Measures to contain the COVID-19 (novel coronavirus) pandemic have led to a dramatic reduction in travel and economic activity.

In consequence, energy consumption and greenhouse gas emissions have fallen sharply.

This in turn had an impact on the prices of energy commodities and emissions allowances, which have also dropped rapidly.

Thanks to lessons learned after the 2009 economic crisis, which caused a massive surplus of carbon emission allowances in the EU Emission Trading System, a market stability reserve was put in place in 2019 to automatically adjust the supply of allowances to actual demand and prevent a collapse of the carbon price.

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