A. Trading Report

• Front prices fall by $0.06 to $12.56, large single day movement on Wednesday
• ‘Quiet March’ continues with traded volume of 1,938,000
• Slight rise in longer-term implied funding rates.

       B. Price Expectations

• Divergence of front from MA is not material nor reflective
• $12.50 mooted as price floor, but too few signals to fully distinguish
• Expected V16 ranges: $12.57 – $12.52 (Front); $12.81 – $12.76 (Benchmark)      

      C. CCO Tracker

• 416,428 CCOs issued and 100,534 CCO-3 conversions
• 3 new verifier appointments

D. Policy Tracker

• Legislative situation remains unchanged 

E. Key Dates

• March 29 – Workshop on Cap-and-Trade Regulation post-2020 emissions caps and allowance allocation
• April 5 – Cap-and-Trade Workshop on Cost-Containment and Sector-Based Offsets

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