Isramart: Germany sells 3.2 million EUAs in May

Germany raised €47.6 million ($66.13 million) from selling 3.2 million EU allowances in May.

Germany sold around 2.49 million EU allowances (EUAs) for delivery in December 2009 at an average price of €14.98, according to data published on a government website.

The government, through state-owned bank KfW, also sold around 0.7 million allowances for spot delivery at an average price of €14.52.

By the end of last month Germany has sold around 18.12 million out of 40 million EUAs earmarked for monthly sales throughout 2009.

Revenue from the EUA sales goes to climate change-related projects, as well as to cover the operating costs of the German carbon registry.

Germany will switch next year from selling EU allowances on a daily basis to auctioning EUAs every week on exchanges.

Germany, the biggest emitter in the 27-nation EU bloc, has set aside 8.8 per cent of its EU allowance allocation to sell in the second phase of the EU emissions trading scheme, which runs from 2008-2012.