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Emissions Trading - Analysis Of Achievements
Perglerová, Eva ; Bič, Josef (advisor) ; Vondrušková, Barbora (referee)
This Master thesis analyses the European Union Emissions Trading Scheme (EU ETS). The aim is to analyse this instrument and its achievements. Emission allowances represent a new market instrument of the European Union's policy to reduce greenhouse gas emissions in order to combat the climate change. The first part of the thesis focuses on international climate negotiations, in particular on the Kyoto Protocol, which triggered the establishment of the EU ETS. The second part focuses on the system functioning and its achievements. The third part deals with the functioning of the EU ETS in the Czech Republic.
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Emission allowance trading: connection and evaluation
Havelková, Tereza ; Cihelková, Eva (advisor) ; Musil, Dalibor (referee)
The Bachelor thesis is focused on the issue of emission trading and offers an analysis of chosen models, which aim is to cut greenhouse gas emissions. To be more specific, the thesis deals these models -- the model used within the Kyoto Protocol, European Union Emission Trading System, Regional Greenhouse Gas Initiative, Western Climate Initiative and the Tokyo Emission Trading System. The goal is to analyze these models, evaluate their advantages and disadvantages and consider the idea of implementation of one integrated model. The secondary goal is to estimate the future development.
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Pass-through rate of Emission Allowances In Energy Market of the Czech Republic in 2009 and 2010
Rázek, Michal ; Bartoň, Petr (advisor) ; Koubek, Ivo (referee)
Introduction of emission trading scheme of tradable permits become a great phenomena among energy business agents. Each emitter of CO2 is granted or allocated definite amount of tradable permitts. These allow him to produce one tonne of CO2 or to sell them on the spot or forvard market. Since these tradable permits became valuable (behave as a commercial instrument) they carry two possible usage. To be consumed when producing MWh of energy of to be sold on the market. These alternative usage are according to economy theory opportunity costs, therefore should be considered as the implicit costs and implemented into the price setting. When operating on competitive market, this cost increase should be fully passed on to the price. In this paper we analyze this pass-through of the permits costs. By using regression analysis we try to estimate the pass-through rate of the permits costs in power energy market. We analyze the spot and futures market in the Czech Republic (PXE) and in Germany (EEX). Estimated pass through rate ranges between 0,65 and 1,2. The results emphasize that the energy market is quite competitive, because the costs are more or less fully passed on consumers. One interesting feature arose from results. The pass-through rate greater than one is sort of economically counter-intuitive and should be studied in more detail in some future work.
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Valuation of CEZ Group
Kmínek, Václav ; Mařík, Miloš (advisor) ; Tůma, Pavel (referee)
The thesis is targeted to a valuation of CEZ Group. The Czech based utility CEZ Group ensures regular production and supply of electricity and other essential products for everyday needs of the population in CEE region. The purpose of presented valuation is to determine whether the shares of these publicly traded company are correctly valued and that there exists any upside or downside potential. The final valuation is primarily determined by using two well-known valuation approaches -- discounted cash flow (based on operating profit analysis) and peer group analysis (based on market analysis). In order to provide a full range of understanding, the thesis consists of eight main parts focused on company profile, strategic analysis, financial analysis, value drivers, financial plan, minorities and final valuation. Further, all these parts are split up into few sections. Conclusion of the thesis includes an investment recommendation.
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European Union Allowance as a Security and Financial Instrument
Tůma, Jan ; Kříž, Radim (advisor) ; Chára, Petr (referee)
European Union Emission Trading System has been in operation since 2005 and to this point the legal nature of European Union Allowances is still controversial. Moreover, this question is complicated by fact, that a member state can not handle this problem, because it is acquis communautaire to solve it. The aim of this study is to explore the legal nature of allowance in Czech legal system, in merito, whether it is a security and/or a financial instrument. In conclusion, allowance is neither of those and its legal nature is still unclear, but also it does not really matter by now. Nevertheless, for the future smooth functioning of the EU ETS it is necessary that European Commission pursues this subject.
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Emission allowances and the carbon taxes
Eretová, Veronika ; Pavel, Jan (advisor) ; Vítek, Leoš (referee)
The thesis " Emission allowances and the carbon taxes" deals with instruments of air protection. It describes and compares two mechanisms of air protection: emission allowances and carbon tax. The first part of the thesis focused on the current condition of the atmosphere and on changes, which are caused by greenhouse gases. The second part of the thesis, at first, deals generally with the instruments of air protection and then describes the european emission trading scheme and the carbon tax. Finally the both instruments are compared from several aspects. The thesis investigates advantages and disadvantages implementing of these instruments.
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Economic impacts of the implementation of the Kyoto protocol
Pončíková, Martina ; Svobodová, Ivana (advisor) ; Jílková, Jiřina (referee)
This bachelor's thesis focuses on the evaluation of the emission trading system with greenhouse gases. The protection of the atmosphere is currently one of the world problems and in terms of that many legal regulations and international conventions were made to support this goal. The trading system is one of the accomplishments made in order to full fill these efforts. This thesis is aimed to comment and evaluate the entire utility of the system, its efectivity. The whole problem has been analysed from the view of the ČEZ, a. s. company.
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Emission Trading
Kmoch, Daniel ; Pavel, Jan (advisor)
The work concerns Emission Trading Scheme from perspektive of taxes and accounting. I should show problems with emission trading. The work concerns practical example of trading with emission allowance.
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Trade Emission in Practice
Součková, Petra ; Mikulec, Tomáš (advisor) ; Slavíková, Lenka (referee)
Přestože přístup k problematice ochrany ovzduší je v různých státech EU odlišný, postupem času docházelo k formování společných právních norem. Všude na světě se také ukázalo, že regulace by měla využívat flexibilních tržních mechanismů. K regulaci a ochraně životního prostředí je potřeba využívat přímé i nepřímé nástroje. Jedním z nich je obchodování s emisními povolenkami, přičemž tvorba ceny povolenek je ponechána trhu. Hodnoty emisních limitů mají určovat přípustnou úroveň znečišťování ovzduší. Množství emisních povolenek je stanoveno v alokačních plánech jednotlivých zemí. Kromě problémů ohledně množství a obchodování emisních povolenek se vyskytují též rozdílné principy jejich zdaňování, vedoucí k odlišnému zatížení států touto regulací.
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