2012 Spring Meeting Presentations

Presentations from EMA's 16th Annual Spring Meeting

April 26, 2012

"Staying the Course: Launching California's CO2 Market in the Face of a Legal Onslaught"

Keynote Speaker: Brian Turner, Deputy Director, Washington DC Office of Governor Edmund G. Brown Jr.

 

Session 1: Regulatory Uncertainty in Environmental Markets Roundtable

Disruption of emerging emission markets through adverse legal decisions has become the norm, rather than the exception, and there is increasing evidence that companies are adopting more sophisticated approaches to pricing litigation/regulatory risk directly into their transactions. This panel of financial and market design experts will discuss novel approaches to estimating the likelihood of such adverse regulatory/ litigation outcomes, and how to manage a speculative position in risk-adjusted emission credit markets.

Moderator: John Melby, Managing Director, North America, GreenX

Thaddeus HuettemanPresident, Power and Energy Analytics Resources, Inc.

Julien DuMoulin-SmithDirector, US Electric Utilities & IPPs Group, UBS Investment Research

John HamppAir Program Manager, FPL / NextEra Energy

 

Session 2: Cross State Air Pollution Rule

EPA’s Cross State Air Pollution Rule established new SO2 and NOx trading programs in the Eastern half of the United States. Litigation challenging that rule disrupted those programs when the U.S. Court of Appeals for the D.C. Circuit issued a stay of the program in December 2011. This panel will discuss recent developments in the litigation, including impressions from the oral argument in the case, which will take place on April 13, 2012. The panel will also discuss the effects of the litigation on the NOx and SO2 markets in light of the stay and the resurrection of CAIR allowances.

Moderator: Allison WoodPartner, Hunton & Williams

E. Carter Chandler ClementsAssociate, Hunton & Williams

James W. Rubin, Counsel, SNR Denton

Paul Tesorerio, Director, Environmental Markets, Evolution Markets, Inc.

 

Session 3: MATS Overview: Implications of expected coal shutdowns

This panel will examine the implications of EPA’s proposed MATS rule on the emissions trading markets, megawatts of coal-fired generation that could be retired, the rise of other alternative replacement generation (gas/nuclear), and the legal status of this long-awaited EPA regulation. 

Moderator: Gary HartMarket Analyst, ICAP    

Jameson SmithMISO

Matt MostEncana

 

Session 4:  RECs

REC Markets: explore the mystery of REC prices by examining the dynamics of REC trading and Supply & Demand fundamentals. Also, find out what the future of the western and California REC markets hold.

Moderator: Rouba Farah, Broker, BGC Environmental Brokerage Services

Peter Toomey, Originator, Iberdrola Renewables, Inc.

Michel Di Capua, Bloomberg New Energy Finance

Jeff GormanIVG Energy

Ken Schuyler, President, PJM EIS

 

April 27, 2012

Session 5A: Carbon Market Fundamentals in Fragmented Markets

This panel will explore the nascent California GHG emissions market from several perspectives: broker, exchange, and utility.  Topics to be explored include developing market trends; a look at lessons from others markets that are being carried into California; impediments, if any, that are impacting market formation; prospects for linking; and views on future developments in the California market; linkage between AB32 and Quebec. 

Moderator: Dan Chartier, Edison Electric Institute

Steve FineVice President, ICF International

Dusty GranetBGC Environmental Brokerage Services

John Melby, Managing Director, North America, GreenX