Document summary
The revised EU Directive, December 2008, made no change to Member States’ obligation to allow the banking of EUAs issued from Phase-2 onwards, meaning the EUA shortage foreseen by the market in Phase-3 should already be anticipated in Phase-2. After 30 April 2013 EU-ETS installations/account owners in the EU Registry system with surplus Phase-2 EUAs will have them cancelled and in exchange receive an equivalent amount of Phase-3 EUAs. The Directive allows ETS operators to swap CP-1 CERs/ERUs into Phase-3 EUAs to the limit of their bankable unused Phase-2 CER/ERU quota and any additional Phase-3 quota until 31 March 2015.