Third carbon auction this year fails to clear

Third carbon auction this year fails to clear
Climate change minister James Shaw may have mixed feelings over the third carbon auction this year failing. (Image: NZME)
Ian Llewellyn
The third carbon auction of the year has failed, setting up the likelihood that all auctions this year will not clear.This will cause a loss of revenue to the government but also means that all New Zealand Units (NZUs, a proxy for a tonne of carbon) on offer this year will be cancelled, reducing the supply.In a brief note, those running the auction said it had “been declined because the clearing price did not meet the minimum price settings". "As a result, there are no winning bids.”Below the confidential reserve pric...

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