Pilot ETS

(Yuan/ton)

Performance period 2013

Performance period 2014

Average price

Variance

Average price

Variance

Hubei

Shenzhen

Shanghai

Beijing

Guangdong

Tianjin

-

67.67

36.13

53.01

62.32

31.28

-

365.42

21.68

5.58

23.68

36.98

24.34

44.96

31.56

53.19

29.10

23.75

1.24

54.56

37.12

45.58

129.75

14.87