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Integrated Annual Report 2012
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Grupa LOTOS S.A. - Integrated Annual Report 2012

35. Carbon dioxide (CO2) emission allowances


As at December 31st 2012, considering the expected allocation of allowances for 2012 and the planned carbon dioxide (CO2) emissions in 2012, a provision for carbon dioxide (CO2) emission allowances of PLN 954 thousand was recognised by the Group. In the year ended December 31st 2012, the Group sold carbon dioxide (CO2) emission allowances.
As at December 31st 2011, considering the limit of allowances allocated for 2008–2012, the Group reported an excess of the carbon dioxide (CO2) emission allowances it had been allocated over its carbon dioxide (CO2) emissions, therefore no provisions were recognised and disclosed in the consolidated financial statements.

Average annual limits of carbon dioxide (CO2) emission
allowances allocated for 2008 – 2012 (thousand tonnes)
2008 2009 2010 2011 2012 TOTAL
Allowances allocated under the National Allocation Plan (1) 1,217 1,217 1,236 1,228 1,228 6,126
Additional allowances (2)         -            -    143 751 761 1,655
Total 1,217 1,217 1,379 1,979 1,989 7,781
Actual carbon dioxide (CO2) emissions (3) 1,192 1,102 1,163 2,061 2,033 7,551

(1) On July 1st 2008, the Polish Council of Ministers adopted, by way of a regulation, the National Allocation Plan of Carbon Dioxide (CO2) Emission Allowances for 2008-2012, issued under the EU carbon dioxide (CO2) emission trading scheme to existing installations and installations undergoing modification (Dz.U. of November 14th 2008, No. 202, item 1248). In accordance with the current legislation, allowances under Phase II (2008–2012) were allocated free of charge to all the installations covered by the emission trading scheme.

(2) By virtue of decisions of the Marshal of the Gdańsk Province of January 18th 2011 and July 29th 2011, Grupa LOTOS S.A. was allocated additional carbon dioxide (CO2) emission allowances.

(3) Carbon dioxide (CO2) emissions, calculated based on the production data for the installations covered by the emission trading scheme and verified in accordance with Art. 59 of the Act on Trading in Greenhouse Gas Emission Allowances of April 28th 2011.

The total allocation of free carbon dioxide (CO2) emission allowances expected for the years 2013 - 2020 based on the draft allocation plan submitted for approval to the European Commission is 13,108 thousand tonnes, including 1,665 thousand tonnes for 2013.

For information on the risk related to prices of carbon dioxide (CO2) emission allowances, see Note 33.2.


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