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Czech Government To Replace Stolen Carbon Permits

Date: 10-Mar-11
Country: CZECH REPUBLIC
Author: Roman Gazdik

The Czech government will supply state-owned utility CEZ and a local trader with around 18.2 million euros worth of carbon permits to replace the ones stolen from them in January, Prime Minister Petr Necas said on Wednesday.

Necas said the government would make good on the credits until the European Union works out how to return the stolen ones to the Czech registry. CEZ and trader Blackstone Global Ventures had some 1.2 million permits stolen with a value of 18.2 million euros at current prices.

"The government will temporarily -- until the return or partial return of the credits -- replenish the accounts of the involved holders to the proper level existing on the accounts before the unlawful transactions," Necas told reporters.

All 30 European registries were shut down on January 19 following the theft of around 3.3 million EU carbon permits. About half have since reopened or have plans to do so soon.

The EU emissions trading scheme is the bloc's main tool to curb carbon emissions from power plants and factories, capping these by issue a fixed quota of emissions permits, or EUAs.

(Editing by William Hardy)

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