Reuters: Regulatory News: Merkel: growth assumptions behind carbon permits don't apply

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Merkel: growth assumptions behind carbon permits don't apply May 3rd 2013, 11:05 HAMBURG | Fri May 3, 2013 7:05am EDT HAMBURG May 3 (Reuters) - German Chancellor Angela Merkel said on Friday economic growth assumptions behind the European Union's carbon permit trading system no longer applied and action should be taken about backloading supply in the market after September's election. "All of the assumptions about trading certificates no longer apply," Merkel said at a church event in Hamburg, adding that growth estimates had been over-optimistic and a Europe-wide downturn led to shrinking demand for permits and falling prices. Merkel did not specify what should be done about backloading - an issue which she acknowledged divides her cabinet. But this and a reform of Germany's renewable energy law which generously subsidises green energy would not be possible before September's federal election, she added.

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