In the co-operation agreement between the EC and the European Investment Bank, published on 31 December 2010 in the Official Journal of the European Communities (OJ C 358, 31.12.2010, p. 1), timelines for the EIB’s work are estimated on the basis of 20 CCS proposals and 90 RES projects being submitted for the first call and half these numbers for the second call (Annex I).

Also revealed in the agreement (Art 16(2) d) are the fees the EIB will charge to the NER300 pot per proposal: 56250 EUR per RES project and more than double that figure for CCS projects. Some of this money will be required to pay the company to which the EIB will outsource a part of the proposal evaluations.

Monetisation

The monetisation of EUAs is contingent on the EUA Union registry being available (Art 11). Sources quoted in this Bloomberg story from 9 November make clear that they do not expect the registry to be ready in 2011. This explains why the Commission pushed back the likely date of Award Decisions from 31 December 2011 to “second half of 2012”.

Real-time tracking of the growth of the NER300 pot will be possible: “Reports setting out at least the overall volume and aggregated prices of the monetisation shall be published on the website of the EIB on a monthly basis, within two weeks of the end of each month over the monetisation period;” (Art 12(3) d).