime, a bearish week for Brent crude oil dampened further the sentiment in the market. The EUA2011 closed the week at €16.57, while larger losses brought the CER2011 down to €12.50.

3^rd week, June 13 - 19, 2011
The bearish trend initiated last week, after the bullish effect of the German nuclear phase-out faded away, continued this week. After shedding about 3 percent of its value by Thursday, the EUA contracts suffered a further 3 percent loss in only one day on Friday, with the EUA2011 crashing at €15.67. All vintages suffered similar losses, which were mainly attributed by traders to concerns regarding the effects of the Greek economic crisis and the likelihood of increased supply of European credits very early in the fall. Volumes were slightly higher than the previous week, both in EUA and in the secondary CER market, where the benchmark contract closed the week at € 11.73.

4^th week, June 20 - 26, 2011
The bearish trend seen recently in the carbon market hit a whole new level this week, when carbon crashed to its lowest level in about 2 years. Concerns regarding the injection of fresh supplies by the European Investment Bank, through the selling of the New Entrants’ Reserve likely to become reality after the summer, and traders’ worries that the EC might not support carbon prices, shifting focus to energy efficiency measures, finished off a carbon price that was already lacking support from fundamentals, with Brent crude oil down over the week. The EUA2011 finished the week at €12.20, amid massive selling by banks. The secondary CER compartment reacted slightly better, limiting losses compared to the EUA, with CER2011 finishing the week at 13.35.

EUA price (EU-ETS) May 2011
	Dec. 2011	Dec. 2012	Dec. 2013	Dec. 2014
1st week	€ 17.03	€ 17.88	€ 19.26	€ 20.49
2nd week	€ 16.78	€ 17.56	€ 18.93	€ 20.14
3rd week	€ 16.38	€ 17.11	€ 18.28	€ 19.35
4th week	€ 16.85	€ 17.62	€ 18.90	€ 19.99

1^st week, May 2 - 8, 2011
Low volumes and a very volatile market seemed set to give a bearish twist to the carbon market, which managed to recover a little by the end of the week on the back of increasing energy prices. Carbon traded in a very wide, almost €1 range, losing some ground especially on Thursday, when Brent oil retreated due to concern over the slow economic growth. Energy commodities managed a rebound during the last trading hours of Friday, bringing both EUAs and CERs with them: the benchmark contract for 2011, the EUA2011, closed the week at €17.03, while the CER2011 at €13.04, widening the gap between these two products compared to the previous week. Volumes were markedly below average, with 10.7 and 1.7 million respectively for EUAs and CERs compared to a 2011 average of 18.2 and 3.4 million.

2^nd week, May 9 - 15, 2011
The political events of the last few months have not stopped affecting the carbon market, which suffered this week from a bearish trend that dates back to Fukushima and to the Libyan situation. On the back of depressed energy commodity prices, especially oil prices, due to the news that Gheddafi might have been killed and a stronger dollar, carbon shed more than 1 percent of its value over the week, with the EUA2011 closing at €16.78 and the CER2011 at €12.73. Volumes were lower than the yearly average, as traders await the official announcement regarding the phasing out of nuclear plants in Germany. In a leaked report mentioned by Pointcarbon, the German phasing out year is likely to be 2021, which could trigger increased demand in the permit market.

3^rd week, May 16 - 22, 2011
Issuance forecast outweighed weather forecasts this week in the carbon market. In fact, the market suffered a bearish week, dampened by the news that the European Investment Bank is going to sell the 300 million allowances from the EU ETS New Entrants reserve later this year, earlier than expected. The bullish trend that could originate from the news that an upcoming dry summer may cause the shutdown of cooling plants of French nuclear plants, increasing the demand from other more-polluting sources of electricity, was not strong enough to support carbon, which slipped down to a two-month low on Friday, when the EUA2011 closed at €16.38. The secondary CER market once again follow the trend in the EUA market, with the CER2011 closing the week in negative territory at €12.34. For the fourth week running the UN continued reducing the amount of CER issued weekly, bringing the 2011 total to 118.6 million over 603 separate issuances. Since the first issuance by the UN in October 2005, the total number of CERs handed amounts to 614.8 million credits, for a monthly average of 9 million credits.

4^th week, May 23 - 29, 2011
In what looks like the poster week for the recent market trends in the carbon market, prices were particularly volatile, moved by all the socio-economic factors that have set the mood in the last month. Preoccupation about the eurozone debt crisis, retreating oil prices and increased supply of permits from the European investment Bank acted all as bearish signals pushing carbon prices down to a 10-week low this week. Nevertheless, the debate following the Fukushima disaster reached a whole new level this week, when Angela Merkel, German Chancellor announced that Germany’s seven oldest plants, which she previously closed temporarily, will never resume operation. This bullish twist pushed carbon up by more than 3 percent, driving the EUA2011 to €16.85 in a heavily traded day. On the secondary CER market, the benchmark contract, the CER2011, moved in line with the European allowances, ending the week at €12.73.

EUA price (EU-ETS) April 2011
	Dec. 2011	Dec. 2012	Dec. 2013	Dec. 2014
1st week	€ 17.20	€ 18.03	€ 19.38	€ 20.44
2nd week	€ 16.99	€ 17.84	€ 19.13	€ 20.25
3rd week	€ 16.86	€ 17.72	€ 19.09	€ 20.19
4th week	€ 17.15	€ 18.01	€ 19.44	€ 20.36

1^st week, March 28 - April 3, 2011
Trends from Germany drove the market this week, with both political and energy news shaping the fate of carbon prices. Following the political elections in Germany and the victory of the Green party in a State traditionally governed by the CDU party, the fate of the German nuclear plants has never been gloomier. With the Greens opposition, it may be that the nuclear plants that have been closed for a few months following the Fukushima tragedy might never re-open. This political development had an immediate impact on the energy prices, with German power prices jumping on a bullish trend, quickly followed by carbon prices. On Friday, the release of the preliminary data on emissions in the EU ETS went barely unnoticed, as similar figures were expected by traders, but failed to support carbon throughout the end of the week, with the EUA2011 closing very close to its Thursday’s level by the end of the week, at € 17.20. On the secondary CER market, once again, the same trend was followed with the bullish trend carrying over to Friday, when the benchmark contract for 2011 closed at € 13.10.

2^nd week, April 4 - 10, 2011
If a warmer than usual climate throughout Europe is certainly making a lot of people happy, carbon traders are certainly not among them. In fact, the price of carbon allowances shed some cents over the week, breaking the streak of bullish weeks that has characterised the previous month. With the bullish trend from the proposed revision of nuclear policy all over Europe starting to fade out, warmer weather and lower relative fuel consumption did not support energy commodities, in particular German power prices, which had a very volatile week. This sent a slightly bearish signal to the European allowance market, with the benchmark contract for 2011, the EUA2011, closing the week at €16.99. The secondary CER market was less affected by this bearish trend and closed the week with fewer losses, with the CER2011 at €13.00.

