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Climate change

Carbon prices crash through ceiling

Ian Llewellyn
Wed, 01 Sep 2021

Climate change minister says steps will be taken to curtail carbon unit supply after ceiling breach triggers flood of NZUs (Image: BusinessDesk)
Ian Llewellyn
Wed, 01 Sep 2021
The latest carbon auction has cleared above the ceiling price, releasing another 7 million New Zealand units into the emissions trading scheme.The third auction of NZUs offered 4.75m NZUs with a ceiling price of $50.However, as the clearing price was $53.85 another 7m NZUs were released from the cost containment reserve and in all 11.75m units were sold.This means the gross returns for the government were $632.7 million.Early data from the auction managers said there were 43 participants with 31 successful.At the last auction in June, there wer...

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