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Directive 2003/87/EC of the European Parliament and of the CouncilShow full title
Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a system for greenhouse gas emission allowance trading within the Union and amending Council Directive 96/61/EC (Text with EEA relevance)
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Changes over time for: Article 29a
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[F1Article 29a U.K. Measures in the event of excessive price fluctuations
1. If, for more than six consecutive months, the allowance price is more than three times the average price of allowances during the two preceding years on the European carbon market, the Commission shall immediately convene a meeting of the Committee established by Article 9 of Decision No 280/2004/EC.
2. If the price evolution referred to in paragraph 1 does not correspond to changing market fundamentals, one of the following measures may be adopted, taking into account the degree of price evolution:
(a) a measure which allows Member States to bring forward the auctioning of a part of the quantity to be auctioned;
(b) a measure which allows Member States to auction up to 25 % of the remaining allowances in the new entrants reserve.
Those measures shall be adopted in accordance with the management procedure referred to in Article 23(4).
3. Any measure shall take utmost account of the reports submitted by the Commission to the European Parliament and to the Council pursuant to Article 29, as well as any other relevant information provided by Member States.
4. The arrangements for the application of these provisions shall be laid down in the [F2acts] referred to in Article 10(4).]
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