3^rd week, April 11 - 23, 2011
A new level was tested in the ten days before Easter, when the market came close to seeing the benchmark EUA back below €16.50 on both the spot and the 2011 vintage markets. After reaching a 13-week low amid a low energy complex and worries regarding the European debt crisis, the market started recovering amid technical buying from utilities and the news that Germany will replace its existing nuclear facilities with thermal ones. The EUA2011 closed the Easter week at €16.86, after a rollercoaster week that brought it up and down from €16.78 to €17.13. Once again on the secondary CER market a very similar trend was followed, with the benchmark contract for 2011, the CER2011, closing the week at €13.05. In preparation for the Easter break, volumes were markedly below the averages seen in the previous weeks, with only 9 million allowances exchanging hands on the last trading day of the week –Thursday- compared to an April daily average of 18 millions.

4^th week, April 25 - May 1, 2011
A bullish return from the holidays met carbon prices this week, with the benchmark EUA contract securing a 1.5 percent gain over last week’s closing level, after reaching a 3-week intra-day high during the week. The EUA2011 closed at 17.15, slightly below the previous day, in which the intra-day high had been reached. Liquidity was slightly lower than average both on the EUA and the CER compartment, where the 2011 contract closed at €13.12. Overall in April 348.1 million allowances traded over the six major trading platforms in Europe according to Thomson Reuters Pointcarbon data, 49% of the total allowances traded in March, when almost 680 million allowances had been exchanged.

EUA price (EU-ETS) March 2011
	Dec. 2011	Dec. 2012	Dec. 2013	Dec. 2014
1st week	€ 15.83	€ 16.52	€ 17.75	€ 18.66
2nd week	€ 15.76	€ 16.40	€ 17.54	€ 18.43
3rd week	€ 17.12	€ 17.81	€ 18.96	€ 19.89
4th week	€ 16.80	€ 17.50	€ 18.70	€ 19.70

1^st week, February 28 - March 6, 2011
Political instability may cause concerns for energy security, but as oil prices soared due to the crisis in Libya, carbon prices enjoyed a very bullish week, helped further by the appreciation of the euro over the dollar. The EUA2011 hit a four-and-a-half peak on Friday, when it reached €15.85, before closing cents below it at €15.83, supported by bullish trends in both oil and German power prices. Volumes were below average this week, although they picked up after Wednesday, when all Member States finished issuing 2011 ETS certificates. Three more exchanges –Bulgaria, Ireland and Norway- reopened spot trading on Friday after they had been closed for a month following the reported allowance thefts, while one European exchange decided not to reopen spot trading of ETS allowances. On the secondary CER market, credits also benefit from the bullish trend in energy commodities, with the CER2011 closing the week at €11.97, bringing the EUA/CER spread for 2011 to €3.86.

2^nd week, March 7 - 13, 2011
Carbon prices experienced a volatile bullish trend this week, in which natural and political events continued to affect energy prices. The EUA2011 hit a 8.5 month high on Monday, but retreated over the week due to fresh supply from a UK auction of 4.4 million allowances and a mixed energy complex. German power was rather flat and ended in negative territory, while gas prices received a boost from the tragic earthquake that hit Japan on Friday, as nuclear generation is going to be reduced, thus making gas a more necessary commodity. The EUA2011 closed the week at €15.76, while in the CER compartment the benchmark contract for 2011 closed at €11.85, after a less eventful week than the European contracts.

3^rd week, March 14 - 20, 2011
Bullish is not a strong enough word for the trend that characterised carbon prices this week; due to some developments in international nuclear policy, following the unfortunate events that hit Japan last week, carbon prices gained more than 9 percent compared to the previous week and the market saw an explosion in volumes to levels unseen in years. After the tsunami hit Japan, causing important damages to one of its nuclear power plants, German chancellor Angela Merkel decided to re-think the country’s current nuclear policy and lift the provision according to which the life of existing nuclear facilities had been extended. This move, which surprised the energy markets caused an incredible surge in both gas and German power prices, which moved all week in a range of over €0.50. On Tuesday and Wednesday, the largest carbon platform saw more than 50 million allowances exchanging hands, which an average exchange level of 36 million per day –twice as much as the March average. The EUA2011 closed the week at €17.12, just a few cents short of the highest intraday reached on Friday -€17.24. On the secondary CER market, the bullish trend caused the benchmark contract to close at €13.03.

4^th week, March 21 - 27, 2011
The impressive performance registered last week in the international carbon market was not matched this week, when, in a rebound from the two-year intra-day high reached in the previous days, carbon prices lost some ground, only to manage a bullish twist during the very last trading day of the week supported by gains in the energy complex. Carbon mirrored movements in the German power market, with the EUA2011managing to close the week at €16.80, up €0.21 from the previous day’s close, but well below the €17.12 reached last week. Movements on the secondary CER markets were similar to those in the EUA compartment, with the CER2011 closing at €12.73. Volumes were lower than the previous week, with 25 millions trading on Friday compared to 45 traded a week ago.

EUA price (EU-ETS) February 2011
	Dec. 2011	Dec. 2012	Dec. 2013	Dec. 2014
1st week	€ 14.70	€ 15.24	€ 16.60	€ 17.04
2nd week	€ 14.87	€ 15.43	€ 16.32	€ 17.12
3rd week	€ 14.99	€ 15.53	€ 16.47	€ 17.28
4th week	€ 15.39	€ 15.98	€ 17.10	€ 17.94

1^st week, January 31 - February 6, 2011
With organized crime, lingering suspicions and political turmoil the carbon market did not miss on action for the third week running. After a major theft of carbon allowances had caused the European Commission to close spot trading in the last ten days, the conclusion of police investigation, attributing responsibility to organized gang crime, seemed to have eased the way for trading to resume. On Thursday, after a thorough series of checks to exchanges all over Europe was over, the Commission authorized spot trading to resume in the UK, France, Germany, the Netherlands and Slovakia, but lingering suspicion kept many traders away, reducing liquidity on the last trading day of the week. After reaching a ten-week high at the beginning of the week, on the back of crude oil going over $100/barrel after more than two years for fear that political turmoil in Egypt could endanger supply from the Middle East, the combination of spot traders coming back to the market increasing supply and the scepticism about the safety of trading cancelled most of the progress, getting the benchmark contract, the EUA2011 at €14.70, only a few cents over last week’s closing level. The secondary market moved in line, reaching a peak throughout the week that was completely erased by the end of it, with the CER2011 contract closing at €11.31.

2^nd week, February 7 - 13, 2011
Despite a slow start, the carbon market managed a happy ending, with the benchmark contract, the EUA2011 closing at €14.87, up 0.17 on the previous week’s closing level, despite a weaker energy complex and increased EUA supply. Carbon prices traded in a narrow range all week, barely moving from last week’s closing level until Friday, when some of the bearish trend was shaken off, despite volumes remained well below daily averages and the reopening of two more exchanges –Bluenext and EEX. On the secondary CER side, the week was also quieter than usual, with a break in the frantic issuance of CER credits on the part of the UN. The benchmark contract for 2011 closed the week at €11.24, €0.07 cents below last week’s closing level. While the market slowly recovers from the scandal of the stolen allowances, more and more details continue to emerge. The Greek police followed the trail of stolen allowances through the Czech registry, while the trail of the 3.36 million EU allowances, worth around €50 million, stolen or transferred since November 2010 from the Italian registry seems to lead to Liechtenstein.

