Edie: The UK Government will auction 7% of the allowances for 2008-12 Europe’s first auction of carbon allowances for the EU Emissions Trading Scheme (ETS) has been held. On Wednesday, the UK Government opened up the auction for allowances under Phase II of the cap and trade scheme, which runs from 2008 to 2012. Four million allowances were sold at a value of just £13.60 each – raising a total of £54m excluding VAT for the Treasury. Ministers said the auction demonstrated the …