BP has argued that the EU emissions trading scheme shouldnot become revenue enhancing. Powerisk fears that this horse has bolted. Carbon prices traded at €29 yesterday and this means that those power producers who have been given tonnes of credits are making supposed free money. In reality they are only making free money if they can reduce their emissions, and seel the permits into the markets. Ironically it is the oil companies who have benefitted from this most, with a declining resourse and with permist set in 1998 they have naturally had a managed decline in emissions, and so they will benefit most from the current high prices. On a worrying aside power prices continued there rise and Winter 05 has reached new highs doubling since the beginning of the year. This means that if you are short, your decision to delay has cost you twice as much.