Abstract
Subject The EU's carbon trading system. Significance EU carbon prices have risen as a result of reforms to the EU Emissions Trading System (ETS), but uncertainties persist due to the combined effects of the reforms, slow economic growth, likely coal plant closures and increased renewable energy capacity during Phase 4 of the system (2021-30). Impacts Higher carbon prices will penalise coal-fired generation over gas because coal plants emit roughly twice the amount of CO2. High carbon prices run the risk of industrial relocation outside the EU. Higher carbon prices will reduce the relative costs of technologies for gas-fired plants such as carbon capture and storage.
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