3^rd week, February 14 - 20, 2011
It was a good week for carbon prices, which managed to stay on a bullish ride throughout the entire week. The benchmark EUA2011 contract closed the week at €14.99, up €0.27 on last week’s close, supported by increasing energy prices. In fact, the German power price recorded a 1.3 percent increase over the week, on the back of oil prices reaching a 2,5-year high due to turmoil in the Middle East. In the spot market, despite the re-opening of the seventh exchange closed because of the thefts of allowances a few weeks ago, traders are still wary, which is causing lower volumes than usual and lower evaluations compared to the December 2011 contracts. On the secondary CER market, more credits were issued by the UN, bringing the total number issued this year to over 50 million; this increased supply is causing a bearish trend in the spot CER market, which has fallen by 4.5 percent since the beginning of the year, reaching the level of the 2011 futures. The CER for December 2011 contracts, just like its counterpart in the EUA market, gained over €0.20 cents this week, closing at €11.47.

4^th week, February 21 - 27, 2011
Carbon prices hit their highest levels since mid-October throughout this particularly bullish week, fuelled by supply concerns motivated by political unrest in Oil exporter Libya. Oil prices affected most energy commodities, which followed it in the bullish trend. Spot trading was rather weak, despite 10 out of 30 registries have now reopened, but overall trading in EUAs totaled over 100 million over the week and the EUA2011 closing at €15.39. The bullish trend carried over to the secondary CER market, with the CER2011 closing at €11.78.

EUA price (EU-ETS) January 2011
	Dec. 2011	Dec. 2012	Dec. 2013	Dec. 2014
1st week	€ 14.62	€ 15.05	€ 16.05	€ 16.87
2nd week	€ 14.44	€ 14.89	€ 15.88	€ 16.67
3rd week	€ 14.47	€ 14.92	€ 15.91	€ 16.67
4th week	€ 14.68	€ 15.17	€ 16.15	€ 16.91

1^st week, January 3 - 9, 2011
It was a bullish debut for the new benchmark contract, the EUA 2011, which started out the first three sessions of the year collecting a 3 percent increase compared to the closing levels of 2010. In fact, the EUA2011 kept on the bullish ride for most of the week pocketing a 4 percent increase, before shedding a few cents by Friday, closing at €14.72. Energy prices were particularly supportive of carbon in the two weeks of Christmas break, with German power hitting the highest level in six months and coal prices hitting a two-year high, although they also suffered a minor bearish blow by the end of the week. The increase in the supply of Clean Development Mechanisms already started in 2010 kept on characterising the secondary CER market, with almost a million CERs issued on Friday and 40 millions projected in total to be issued overall in January. If all those credits should reach the market, a new monthly record would be set, crashing the current one – 24 millions recorded in November 2010. In response to this increased supply, CER2010 closed the week exactly at the level it had reached during the closing session in 2010, €11.24, while traders expect prices to be affected even more in the next few weeks.

2^nd week, January 10 - 16, 2011
The New Year seems to have brought a new trend in carbon markets, with carbon price trends becoming more and more uncorrelated with trends in energy commodity prices. In fact, this week, a bearish trend in the first part of the week went on despite a stronger energy complex, while a bullish Friday closing for carbon corresponded to weaker energy prices. The increased supply of secondary CER, which is likely to make January the most “issued” month ever with 40 millions waiting in line, had a very bearish impact on the market, bringing the benchmark CER contract down to its lowest level in a year, €10.89. The EUA mainly followed this trend, recording major losses and keeping the EUA/CER spread basically unchanged. The week ended with a bullish twist, bringing the EUA2011 back up at €14.44 and the CER2011 at €11.01, despite weaker gas, coal and German power prices.

3^rd week, January 17 - 23, 2011
Life in the carbon market seems fraught with legal complexities: after surviving a multi-billion-euro VAT fraud, a phishing scam and a scandal involving the re-sale of used carbon credits, this week the market suffered a serious blow to its credibility, when the European Commission closed it after a series of reported thefts. According to Jos Delbeke, of the Commission’s Climate Action Division, up to 2 million allowances might have been stolen, worth approximately €28 millions. The market was closed on Wednesday and will remain closed at least until January 27, while appropriate security measures and double-checks are put in place in all countries. This implies that only credits for compliance can be transferred. As the attention was all focused on security issues, the market sailed through a quiet week, managing gains in the EUA compartment, with the benchmark contract EUA2011 closing at €14.58. The secondary CER market remained also under the spotlight, as the record volume of issued credits reached 38.6 millions. Despite the pressure from increased supply the CER contracts managed moderate increases over the week, with the CER2011 closing at €11.05. Despite the lack of correlation between energy commodity and carbon prices, a bullish energy complex seemed to somewhat support the results in the carbon market.

4^th week, January 24 - 30, 2011

Carbon trading has not yet recovered from the thefts of about 3.2 million allowances that led to the closing of spot trading last week. The suspension, originally envisaged until Wednesday was not lifted, leaving spot trading suspended throughout the entire week, with the European Commission announcing on Friday that some exchanges might re-open gradually starting from the middle of the coming week only once authorities "give reasonable assurances that the minimum security requirements are in place". Despite the request from traders and exchanges to publish a list of stolen credits, the European Commission said in a statement that, under current legislation it has no power to “disclose such details nor has it been provided with complete information by affected national registries”. The carbon market went through a very volatile week, ending in positive territory on Friday, with the EUA2011 closing at €14.68, up €0.10 from last week’s closing level, after hitting an intra-day eight-week peak at €15.03 on Thursday, before massive selling brought it back below €15. The record volume of issued CER credits reached 48.4 millions, leading the CER2011 up to €11.06, up €0.09 from the previous week. The lack of correlation between energy commodity and carbon prices carried forward from the previous week with German power and gas prices in negative territory.

EUA price (EU-ETS) December 2010
	Dec. 2010	Dec. 2011	Dec. 2012	Dec. 2013
1st week	€ 14.76	€ 15.05	€ 15.50	€ 16.53
2nd week	€ 14.54	€ 14.86	€ 15.31	€ 16.33
3rd week	€ 13.99	€ 14.29	€ 14.72	€ 15.69
4th week	€ 14.05	€ 14.48	€ 15.50	€ 16.36

1^st week, November 29 - December 5, 2010
A mix of different bearish signals hit the carbon market this week, slashing prices both in EUA and CER vintages. CERs were the centre of the attention, with 18 of 20 million CER unfrozen from HFC-23 project last week hitting the market on Monday only. This strong supply acted as an important bearish signal, topped by the release of the news regarding a reported theft of 1.6 million CER from cement company’s account during the previous week. As traders were busy checking the safety of their own accounts, the CER2010 at €11.62. The EAUs recovered some ground on Friday, but most of the damages could not be compensated and the European allowances with December 2010 delivery finished also in the red, 2.2 percent down from the previous week at €14.76. EUA trading volumes were very particularly low, especially on Friday, with not even 14 millions exchanged over all platforms.

