The second year of Phase II of the EU Emissions Trading Scheme (EU ETS) started with a crash in EUA prices, continuing the decline that had begun in the second half of 2008 as the financial crisis widened and stoking fear among market participants of a repeat of the end of Phase I. Prices fell to record lows during the first quarter as EU companies found themselves long on EUAs and sold heavily, mainly on the spot market, to generate cash and shore up their balance sheets. By February 2009 EUA prices had plummeted to €8, versus €30 nine months earlier (see Figure 1). eu etS 2.1 AT A GLANCE The total value of European Union Allowance (EUA) transactions in 2009 rose 18% to US$118.5 billion (€88.7 billion), due to a robust 105% increase in trading volume over 2008. The growth in overall transaction value occurred despite the fact that average EUA prices fell 42% to US$18.7 (€14.0), versus US$32.5 (€22.1) the year before. By May, however, after what seemed an eternity for players that had endured the worst of the crisis, the market began a quick rebound and allowance prices stabilized within a narrow range of €13 to €16 for the remainder of 2009. The financial turmoil led to substantial changes in the market. Financial institutions that had been active players, such as Lehman Brothers and Bear Stearns, had collapsed. Other important banks significantly reduced their activities in the carbon space while few new companies dared to enter the market during the downturn.
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