ICE daily CER price improved to 0.77 EURO (-6.10%). The market remains significantly long and participants seem to be pinning their hopes on supply constraint decisions which could take a long time to materialize. Carbon prices are down 30% over the past two days. The EU has outlined a 6 point plan to try and address the supply/demand imbalance in the EU ETS looking forward. The points are: deepening EU emission cuts, cancelling permits, extending emissions trading to new sectors, limiting or banning certain UN offsets and establishing a price management mechanism. It's all talk at this point so we will see how fast and how effective some/all of these measures may be, in the future. In the meantime expect more CER and ERU volume to hit the market between now and year end, pushing prices down and making a rally difficult.