2^nd week, December 6 - 12, 2010
Another bearish week characterised the carbon market, pushing some contracts down to the lowest level observed in months. In particular, due to particularly weak German power and gas prices, carbon shed further €0.15 in the first part of the week, with the EUA2010 only managing a €0.01 increase on Friday, finishing the week at €14.54. On the secondary CER market, the benchmark contract for 2010 hit its lowest level in 8 month during trading on Friday, before recovering 2 percent of its value and closing at €11.67. Initially put down by the proposed amendments on EU ETS rules regarding the ineligibility of HFC-generated credits after January 2013, CER credits received a boost by the news that some of the 2013 credits might indeed be used for compliance. This led to an increase throughout the entire curve of CER credits rallied, even the close futures. Total CER volume traded hit almost 10 millions, a level unseen in the last five months.

3^rd week, December 13 - 19, 2010
After a slow start, carbon suffered another bearish trend towards the end of the week: with the benchmark contracts for 2010 about to expire, the market was mostly characterised by surplus selling and rolling over positions to 2011 futures, which caused significant price drops, despite a firm energy complex. The EUA2010 closed the week at € 13.99, €0.55 down from the previous week’s close, with most of the losses recorded on Thursday and Friday, which was also a very traded day, with 21 million allowances exchanging hands over all platforms. Despite the fact that the expiry date for CER credits was also this Monday, and that the UN issued 8.7 million credits on Friday only, 6.3 of which to a Chinese HFC project, CER prices held up much better that the EUAs. In fact, the CER2010 managed to close the week at €11.73, a few cents above last weeks close, despite some ups and downs throughout the week.

EUA price (EU-ETS) November 2010
	Dec. 2010	Dec. 2011	Dec. 2012	Dec. 2013
1st week	€ 14.60	€ 14.90	€ 15.41	€ 16.44
2nd week	€ 14.54	€ 14.84	€ 15.33	€ 16.35
3rd week	€ 14.90	€ 15.20	€ 15.69	€ 16.47
4th week	€ 15.08	€ 15.36	€ 15.85	€ 16.92

1^st week, November 1 - 7, 2010
Friday’s performance saved a week to forget for carbon prices: after a very bearish start, which brought prices down to a 11-week low, amid weaker German power prices and concerns for the future of CER credits after 2012, the European benchmark contract for 2010 closed at €14.46, down €0.20 from the previous week, but recovering most of the losses accumulated during the week. The possibility that stricter rules for the eligibility of CER credits into the EU ETS from phase III might be introduced by the European authorities is fuelling concerns regarding their role in the post-2012 scenario. This caused the secondary CER prices to drop this week, ending 1.8 percent below last week’s closing level, with CER2010 at €12.16.

2^nd week, November 8 - 14, 2010
After hitting the lowest level in three months on Tuesday, carbon prices saw the light at the end of the bearish tunnel that had characterised prices in the last few weeks. By the end of the week the EUA2010 was valued at € 14.91, after trading as high as €15.01 during the day. The bullish trend was supported by the remarkable results of German power prices, which reached a one-month high on Friday. Volumes were particularly high this week, with peaks of 20 million allowances traded on Friday across all platforms.
Secondary CER prices did not benefit much from this bullish trend; quite the opposite mood characterised the market for these credits, as the news that the UN issued at least 2.8 million CERs this week, including 871,000 to an Indian HFC 23 project on Friday, undermined the impression the market had been creating in the last months, since the UN had started questioning the validity of HFC- related projects. The CER2010 closed the week at €12.22, shedding 1 percent on the previous day.

3^rd week, November 15 - 21, 2010
Strong German power prices managed to give a bullish twist to the carbon market, which gained one percent in value over the previous week. The benchmark contract for 2010, the EUA2010, closed the week at €14.95, 3 cents above the previous week’s closing level. German power prices gained over 2 percent over the week, while coal prices lost about 1.4 percent. A Dutch and a German auction poured about 3 million EUAs into the market, with the former netting a price slightly below the current market price. Secondary CER market did not share the bearish trend of European allowances, and shed 5 cents over the previous week, closing at €12.30. This week was characterised by particularly high trading levels, with about 21 million allowances exchanging hands every day, well above the daily averages of the previous weeks -18 millions. The same trend was observed in the CER market, where daily volumes hit 4.6 million, from an average of 3.8 million of the previous weeks.

4^th week, November 22 - 28, 2010

As the news that the European Union will ban certain types of industrial gas offset projects from the crediting system of the EU ETS reached the market, the CDM vintages suffered a bearish turn, widening the EUA/CER spread especially for the 2012 vintage. The benchmark contract for this year, the CER2010, closed at €12.22, while the same vintage in the EU ETS market reached e15.06. In fact, the EUA market gained one percent over the previous week, on the back of strong German power and coal prices. This week about 18 million European allowances exchanged hands on average every day except Friday, which saw smaller volumes and less active traders. Volumes in CER trades were much smaller, with about 4.1 million credits exchanged on average daily.

EUA price (EU-ETS) October 2010
	Dec. 2010	Dec. 2011	Dec. 2012	Dec. 2013
1st week	€ 15.46	€ 15.76	€ 16.25	€ 17.42
2nd week	€ 15.66	€ 15.97	€ 16.46	€ 17.67
3rd week	€ 15.07	€ 15.37	€ 15.86	€ 17.05
4th week	€ 14.96	€ 15.26	€ 15.76	€ 16.85

1^st week, October 4 - 10, 2010
Carbon prices cruised smoothly throughout the week, managing to record some gains, despite a six-month low in German power prices, but without receiving the boost that a major UK auction of 4.4 million permits was expected to provide. The benchmark EUA contract closed the week at €15.56, up €0.20 from the previous week’s closing level, while secondary CER prices gained a little more, with CER2010 closing at €13.88, up €0.24. The 14th UK auction settled on Thursday below current traded prices, which did not send a strong signal to the market. Volumes were lower than monthly averages, with only 6 million European permits traded on Friday.

3^rd week, October 18 - 24, 2010
Carbon prices hit their lowest level in 5 weeks before managing an end-of-the-week bullish turn, amid a bearish energy complex.
The EUA2010 hit €14.88 on Thursday, losing more than €0.70 from the previous week’s closing level, but managed a 1.4 percent increase on Friday, when it closed back up at €15.07. Secondary CER were hit by an even more bearish trend this week, due to trend in EUAs and also to the fresh supply of CER credits (3.4 millions on Wednesday only.) Volumes were higher than the previous week’s average, with 17 million European permits traded on average every day of the week.

4^th week, October 25 - 31, 2010

The weakest German power prices in eight months caused carbon prices to crash down to its lowest levels since mid-August at the end of a basically uneventful week. Despite brisk trading this week, which saw 19 million allowances exchanging hands on average with a high of 30 millions on Thursday, carbon prices moved in a narrow range from the previous week’s levels. On Friday, a further weakening in German power prices, caused carbon prices to drop as the margin from burning coal disappeared. The week closed with the benchmark EU contract, the EUA2010 at €14.66, while in the secondary CER market, the CER2010 closed at €12.45.

