September 07, 2008

WISCO sells carbon credits to Italian ENEL

It is reported that carbon transaction between Wuhan Iron & Steel Group Co and ENEL in Italy have already been approved by international authorities and is now declaring for registration in UN. Technology Department in provincial government in Hubei confirmed the information on April 21st 2008.

According to the agreement, ENEL will purchase 3 million tonnes of carbon dioxide emissions reduced by WISCO at a price of EUR 28 million per year (CNY 300 million), which would continue to support energy saving and emission reduction in WISCO.

WISCO has constructed eight projects during “11th five year plan”, including No 1, No 2 and No 3 CDQ power generation, No 2 and No 4 BF gas power generation. These projects would not only reduce carbon dioxide emission, but also could generate 3 5 billion KWH power per year. Total investment of these projects is CNY3.1 billion.