AGL & Westpac complete first “Australian Carbon” Trade

http://www.smh.com.au/news/national/19-a-tonne-the-price-to-pollute/2008/05/19/1211182703278.html

 

Today we announced the first trade in Australian Emissions Trading Units (AETUs).   AGL sold Cal 11 Australian Carbon at $19.  This is the culmination of the analysis of a prospective carbon market, and over the last couple of months, work amongst the Carbon Solutions team to get documentation and risk management worked out – with many hours spent with the lawyers, our risk managers, consultants and the Board to get this deal across the line.

 

What does it mean?  Well it means that AGL is pioneering the trade of carbon in Australia, we have made our assessment of all that is known about the carbon market rules and have now given Australian business, and more importnatly many of our major customers, a real indication of the price a tonne of carbon should expect to achieve in 2011.  We do expect others to have formed different views about the market and the likely carbon price – but it’s good to be on the front foot.