EUA price (EU-ETS) September 2010
	Dec. 2010	Dec. 2011	Dec. 2012	Dec. 2013
1st week	€ 15.57	€ 15.89	€ 16.37	€ 17.55
2nd week	€ 15.31	€ 15.62	€ 16.10	€ 17.30
3rd week	€ 15.02	€ 15.31	€ 15.78	€ 16.95
4th week	€ 15.50	€ 15.79	€ 16.27	€ 17.46

1^st week, September 06 - 12, 2010
Only few commodities were spared from the bearish trend in the carbon and energy markets this week; all EUA and CER vintages lost value from the previous week’s closing levels, with the EUA2010 finishing the week on a two-week low at €15.26 and recording the largest day-on-day loss of the month (-1.8%) from Thursday.
Both German power and coal prices were bearish, with only Brent crude only managing some gains throughout the week. Another important driver for the bearish trend was the continuing uncertainty surrounding the issuance of CER credits from HFC23 project, whose eligibility under the Kyoto Protocol is still under review after claims of gaming by the developers.
This signal initially supported the demand for CER2010 during the week, as traders are certain that the CDM executive Board will take a clear stand on HFC23 project by the end of the year, but failed to do so on Friday, when the contract closed at €13.68, recording similar losses than the EUA2010.

2^nd week, September 13 - 19, 2010
The bearish trend that characterised the previous week carried over to another week of negative results for carbon and energy commodities. Amid decreasing volatility, with daily averages down to 13.4 millions compared to almost 15 millions in the previous week, the benchmark contract for the EU ETS, the EUA2010, closed at €15.24, down €0.26 from the previous week. German power prices were the least affected by the negative trend among all energy commodities, with Brent crude, gas and coal all closing markedly in negative territory. After the excitement of the last few weeks, trading in the 2010 vintage of the CER market went quieter, with the contract shedding €0.23 over the week and closing at €13.70, narrowing the EUA/CER spread for 2010 credits.

3^rd week, September 20 - 26, 2010
A bearish week with a bullish final twist left carbon prices little changed compared to the previous week, despite a four-week low for CER2010 on Thursday. Low prices in the energy complex dampened EUA prices throughout the week, causing a 2 percent loss up until Thursday in EUA2010, but a recovery in gas, German power and oil prices supported the EUA2010 back up, cancelling out the negative first four days of the week. The EUA2010 closed the week at €15.32, with a daily average of 15.2 million allowances exchanged, in line with monthly average. The news that the CDM Executive Board approved the issuance of 6 million credits from a previously hold-up industrial gas project in China acted as a bearish signal for the CER market, which also managed to regain some ground on Friday, with the CER2010 finishing the week at €13.70.

4^th week, September 27 - October 3, 2010
Carbon prices went through a very bullish few days this week, when, supported by increasing prices in all energy commodities, the EUA2010 managed a 4 percent increase on Thursday compared to the previous week. But this bullish week came with a bitter end: the lack of support from German power and gas prices let EUA prices slide back down, with the EUA2010 closing at €15.36, little above last week's closing level. Once again secondary CER prices followed the same trend, but with a bitterer end than EUA: in fact, CER2010 closed below the previous week's closing level at €13.64. Volumes were slightly above average on Friday, when 15 million allowances were exchanged over all platforms.

EUA price (EU-ETS) August 2010
	Dec. 2010	Dec. 2011	Dec. 2012	Dec. 2013
1st week	€ 14.21	€ 14.54	€ 15.10	€ 16.20
2nd week	€ 14.48	€ 14.79	€ 15.28	€ 16.98
3rd week	€ 15.04	€ 15.35	€ 15.38	€ 16.94
4th week	€ 15.29	€ 15.61	€ 16.06	€ 17.24

1^st week, July 26 - August 2, 2010
A mostly passive attitude among utilities characterized the carbon market this week, giving rise to lower volumes compared to average. About 17 million allowances traded each day except Friday, when volumes were even lower, compared to a daily average of 21 millions in the previous weeks. Overselling led the EUA2010 to reach its lowest level in four months on Tuesday, when it hit €13.34. The improving market sentiment helped carbon recover throughout the week, with the EUA2010 closing at €14.12. Secondary CER for the same vintage closed the week at €11.92, up on the previous day, mirroring the trend observed in the European allowances. Energy markets sent mixed signal, as coal and German power managed some gains by the end of the week, while Brent and gas were slightly bearish.

3^rd week, August 23 - 29, 2010
Carbon prices went on a bullish ride this last few days, hitting a two-month high intraday on Thursday, when the EUA2010 hit €15.55. The benchmark contract closed at €15.29 mainly spurred by the results of the German auction held this week, which cleared 570,000 allowances at €15.16 on Wednesday. Weaker coal prices and increasing gas prices reinforced the bullish trend during the week, causing an almost 3.5 percent increase in carbon prices. After a major increase in the third week of August, CER prices stabilized this week, with the CER2010 closing at € 13.42 on Friday. Volumes were slightly larger than the previous week, with around 17 millions exchanged over all platforms.

4^th week, August 30 - September 5, 2010
It was a bullish week for carbon, with a new level coming up for EUAs and policy concerns supporting CERs. Energy prices were not able to affect the carbon market this week, with the EUA2010 working up its way to €16, but finishing the day €15.75 after hitting an intraday at €15.95. Volumes were strong especially on Thursday, for an overall 26 millions exchanged over the week. CER prices were also on a bullish trend, supported by the supply concerns following the lack of clarity regarding the ability of HFC23 projects to generate credits after 2012. CER2010 closed the week at € 13.92, at levels unseen since the beginning of May.

EUA price (EU-ETS) July 2010
	Dec. 2010	Dec. 2011	Dec. 2012	Dec. 2013
1st week	€ 15.28	€ 15.58	€ 16.12	€ 17.22
2nd week	€ 14.92	€ 15.23	€ 15.79	€ 16.92
3rd week	€ 14.03	€ 14.32	€ 14.87	€ 16.00
4th week	€ 14.19	€ 14.50	€ 15.06	€ 16.16

1^st week, June 28 - July 04, 2010
Carbon prices traded in a narrow range this week, amongst mixed signals from energy prices; the benchmark contract of the EU ETS lost some ground from the previous week's closing level, managing to gain some on Friday, when the EUA 2010 closed at € 15.32, €0.03 below the level reached at the end of last week. Secondary CER market prices followed a similar trend, but finished the week below the last week's close at €13.04, mainly driven by the news that the CDM executive board will need more time to decide about the new rules regarding HFC23-related CDM activities. About 20 million permits traded everyday on global carbon markets, except on Friday, which saw lower volumes.

