Printer Friendly

CLIMATE CHANGE : ETS: COMMUNITY REGISTRY TO BE UPGRADED.

The European Commission is set to upgrade the EU's common registry of CO2 quotas, created within the framework of the Emission Trading Scheme (ETS). The upgrade of the registry, scheduled to take place between 27 September and 2 October, provides for the use of new, more secure software, which also includes additional functionalities with a view to the implementation, from 1 January 2013, of the third period of application of the ETS.

Following the partial activation of the single registry, in January 2012, within the context of the inclusion of the aviation sector in the ETS, the Community register became fully operational on 20 June, with the migration of over 30,000 EU ETS accounts from national registries. Announced during the summer, the upgrade of the registry will take place according to the following schedule:

-afrom 17 September at 16:00 CEST, the functioning of the Union registry will be partially suspended. Registry users will continue to have access to their registry accounts, but it will not be possible to propose transfers or modify personal details.

-afrom 28 September at 18:00 CEST, access to the Union registry and all its accounts will be completely suspended until 2 October.

-aon 2 October at 8:00 CEST, the Union registry will resume full operations.

The new software includes functionalities that enable the auctioning of phase 3' and aviation allowances, a new account type (trading account), and establishes a trusted account list. The trusted account list adds to the set of security measures available in the single registry. This measure prevents any transfer from a holding account to an account that is not trusted.

As of 2 October, an account holder wishing to initiate a transfer to an account that is not on the trusted account list will need to open a trading' account, which is also made avaialble in this new release. Accounts held by the same holder are automatically included on the trusted account list.aThe addition of other trusted accounts can be proposed by any authorised representative of the account holder. The addition becomes effective seven working days after the proposal has been confirmed either by an additional authorised representative or by another authorised representative if no additional authorised representative has been appointed. However, preparations for opening trading accounts in terms of submission of requests and required documentation to the relevant national administrator can start ahead of the software release.

Further information is available at ec.europa.eu/clima/news/articles/news_2012091701_en.htm

COPYRIGHT 2012 Europolitics
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

 
Article Details
Printer friendly Cite/link Email Feedback
Publication:Europe Energy
Date:Sep 26, 2012
Words:416
Previous Article:ENERGY SUPPLY : EP ENDORSES CLOSER EUROPEAN COORDINATION.
Next Article:ENVIRONMENT : EU LAW DOES NOT PRECLUDE DIVERSION OF A RIVER, ECJ RULES.
Topics:

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters