| You may never have heard of it, but a European scheme, designed to achieve carbon emissions targets that have already been met, is adding billions to consumer energy bills. This year and every year until 2020, the UK government will auction hundreds of millions of carbon credits – called European Union Allowances (EUAs) – into the market for use by power companies. At current prices of around €5 per credit, this should net the Treasury about €1bn (£845m) a year.
The EUAs are the main “currency” of the European Union Emissions Trading System (EU ETS), borne out of the 1997 Kyoto Protocol, and designed to help us monitor and reduce our carbon emissions to hit various targets...............................................Full Article: Source
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