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Enel and Total on list of top ten EUA surpluses

16 May 2011 15:35:54 | edcm

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Italian power producer Enel is now among the ten European companies with the biggest surpluses of emissions allowances, EU data shows.

The list of the ten biggest EU allowance (EUA) surpluses is still dominated by iron and cement companies. But Italian power incumbent Enel and oil & gas company Total have both snuck into place nine and ten on the list.

Enel and Total both received 4m free EUAs above what they emitted in 2010. This represents about 4% of the total surplus in 2011, but is still dwarfed by the over-allocation of emissions allowances to companies in the steel and cement sectors. ArcelorMittal racked up the biggest surplus at 31m, 14% of the total, while Lafarge became the first cement maker among holding a top three surplus, at 11m.

Enel has cut its emissions from 102m tonnes of CO2 in 2006, when it emitted above its free allocation of EUAs, to 68m tCO2 in 2010, through divestments of high-carbon assets and investments into cleaner fuels.

It is also one of the biggest operators of clean development mechanism (CDM) projects in the UN-backed carbon market, giving it access to lower priced certified emission reductions (CERs).

Enel was third on the list of the companies surrendering UN-backed carbon credits for compliance with their EU caps. It handed in almost 5m CERs to the EU, the second-biggest batch in the trading system. Germany's E.ON and Poland's PGE shared the top spot, surrendering close to 7m CERs.

Enel is a key investor in large-scale CDM projects destroying industrial gases HFC-23 and N2O. CERs from these projects will be banned in the EU as of April 2013, which could be a reason for Enel to use as many as possible for compliance before that date. IS

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