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In Germany emission allowances (European Union Allowances EUAs) for the first trading period (2005-2007) were allocated completely free of charge. In the second trading period (2008-2012) annual volumes of 40 million EUAs will be sold (Article 19 ZuG (Zuteilungsgesetz – The German Allocation Act) 2012). After an initial phase during which EUAs have been sold by the state-owned bank KfW Bankengruppe on different stock exchanges allowance auctioning should be conducted from 2010 at the latest. |
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