2^nd week, July 05 - 11, 2010
In a bearish week for carbon prices, the EUA lost more than 4 percent compared to last week and hit the lowest level in the last three months; in fact, the EUA2010 closed on Friday at €14.15, the lowest close since April, 15. Weaker than usual energy prices and technical selling to due to an increase in the supply of permits thanks to an English auction on Thursday were the main culprits for this bearish week. Brent crude oil closed the week 1.7 percent down from the previous week, while natural gas recorded even heavier losses, with a 3.5-percent price decrease. Once again the secondary CER market was in line with the EUA: CER2010 lost 3 percent compared to last week closing levels.

3^rd week, July 12 - 16, 2010
In a bearish week for carbon prices, the EUA lost more than 4 percent compared to last week and hit the lowest level in the last three months; in fact, the EUA2010 closed on Friday at €14.15, the lowest close since April, 15. Weaker than usual energy prices and technical selling to due to an increase in the supply of permits thanks to an English auction on Thursday were the main culprits for this bearish week. Brent crude oil closed the week 1.7 percent down from the previous week, while natural gas recorded even heavier losses, with a 3.5-percent price decrease. Once again the secondary CER market was in line with the EUA: CER2010 lost 3 percent compared to last week closing levels.

4^th week, July 19 - 25, 2010
Carbon prices managed to reverse the bearish trend that characterized most of July trading days, pulling off a 2.7 percent increase from the previous week level until Thursday, only to suffer another bearish blow on Friday. After going as high as €14.65 during the week, the EUA2010 closed the week at €14.05, mainly due to bearish signal from energy commodities and German power in particular, which lost 1.1 percent on Friday, day on day. Secondary CER market moved in line with the European allowance market and reduced the gains recorded during the week on the bearish Friday, with CER2010 closing at €11.96. Volumes were slightly below average, with around 20 million allowances exchanged every day, compared to July’s average of about 22 millions.

EUA price (EU-ETS) June 2010
	Dec. 2010	Dec. 2011	Dec. 2012	Dec. 2013
1st week	€ 15.23	€ 15.58	€ 16.22	€ 17.21
2nd week	€15.54	€15.90	€ 16.52	€ 17.52
3rd week	€ 15.73	€ 16.08	€ 16.68	€ 17.76
4th week	€ 15.42	€ 15.76	€ 16.31	€ 17.38

1^st – 2^nd week, June 1 - 13, 2010
After a very static week in which carbon barely moved from the levels reached at the end of May, this last week saw traders’ confidence increase as macroeconomic concerns started subsiding. Carbon prices moved slightly upward and the benchmark contract for 2010 closed the week at €15.56. After a bullish start, the energy complex closed the week on a bearish note, leaving carbon prices in the green. Secondary CER prices went also up during this last week, with CER2010 closing at €12.94. Volumes were in line with daily averages this year.

3^rd week, June 14 - 20, 2010
The forthcoming revision of the rules regarding CDM eligibility of certain refrigerant plants caused the carbon market to fear a decrease in CER generation after 2012. Currently, plants producing the refrigerant HFCF22 supply over 50 percent of these credits destroying HFC 23, the polluting by-product of this production. If the revision causes these plants to be not any more eligible for CDM projects, the majority of these credits would not be available. These fears dampened enthusiasm in the carbon market, causing the benchmark contract to trade in a narrow range slightly above the previous week's levels, with the EUA2010 closing at €15.70, while the secondary CER market saw its benchmark contract close at €13.28.

4^th week, June 21 - 27, 2010
Carbon prices lost some ground this week, but limited their losses compared to energy commodities. As German power prices lost about 7 percent from the previous week and coal prices managed just slightly better, the EUA2010 hit €15.22 on Thursday, but closed the week higher at €15.35 on the back of rising oil prices. On the secondary CER market, prices followed the EUA on the downward trend but with lower losses until Thursday, to close the week on the green at €13.12.

EUA price (EU-ETS) May 2010
	Dec. 2010	Dec. 2011	Dec. 2012	Dec. 2013
1st week	€ 16.03	€ 16.43	€ 17.16	€ 18.37
2nd week	€ 15.62	€ 16.00	€ 16.70	€ 17.78
3rd week	€ 14.91	€ 15.27	€ 15.91	€ 16.93
4th week	€ 15.37	€ 15.74	€ 16.35	€ 17.32

1^st week, May 2 – 9 , 2010
Macroeconomic signals shaped the carbon market this week: a 12-month high was recorded intraday on Tuesday, when the EUA2010 hit €16.73, but uncertainties coming from the Greek debt crisis pushed the market down on the following day, only to have the release of German economic data (showing that the country is coming out of recession) on Thursday to bring it up again. Concerns regarding the possibility of a second credit crunch following the spreading of the Greek debt crisis dampened first equity and then commodity markets, with crude oil shedding almost 2 percent day-on-day on Friday and taking carbon prices with it. The benchmark contract closed the week at €15.56, while larger losses were recorded in the secondary CER market, with CER2010 closing the week at €13.50. This was due to the diffusion of a leaked report by the EC implying the introduction of a multiplier in the use of CER credits that would imply that two CERs are needed per each tonne of carbon.

2^nd week, May 10 - 16, 2010
The six-week spell of bullish carbon prices came to an end this week, as the market factored in the effects of the debt relief packaged approved in the European Union. After an initial positive response to the €750-million rescue package approved to help solve the Greek crisis, pessimism kicked in the market. Over the week carbon prices for the reference benchmark lost about 3 percent: the EUA2010 closed the week at €15.74, €0.99 down from the previous week’s closing level. Prices in the secondary CER market limited losses, with the CER2010 finishing the week only €0.32 below last week’s close.

3^rd – 4^th week, May 17 - 30, 2010
Carbon prices have been on a roller-coaster these last weeks, with prices crashing to a five-week low during the first week and the benchmark contract closing more than 8 percent below the previous week's closing level at €14.82. Despite the bearish week, caused by instabilities in the financial markets due to the recent debt crisis and a weakening of the Euro zone currency over the US dollar, volumes were strong with about 127 million allowances traded. This last week was characterized by a recovery in carbon prices coupled with a slowing down in volumes, back to about 100 millions. The market was bullish until Thursday, when the EUA2010 managed a 6.6 percent increase over the same day of the previous week, closing at €15.57, but fell back down again on Friday, when the same contract finished at €15.10. Weaker energy prices and the uncertainty as to when the European Union will decide whether to commit to a 30-percent reduction target, after the release of the EC document this week, caused this reduction in price according to traders. The secondary CER market moved in sympathy with the EUA this week, and closed on Friday 28 at €12.42.

EUA price (EU-ETS) April 2010
	Dec. 2010	Dec. 2011	Dec. 2012	Dec. 2013
1st week	€ 13.57	€ 14.01	€ 14.75	€ 15.91
2nd week	€ 14.03	€ 14.48	€ 15.23	€ 16.42
3rd week	€ 14.71	€ 15.14	€ 15.88	€ 17.05
4th week	€ 15.46	€ 15.88	€ 16.62	€ 17.81

1^st week, April 6 - 11, 2010
Carbon continued on the bullish strike that has seen prices going up during each daily sessions since March 30 and closed the week on a series of four gaining days with the EUA2010 at €13.68, shortly below the highest level since January 19 reached during Friday’s trading - €13.75. This lucky strike was mainly imputed to a very good performance of German power prices, on a similar bullish trend during the week, and on a renewed enthusiasm in the market after the complete release of verified emission data, according to some traders who believe that the market might be on its way to reach a new support level at €13.50. Secondary CER closed also on the positive side with the contract for 2010 closing at €12.08. Due to the Easter vacation the trading week had only four days, but two of them managed to become the most traded of the year, with Wednesday and Thursday seeing 33 and 31 million allowances exchanging hands – a dramatic increase from the weekly average seen so far of 19 millions.  

