Direkt zum Inhalt

Price Determinants of the European Carbon Market and Interactions with Energy Markets: Environmental Research of the German Federal Ministry of the Environment, Nature Conservation and Nuclear Safety ; Project-No. (FKZ) 3709 41 503, Report-No. (UBA-FB) 001626/E

Externe Monographien

Katja Schumacher, Johanna Cludius, Felix Christian Matthes, Jochen Diekmann, Aleksandar Zaklan, Joachim Schleich

Dessau-Roßlau: Umweltbundesamt, 2012, IV, 34 S.
(Climate Change ; 2012,11)


This report explores the determinants of short run price movements in the carbon market and their interaction with energy markets, in particular with the electricity market. Focusing on Phase 2 of the EU ETS we conduct econometric time series analysis based on continental EU and UK market data. Our findings suggest that market fundamentals have a dominant effect on the EUA price, but that non-fundamental factors may also play a role. We further found that the electricity price has a significant positive impact on the carbon price in the short run.