Former Lansdowne manager Per Lekander says a shift to clean energy will hit their value
email rounding up the latestThe price of carbon permits is set to tumble as Europe weans itself off dirty fuels, according to a hedge fund manager who was once one of the market’s biggest bulls.
“Europe has been amazing at lowering emissions,” said Lekander, managing partner of $2.6bn-in-assets energy investing group Clean Energy Transition and previously a trader at London-based hedge fund Lansdowne Partners. “I see coal and gas prices falling, and I think they are going to go way lower in the longer term. And the emissions market is going to crap out.”trade at about €86, up 430 per cent from just five years ago.
Wind and solar generation provided 22.3 per cent of the EU’s electricity needs last year, overtaking gas for the first time, according to think-tank Ember. “Europe is going to fill its gas storage in the second half of August,” said Lekander. “The gas price will go to trash, and if the gas price is trash, the coal price will be trash.”
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