OVERVIEW
• NZUs are back at the $25 cap
• Timetable for ETS and ZCB legislation
• Agriculture – be careful what you wish for
COMMENTARY
Spot NZUs closed at $25.00. There is little to no supply in this market but it will be interesting to see if NZUs can push through from here. Previously they have retreated from this level. Given there is little on the offer, it’s the busier time of year and many emitters will buy NZUs and not pay the Fixed Price Option – we think it might push on from here. The other…