Norway To Sell 12.7 Million EU Emissions Allowances To Market In 09

Norway's finance ministry Monday said it will sell 12.7 million European Union emissions allowances, or EUAs, in the market in 2009 through Barclays Capital (BARC.LN).

Norway is linked to the European Union Emissions Trading Scheme, or ETS, for which the allocation plan for phase II, between 2008 and 2012, was adopted in March 2009.

The volume to be added to the ETS by Norway is around 75 million EUAs of carbon dioxide, or 15 million EUAs annually, the finance ministry said. Of the total, 39 million EUAs have been allocated to Norwegian industry and 4.2 million to a new entrants reserve, with the balance of 31.8 million to be sold in the market.

Barclays Capital has been awarded the contract to conduct sales in 2009 and the ministry of finance said it has an option to make further sales through Barclays in the 2010-2012 period.

"Starting on May 18 and ending Nov. 13, Norway will sell regular volumes of EUAs, on a daily basis, through a combination of spot and December 2009 deliveries," the ministry said. "At the outset, 50% will be sold on a spot basis and 50% for December 2009 delivery," it added.

Ministry Web site: www.regjeringen.no

-By Elizabeth Adams, Dow Jones Newswires; [phone]; [e-mail]