in the first year of Phase III (2013) and rises linearly towards the price levels projected for 2020
in the published scenarios of the European Commission1, and present results in terms of the
total cumulative revenues over the eight years of Phase III. Since markets are forward looking
(and €15/tCO2 is at the low end of current expectations) this will tend to underestimate the
impact of the higher price … Based on later estimations in this paper, this is equivalent to …