Bulgaria raises 2.53 mln euro from trade with greenhouse emission allowances

Bulgaria offered 298,000 quotas at a clearing price of 8.49 euro apiece in a tender held on Tuesday, the ministry said in a statement.

Only eleven out of 25 EU member states, which will trade on the European Energy Exchange, participated in the auction, as not all of them have yet fulfilled the requirements, the statement added.

As many as ten auctions for emission allowances will be held by the end of the year, and Bulgaria is set to offer 298,000 quotas in each of them, except in the last one, when it is set to offer 297,000.

EU Emission Trading Scheme (EU ETS) is a market-based instrument of the EU climate policy with the target of reducing greenhouse gas emissions at minimal economic costs to set and achieve climate protection targets. It is the first cross-border emission trading system and is based on the "cap & trade" principle - on the one hand, the amount of greenhouse gas emissions is capped and, on the other hand, the emission allowances are fully fungible and can be traded.

($=0.7858 euro)