EUA and sCER phase II price drivers: Unveiling the reasons for the existence of the EUA-sCER spread

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Carbon Leakage and Competitiveness of Cement and Steel Industries Under the EU ETS: Much Ado About Nothing (2016, background): “2010, Alexeeva-Talebi 2011), determinants of the CO2 price (Alberola et al., 2008; Mansanet-Bataller et al., 2011; Hintermann, 2010), but only a limited number of ex post studies have investigated carbon leakage in relation to the EU ETS.”
Price and Market Behavior in Phase II of the EU ETS: A Review of the Literature (2014, background): “Mansanet-Bataller et al. (2011) find that this spread decreases with the allowance price level and attribute it to transactions costs.”
A model of carbon price interactions with macroeconomic and energy dynamics (2011, methodology): “…a good proxy of the demand for CO2 allowances. price.13 Then, we include the price of energies (brent, gas, coal) that has been shown to have a statistically significant impact on the carbon price in previous literature (see for instance Alberola et al. (2008b), Mansanet-Bataller et al. (2011)).”
Forecasting carbon futures volatility using GARCH models with energy volatilities (2013, methodology): “Mansanet-Bataller et al. (2011) use TGARCH(1,1) to fit the VAR(4) residuals of EUA futures, and Chevallier (2011b) detects volatility instability using an EGARCH(1,1) model.”