The UK government successfully completed its first auction of carbon credits since the EU Emissions Trading Scheme (ETS) was engulfed by last month’s cyber security crisis.
The UK Debt Management Office this morning auctioned all 4.4 million EU allowances on offer at a clearing price of €14.36 (£12.18). The auction was 6.77 times oversubscribed.
The results of the auction closely mirrored last month’s, which took place before a cyber attack on 19 January resulted in an estimated €30m of carbon credits being stolen from the Czech national registry.
The attack prompted the EU to freeze spot trading across the entire bloc for several days before a partial re-opening of the market last week saw five carbon registries return to business, including the UK.
Climate minister Greg Barker said the success of this morning’s auction proved every company holding allowances in the UK registry has an adequate level of online protection.
“Today’s successful auction is a testament to the high level of security the UK applies to its registry,” he said. “Swift action meant that the UK was one of the first registries to re-open following recent cyber security attacks.”
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