A legal opinion, commissioned by the Alliance of Energy Intensive Industries, has concluded that any attempt at setting aside EU emission allowances would violate EU law. The opinion, produced by German law firm Luther, states that, according to Article 10 of the Emissions Trading Directive, “the Commission is not entitled to interfere with the market through the change of the Auctioning Regulation intended by it”. According to attorney Dr Stefan Altenschmidt (Luther), “The Emissions Trading Directive only grants the EU Commission the right to interfere with the market in case of CO2 prices that are too high to reduce the burden on businesses. However, the Directive does not allow the Commission to work towards a price increase in case of CO2 rates that are too low.”
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