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Banking of surplus emissions allowances – does the volume matter? / Karsten Neuhoff, EU Energy Policy blog, 8/03/2012http://www.energypolicyblog.com/2012/03/08/banking-of-surplus-emissions-allowances-does-the-volume-matter/The volume of unused allowances in the European emission trading scheme (EU ETS) will likely rise to 2.7 billion tonnes by 2013/2014. Nevertheless – the carbon price has remained for many years near 15 €/t because market participants bank unused allowances for future use. At the end of 2011 the carbon price declined to 7 €/t. This is often interpreted attributed to lower expectations about future scarcity in the EU ETS. We offer an additional interpretation...