Carbon auction set to fail, depriving the govt of $900m

Carbon auction set to fail, depriving the govt of $900m
Finance minister Nicola Willis needs cash, but the ETS is unlikely to deliver ... for now. (Image: Getty)
Ian Llewellyn
The likely failure of the last carbon auction of the year on Wednesday would deprive the government of $900 million but set the scene for record-high carbon prices in 2024.The fourth auction of 2023 is likely not to sell any units, barring some exceptional circumstances.However, market experts said the failure to sell any carbon units for the fourth auction in a row could push prices past the previous record of $88 and closer to $100 next year.On Dec 6, there are 15m New Zealand Units (NZUs, a proxy for one tonne of carbon) on offer, including...

More Markets

Market ends on a slight upnote after week of poor results
Markets

Market ends on a slight upnote after week of poor results

The reporting season results weighed on the market all week. 

Staff reporters 23 Feb 2024
‘Take a breath’: Greg Foran on Air NZ's year ahead
Markets

‘Take a breath’: Greg Foran on Air NZ's year ahead

Air NZ is carrying some unavoidable lead in the saddlebag for at least the next 18 months.

Pattrick Smellie 23 Feb 2024
Economic headwinds, rail charges hit Port of Tauranga
Infrastructure

Economic headwinds, rail charges hit Port of Tauranga

The biggest export port in the country has reported a drop in net profit. 

Oliver Lewis 23 Feb 2024
NZX's profit slips, trading volumes lowest in nine years
Markets

NZX's profit slips, trading volumes lowest in nine years

But the stock exchange operator's revenue was up.

Riley Kennedy 23 Feb 2024