Our clients

We have over 1,000 clients in 60 countries, primarily in the EU.

Our clients’ industries include generation of heat and power, oil refining and manufacture of bricks, cement, lime, chemicals, fertilisers, foods, paper, iron and steel, aviation, renewable power generation and fuel blending.

Case studies

These are some examples of more interesting trades which we have done recently. They give an idea of the range of transactions we are able to execute and show some of the ways we solve clients’ problems.

Collateral recovery - €3 million

A client had EUAs tied up as collateral under a loan agreement with a financial institution. The collateral was significantly undervalued by the financial institution. Therefore the client wished to release the collateral to be able to realise its full value. VEF provided the client with funds sufficient to pay off the loan and thereby release the collateral. The client then sold the collateral via VEF, releasing €3 million of cash.


Repo for capital equipment financing - €11 million

A client needed bridge financing to purchase capital equipment. VEF executed the sale and repurchase of over 700,000 EUAs to provide two years of funding before the equipment was refinanced.

EUA loan to finance purchase of fuel for winter season - €2 million

A client operating a municipal district heating plant needed to purchase fuel before the winter heating season. However, it did not have funds available. VEF arranged for the lending of EUAs to the client which they then sold to raise the necessary funds. The loan was duly repaid when the client received fresh allowances on allocation.

EUA online auctions

We executed three online auctions of EUAs for the Hungarian and Lithuanian governments in 2006 and 2007, selling 1.7 million EUAs in all. These were the first ever online auctions of EUAs by governments. Since then we have developed a more modern and robust auction platform which corporations and governments can use for both buying and selling.

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The European Parliament’s post-2020 reform package explained
20 February 2017
On 15 February, the European Parliament adopted its position on the Phase 4 reform of the EU ETS. The report was adopted...
Bring it in – Price forecast competition 2017
16 January 2017
Last January we invited our clients receiving the Daily Newsletter to do the impossible and guess the highest settlement...

trading room


EUA Dec17: Bears lining up in view of several risk factors
27 March 2017
Last Friday's sell off pushed the price of the EUA Dec17 to a new two-month low. After seven consecutive sessions in neutral...
EUA Dec17: Consolidation around the 200-day moving average
20 March 2017
The benchmark carbon contract moved in a narrow range between 5.09 and 5.25 euro last week, but could not get away from...
EUA Dec17: Four black candles pushed price back to 5 euro
13 March 2017
The benchmark carbon contract produced four black candles last week and the last, white candle is also very tiny. The price...

the bustard blog