2^nd week, April 12 - 18, 2010
The bullish strike in carbon prices culminated this week with two consecutive intraday 4-month highs starting from Wednesday, when the EUA2010 hit €14.22 and continuing on Thursday when the 2010 vintage hit €14.77, before closing slightly below that level at €14.13. The EUA2010 closed the week at €14.44, confirming the bullish strike that has characterized this market in the last few weeks and that carried over to the secondary CER market, with the CER2010 closing the week at €12.71. Volumes were on average around 20 million per day, with the exception of Friday when the allowance exchanges hit 25 millions, making it one of the most traded days of 2010. Analysts regards this bullish trend as an effect of the improved conditions of the European economy, especially since carbon is not following the trends of any of the energy commodities –not even German power prices, which lost some ground over this week.

3^rd week, April 19 - 25, 2010
Another bullish week for carbon was characterized by another two consecutive intraday 4-month highs for the EUA2010 on Thursday (€14.89) and Friday (€14.99). Despite remaining below the €15 threshold, carbon gained over 5% over last week’s levels favored by a bullish trend in utilities, with German power up about 1.5 percent over the previous week and both coal and oil prices up, although to a smaller degree. The EUA contract for December 2010 closed the week at €14.92, with secondary CER moving along even more bullish lines and closing at €13.30, an increase of about 6 percent compared to the previous week. Volumes were particularly strong this week, with an average of around 29 million per day.

4^th week, April 26- May 2, 2010

As US growth data for the first quarter showed an expected +3.2 percent on Friday, carbon hit an 11-month high, when the EUA2010 finished only cents away from €16, closing the week at €15.87 after reaching €15.98 during the day. Despite the bearish signal caused by the Greek financial situation, carbon had another bullish week, characterized by increased volatility compared to average daily volumes. Tuesday saw more than 43 million allowances exchange hands, and the rest of the week did shortly lower than that, with a daily average of 30 million allowances exchanged. A similar trend was observed on the secondary CER market and on the German power market, who both saw marked increases from the previous week levels: the CER2010 closed the week at €14.09, while German power prices gained 4.2 percent over last week.

EUA price (EU-ETS) March 2010
	Dec. 2010	Dec. 2011	Dec. 2012	Dec. 2013
1st week	€ 13.07	€ 13.50	€ 14.18	€ 15.25
2nd week	€ 13.04	€ 13.45	€ 14.13	€ 15.20
3rd week	€ 12.88	€ 13.31	€ 13.99	€ 15.08
4th week	€ 12.88	€ 13.32	€ 14.01	€ 15.10

1^st week, March 01 – 07, 2010
Carbon prices underwent a quite bullish week with three consecutive days of gains from Monday to Wednesday. Despite the fact that carbon prices in 2010 were only mildly affected by the performances of utilities, with carbon gaining 2% since the beginning of the year compared to substantial losses in the coal and electricity prices. A drop in German power prices drove a slightly bearish trend on Thursday. Carbon prices recovered by the end of the week thanks to a bullish Friday afternoon that brought the EUA2010 up to €13.34. Volumes were slightly below last week’s, with 15 millions exchanged daily. Secondary CER for 2010 closed the week at € 11.93.

2^nd week, March 08 – 14, 2010
Carbon prices were moving in a narrow range at the beginning of the week but suffered on Thursday from massive selling from banks reducing their EUA supply after reports confirmed that utilities are likely to need less credits than predicted. Thursday losses carried over to Friday, when carbon gradually dipped to a three-week low with the EUA2010 closing at €12.84 and the CER2010 at €11.24. Volumes were thinner than average, with about 15 million allowances exchanged every day.

3^rd week, March 15 – 21, 2010
The news that “used” CERs had been resold in the market caused two exchanges to suspend CER trading on Wednesday and shattered the confidence in these credits, widening the EUA-CER gap by the end of the week. The used permits, which likely come from a Hungarian sale of 1.74 million credits last week, has spurred debate regarding the need for new registry procedures and prompted the European Commission to suspend the surrendering of CERs and ERUs in the EU’s central carbon registry from March 19 until new procedures have been devised and implemented. Prices in the EUA compartment were not affected by the problems in the CER compartment and closed the week on the positive side at €13.08, after hitting a 3-month high during Friday’s trading session. Secondary CER2010 closed at €11.43. Volumes were quite low at the beginning of the week, with only 13 million allowances exchanged over all platforms, but picked up on Thursday, when the exchanges hit 26 million traded allowances.

4^th week, March 22 – April 1, 2010
Starting off on a bearish trend last week, carbon prices managed to recover some ground on Friday, recovering from the one month low hit during Thursday's close and ending the week at €12.89, barely unchanged from the previous week's close. The beginning of this week has seen few movements in the EUA compartment, with the CER prices crashing in response to the suspension of two auditors, bringing the EUA/CER price difference for the 2012 vintage at the five-month high level of €3.01. On Wednesday, secondary CER for the 2010 vintage managed to close at €11.29, while the EUA2010 closed at €12.89. Volumes were in line with the average, with about 18 million allowances exchanging hands.

EUA price (EU-ETS) February 2010
	Dec. 2010	Dec. 2011	Dec. 2012	Dec. 2013
1st week	€ 12.93	€ 13.38	€ 14.13	€ 15.32
2nd week	€ 13.32	€ 13.76	€ 14.41	€ 15.46
3rd week	€ 12.97	€ 13.41	€ 14.00	€ 15.02
4th week	€ 12.86	€ 13.32	€ 13.92	€ 14.97

1^st week, February 2-7, 2010
The week was characterized by bearish signals in the energy complex, with both oil, coal and German power prices sliding downwards, yet carbon prices received a boost towards the end of the week thank to increased volatility (mainly in the futures compartment) that made Thursday the most traded day in 2010. The EUA2010 closed the week at €13.40, up €0.29 on the previous day, a gain almost mirrored in the CER compartment with CER2010 closing at €11.75 up €0.26 on the previous close. This week featured the second UK auction of allowances in 2010, which went seven times oversubscribed with 30 million bids for the 4.4 million allowances available. The clearing price was €12.66 with a 4.2 percent rise from the clearing price of the first 2010 auction – €12.15.

2^nd week, February 8-14, 2010
The cold weather helped support carbon prices this week, but was not enough to completely reverse the bearish trend, with the EUA2010 closing at €12.95, well below last week's close. Prices and volumes were very volatile during the week, with a peak in the EUA price at €14.04 on Tuesday (due to increased weather-related power demand) and a low at €12.65 on Thursday and with more than 22 million allowances exchanging hands over the week. On the secondary CER market prices followed a very similar bearish trend over the week, with the CER2010 closing the week at €11.40, down €0.20 on the previous day only.

