Government sells emission credits for HUF 2.12bn at online auction.

Government sells emission credits for HUF 2.12bn at online auction. The government sold 1.197mn emission credits for a total of HUF 2.12bn (EUR 8.25mn), MTI News Agency reported quoting official from the auction’s organiser Vertis. The average price per unit at the tender was EUR 7.42 or EUR 0.52 above the starting price. The auction was organised through the Emissions Trade System (ETS) trade platform and was the first such sale organised online. It was also the largest one since the introduction of ETS. We note that Hungary allocated 31.7mn tonnes of CO2 per year in 2005-2007. The National Distribution Plan stipulates that that 2.5% of that amount could be allocated for sale (slightly more than 2.3mn tonnes).