Carbon prices crash through ceiling

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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