November 29, 2011 / 6:08 PM / 7 years ago

TABLE-Companies exposed to carbon price crash

LONDON, Nov 29 (Reuters) -    Prices for U.N.-backed
carbon credits fell to a new record low below 5 euros last week,
as anxiety about economic growth fuelled panic selling.	
    The U.N.'s Clean Development Mechanism is already suffering
from record credit issuance and uncertainty about its future
after emissions-cutting pact the Kyoto Protocol expires in 2012.	
    Under the scheme, countries or private investors can finance
projects that cut emissions of six greenhouse gases in countries
without Kyoto targets in return for carbon credits. 	
    Many project developers are thought to have some of their
carbon portfolio unhedged, but have not disclosed how many
credits are exposed to the current plunge in prices.	
    For a related story: 	
    Below is a table outlining the main companies in the CDM,
their portfolios and the number of carbon credits their projects
are expected to generate by 2020.	
    The data comes from a UNEP Risoe database of registered
projects except in cases specified otherwise. 	
    	
 Company                      Million credits  Number of 
                              by 2020          Projects
 Vitol**                      300**            500
 JP Morgan (Ecosecurities)    280*             N/A
 Mitsubishi                   251              121
 Enel                         170               56
 EDF                          156              108
 Barclays Tricorona           111.7*           N/A
 Natsource                    107               20
 Climate Change Capital       106               36
 Noble                         99.2             64
 Marubeni                      80.6             48
 Camco International           72.5*           210
 Endesa                        75               48
 Deutsche Bank                 57               36
 Rhodia                        55.62             7
 Goldman Sachs                 52.8              4
 Ineos                         50.5              3
 Natixis                       50               18
 RWE                           50***           140
 Mercuria                      48.67            58
 Eon                           42.3             11
 Dong                          41               26
 Sindicatum                    37.3             16
 Trading Emissions             34.3             63
 	
    Source: Unep Risoe database of registered projects. In the
case where more than one buyer was identified, total credit
volume was divided equitably by number of buyers.	
    * Latest annual reports. In the case of JP Morgan and
Barclays Capital figures were taken from last published annual
reports in 2009 before de-listing. These figures include
unregistered projects.	
    ** Vitol press release	
    *** Credits expected by 2012 taken from RWE statement in
2010.
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