The market is responding to the news that of the 25 countries due to annouce emissions positions, 5 were unable to give complete pictures. Almost all in some way had errors in the actual reports and that there is clearly more information to come out over the coming weeks, particularly in Poland. At the moment the position is that the EU ETS for 2005 was 44.2m tonnes long, though this number does not include any new entrants reserve or missing figures from the 5 countries which do not have complete verification reports. Figures which were hacked out of the system on Friday showed that the system was 67m tonnes long, though these did include Czechoslovakia (rumoured to be 15m long) and some new entrant reserve.

The emissions market this morning opened at €8.75, where it has been bought up all morning to settle around €11/tonne. Both Germany and the UK have gained slightly from where things left off on Friday, with Winter 06 baseload (although not traded likely to be around £63/MWh) Germany cal 07 has gained from €49 to €51. There is no doubt that buyers have come to the emissions market probably to lend it support, but when information on Poland and Czech becomes official the numbers of 60-75m tonnes long will be realistic and on this basis, players will want not be keen buyers. The emissions price will not go to zero but much beyond €16 euro is also unlikely.