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euets.com, European Energy Auction and New Values merge their activities into Climex, a leading spot CO2 exchange for EUAs and CERsPRESS RELEASE, For immediate release Budapest - 14 February 2008 - euets.com is merging with the European Energy Auction and New Values to consolidate their exchange activities into Climex - announced Vertis Environmental Finance, the Budapest-based emissions trading finance house. Vertis becomes a shareholder of Climex and continues to be exclusive distribution partner and liquidity provider of the exchange in Central and Eastern Europe. euets.com, owned by Vertis, started to operate in April 2006, offering CO2 allowance trading for all operators in Czech Republic, Hungary, Poland and Slovakia, in their own language. Since its launch, euets.com has been a part of the Climex Alliance. New Values has been operational from the end of June 2005 offering spot trading in CO2 allowances. Last year, New Values acquired European Energy Auction BV, operational in the Netherlands and Belgium and trading under the name "EnergieKeuze". EnergieKeuze is an auction platform for electricity, natural gas and Certificates of Origin. The merger of euets.com, European Energy Auction and New Values creates greater liquidity and simplicity, and offers more innovative products for operators as the second trading period of the EU Emissions Trading Scheme is about to begin. Climex offers spot carbon trading of EUAs and CERs as well as carbon auctioning and energy contracting for its members. Vertis will distribute Climex`s services in the Central and Eastern European region. "Following the merger, we can now provide CER spot trading for operators looking for a cheaper way to comply in the EU Emissions Trading Scheme." - said Barna Barath, CEO of Vertis Environmental Finance. "In addition, both governments and Joint Implementation project developers in CEE can now take advantage of the leading online auction service we offer jointly with Climex, bringing full price transparency to carbon transactions." - ENDS - Note to editors About Vertis Environmental Finance Vertis Environmental Finance is the most experienced emissions trading finance house in Central Europe, and one of the first companies to be involved in emissions trading in the world. Established in 1998, Vertis executed its first Joint Implementation deal in 2002, its first VER transaction in 2003, its first EUA forward trade in January 2004, the first ever online auction of EU Allowances in 2006. Vertis took part in both the first OTC and exchange-traded CER transaction in Europe. Vertis is distribution partner of and liquidity provider on Climex and acts as an executing broker for non Climex members. About Climex Climex is a leading Amsterdam based exchange for environmental commodities and energy contracting. Established in 2003, Climex provides continuous Spot Trading in EUAs and CERs for the entire market with APX BV as Central counterparty, auctioning of all carbon products (EUAs, CERs, ERUs and VERs) and Energy contracting and auctioning for Electricity, Gas and Guaranties of Origin/ Renewable Energy Certificates. Climex is unique because of her easy to use, secure internet based trading platform with APX BV as central counterparty, for both small & large, experienced & inexperienced traders, at low trading fees with no annual fees, and high liquidity. Climex was the first to executed a cleared CER spot trade in Europe, the first to organise online EUA, CER and VER auctions and organised all public online EUA auctions so far. URL: www.climex.com About CERs Certified Emission Reductions (CERs) are carbon credits issued by the Clean Development Mechanism (CDM) Executive Board for emission reductions achieved by CDM projects and verified by a DOE under the rules of the Kyoto Protocol. CERs can be held by governmental and private entities on electronic accounts. CERs can be used by Annex 1 countries in order to comply with their emission limitation targets or by operators of installations covered by the European Union Emission Trading Scheme (EU ETS) in order to comply with their obligations to surrender EUAs, CERs or ERUs for the CO2 emissions of their installations. CERs are cheaper option than EUAs to comply with as the price of CERs is lower than EUAs, however they can be used as long as a country's specific percentage is not exceeded. CERs are not restricted to a specific year or period which means they can be banked for later use. One CER is equal to one metric tonne of carbon dioxide equivalent. About ERUs Emission Reduction Units (ERUs) are carbon credits generated for emission reductions from Joint Implementation projects. Host Country verifies reductions and then issues ERUs in its national registry based on the emission reduction. Additionally host country has to cancel an AAU for each ERU issued to avoid double counting of emission reductions. One ERU equal to one metric tonne of carbon dioxide equivalent. About EUAs European Allowances are issued to installations which have a cap on their emissions under the EU Emissions Trading Scheme (EU ETS). An installation must hold and surrender EU Allowances and/or project based carbon credits equal to its monitored carbon dioxide emissions by the annual EU ETS reconciliation date. EU Allowances are also the main unit which will be traded in the EU ETS. One EU allowance is equal to one metric tonne of carbon dioxide equivalent. About Clean Development Mechanism (CDM) Clean Development Mechanism is a mechanism under the Kyoto Protocol through which developed countries may finance greenhouse-gas emission reduction or removal projects in developing countries, and receive credits for doing so which they may apply towards meeting mandatory limits on their own emissions. About Joint Implementation Joint Implementation is a mechanism under the Kyoto Protocol through which a developed country can receive "emissions reduction units" when it helps to finance projects that reduce net greenhouse-gas emissions in another developed country (in practice, the recipient state is likely to be a country with an "economy in transition"). An Annex I Party must meet specific eligibility requirements to participate in Joint Implementation. For further information please contact Mariann Csikesz |