3^rd week, February 15-21, 2010
Interest was drawn away from carbon markets this week, which underwent a particularly bearish week, with the EUA2010 shedding more than 3 percent over the previous week and closing on Friday at € 12.58. Despite gains in all energy commodities, a lack of enthusiasm failed to carry over this trend to carbon, probably as traders are getting ready for the deadline for the allocation of allowances (February, 28) by EU countries – a factor that might stress the downward trend in prices experienced this week. Similar trends were recorded in the CER market, where CER2010 closed the week at € 11.15.

4^th week, February 22–28, 2010
Carbon prices were slightly bearish this week, following the issuance of allowances by two of the biggest European emitters – the UK and Germany.
Volumes were nevertheless brisk with a daily average of 20 million allowances and prices did not collapse as a result of the bearish signal sent by these allocations, with the EUA 2010 closing at €12.97 and secondary CER 2010 at €11.56. Overall, EUA prices ranged around this year average (€13.11) during the week.

EUA prices (EU-ETS) January 2010
	Dec. 2010	Dec. 2011	Dec. 2012	Dec. 2013
1st week	€ 12.78	€ 13.36	€ 14.15	€ 15.22
2nd week	€ 13.19	€ 13.73	€ 14.52	€ 15.41
3rd week	€ 13.45	€ 13.91	€ 14.69	€ 15.67
4th week	€ 13.31	€ 13.76	€ 14.52	€ 15.60

1^st week, January 04 - 08, 2010
The new year opened with a slightly bullish week for carbon, with EUA2010 closing about €0.46 over the closing day of 2009, at €12.99. Similar gains were recorded in the CER compartment, with CER2010 closing at €11.32. Data for 2009 showed a 68 percent increase in the number of permits exchanged over all carbon markets. Nevertheless, the lower prices due to the economic crisis meant that, despite this marked percentage increase in volumes, the value of the overall 2009 exchanges is worth only €2 billion more than in 2008, when it netted €92 billions. The CDM market shrunk slightly (-1 percent compared to 2008 volumes and -28 percent compared to 2008 value) compared to the JI market, which suffered a -38 percent decrease in volumes and a -45 percent decrease in value from 2008. On the other hand, the AAU market went through a three-fold increase during 2009 (from €330 million to €1.38 billion) and the RGGI managed to increase by a factor ten the volumes traded, for a nine-fold increase in value compared to 2008 (from $178 millions to $1.8 billion).

4^th week, January 25 – February 01, 2010
This week was a bearish one for carbon, which lost over 1.5% from the previous week’s close due mainly to lack of activity and a focus on technical factors. As traders were mainly observing the emerging trends in the market (effects of the persistence of a colder-than-expected winter in Europe) volumes went down compared to daily averages and the EUA2010 and the CER2010 closed on Friday respectively at €12.96 and €11.43.

EUA prices (EU-ETS) December 2009
	Dec. 2009	Dec. 2010	Dec. 2011	Dec. 2012	Dec. 2013
1st week	€ 14.29	€ 14.48	€ 15.11	€ 15.87	--
2nd week	--	€ 14.19	€ 14.80	€ 15.57	€ 16.42
3rd week	--	€ 12.72	€ 13.24	€ 14.06	€ 15.16
4th week	--	€ 12.59	€ 13.22	€ 14.02	€ 15.00

1^st week, December 07 - 13, 2009
Carbon had another bullish week with the EUA2009 closing at €14.53 and hitting a seven-week intra-day high. As the expiring date of the EUA2009 (December 14) loomed closer, traders became more active in rolling forward their positions.
Secondary CER prices lost some ground during the week, but recovered on Friday, with CER2009 closing at € 13.00. An average of 20 million allowances traded everyday on all platforms this week.

2^nd week, December 14 - 24, 2009
If negative news and rumours coming from Copenhagen had already caused a five percent decrease in carbon prices during last week, the conclusion of the UNFCCC summit gave the last blow. Only on Monday 21, carbon prices of the EUA2010 lost €1.21 from Friday's close, crashing down to €12.32. Losses were slightly more limited on the secondary CER market, with CER2010 losing “only” €0.80. Steady energy markets and thin trading helped carbon recover, with the EUA2010 closing at €12.99 on December 23.

EUA prices (EU-ETS) November 2009
	Dec. 2009	Dec. 2010	Dec. 2011	Dec. 2012
1st week	€ 16.38	€ 15.57	€ 14.99	€ 14.63
2nd week	€ 16.09	€ 15.28	€ 14.71	€ 14.35
3rd week	€ 15.17	€ 14.39	€ 13.85	€ 13.56
4th week	€ 14.85	€ 14.11	€ 13.64	€ 13.41
5th week	€ 14.46	€ 13.65	€ 13.11	€ 12.92

1^st week, November 02-06, 2009 - Carbon traded in a narrow range for the most part of the week, mainly due to a general lack of direction in the market, more than to an interaction with energy prices, Worse than expected unemployment figures in the US caused a sharp drop in market prices on Friday, with the EUA2009 closing at €14.00, down €0.60 from the previous week. Similar losses were recorded in the secondary CER market with CER2009 at €13.02, down €0.63 from last week.

2^nd week, November 09-13, 2009 - In a very bearish week, carbon prices hit their lowest level in a month, with the EUA2009 hitting €13.25 on Thursday. Secondary CER for 2009 lost 8.4 percent from last week, closing at €12.31.

3^rd week, November 16-20, 2009 - After managing to shake off the bearish trend that had characterised the carbon market in the last few weeks, carbon prices hit the lowest level in 7 weeks at the end of the week, when the EUA2009 closed at €13.06, a 2.5 percent drop on Thursday's level. Secondary CER prices lost some ground too but resisted better to the lack of direction currently characterising the market. CER2009 closed the week at €12.19. Volumes had slightly picked but throughout the week, but went back to 15.5 million allowances per day at the end of the week.

4^th week, November 23-27, 2009 - Carbon prices suffered relevant losses this week, with EUA2009 hitting its lowest level in 5 months on Tuesday, when it reached €12.58. Trading was brisk, although more so in the EUA compartment than in secondary CERs. The market sentiment slightly improved toward the end of the week, with oil recovering, and the EUA2009 closed at €13.09, just €0.03 up from last week's close. Secondary CER prices closed the week at €12.18, down €0.01 from the previous one.

5^th week, November 30 - December 04, 2009 - Carbon had a very bullish week, as anticipation over the Copenhagen meeting gave a boost to carbon prices, with the EUA2009 closing over €1.00 above last week at €14.09. Carbon did not follow fundamentals like German power prices, which lost over 4% this week. Market confidence was lifted also by the news that the European Commission is going to appeal the Court decision that obliges it to reconsider the Polish and Estonian allocation. Moreover traders start to fell the urge to avoid finishing short of December 2009 allowances as the end of the year approaches. Secondary CER followed a similar bullish trend and CER2009 ended the week at €13.13.

See also: long-term carbon price evaluations