EUROPE
Helping customers navigate the emissions landscape
Grey Epoch Europe is the group’s client facing entity, bringing together years of expertise to help our customers navigate the emissions landscape. The Grey Epoch Group also includes Grey Epoch Trading, whose traders have been active in the EU Emission Trading System since its inception with market activities representing over 7.5 billion EUAs since 2017. We pride ourselves in being able to provide our customers access to the solutions that Grey Epoch Trading offers, combined with our know-how to manage your emissions allowances risks.
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Experts in environmental markets
The Grey Epoch Group has extensive experience in emissions markets. Grey Epoch Trading has been trading the emissions space as a team for over a decade, making them one of the most experienced participants in the emissions market.
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Solutions structuring
At Grey Epoch Europe, we work together with our customers to translate their specific requirements to tradable structures, which helps them implement risk management solutions.
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In direct touch with the market
We’re able to help our customers avoid unnecessary intermediation cost as our parent company, Grey Epoch Trading, trades directly in the marketplace.
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Largest liquidity provider
Grey Epoch Trading is the largest liquidity provider of exchange-traded emissions options*. Their market exposure allows us to provide our customers access to value adding, bespoke solutions.
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Risk-management solutions
The Grey Epoch Group are experts in emissions options, which are at the foundation of risk-management solutions.
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![High Market Volume]()
High Market Volume
In 2021, our market activities represented over 2.3 billion tonnes of greenhouse gasses, which is more than the amount emitted by all companies in the EU ETS together that same year.
How Grey Epoch Europe can help you
Grey Epoch Europe is set up to help companies that participate in the emissions trading system by providing risk-management solutions that can be implemented by our partner, Grey Epoch Trading.
We offer a whole suite of off-the-shelf solutions that would fit most of the participants of the EU and UK ETS. Grey Epoch Europe will work with you to find the solution that fits your requirements. The following are a selection of solutions:
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Price risk management
Financial planning and budgeting can be an issue when the price of allowances is volatile, and the compliance date is months in the future. Apart from fixed price solutions, we provide access to solutions that put a cap (maximum) and/or floor (minimum) to the allowance price. You can have the tools to manage your exposure to increasing or decreasing emissions prices.
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Quantity risk management
Estimating the number of allowances needed for compliance can be hard and is susceptible to market circumstances. Instead of indicating a fixed amount of allowances for procurement, a range can be used. The exact amount of allowances you want to receive can be determined in the future, as long as it is within the predetermined range. You can benefit from price certainty, while not having to worry about the exact amount of allowances you need.
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Timing risk management
While the price of emissions allowances has a volatile track record, a number of companies purchase allowances at a single point in time. To manage the risk of a spike in prices at or around the purchase date, we can provide you access to solutions that allow you to procure allowances against the average price over an agreed period.
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Derivatives liquidity
Grey Epoch Europe provides a bridge for clients seeking to trade emissions derivatives, by connecting you to Grey Epoch Trading. Their traders have been active in the emissions space since inception; their high volume of intra-day trading activity is accompanied by competitive prices. As a result, Grey Epoch Trading is the largest liquidity provider of cleared EUA options.
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Emissions Procurement
Our most straightforward service is a procurement solution of EU and UK ETS allowances, where Grey Epoch Trading delivers allowances to our customers at a predetermined time for a predetermined price.
Learn about our services for the Shipping Industry
Who we are
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Edmund Lehmann
Ed is an experienced business developer and trader, now heading up Grey Epoch’s European business. Prior to Grey Epoch Europe, Ed spent 15 years in commodities. At Shell Ed was bringing projects to a financial close in the natural gas and power sectors, and later spent five years trading Crude Oil. At BG, he built up the North West Europe physical and financial trading business, transforming it from passive term seller of crude oil to active trader of physical oil and financial derivatives. Ed has an MBA from IESE Business School in Barcelona.
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Emilio Fontana
Emilio joined Grey Epoch in 2021 as the Business Development Manager. Before this, he spent four years at BNP Paribas in London, specialising in structured product and solution sales. Emilio holds a BSc in Economics, an MSc in Finance, and an MSc in Econometrics from VU University, Amsterdam. As the main point of contact for Grey Epoch Europe’s customers, Emilio leverages his extensive background to assist clients in managing their emissions allowance risks. He is dedicated to providing expert guidance and personalised solutions to help you navigate the complexities of emissions markets.
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Victoria Basterra Gil
As a member of the business development team, Victoria brings business expertise and fluency in three languages: Spanish, French, and English to Grey Epoch. Victoria has completed a Business Administration undergraduate degree from Deusto Business School in Bilbao, Spain, and later gained valuable experience at Respol pursuing her passion for environmental issues and relocated to DARE for experience in traded markets. Her diverse experiences in both London and Madrid, contribute to her valuable international perspective in supporting clients with their emissions-related challenges.
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Beatriz Marques
Bea has built up extensive expertise in marketing, communications and project management at Provenca Capital, UK Trade and Investment, and a leading automotive engineering firm.
Bea was born in Portugal, raised in the UK, and has worked in Sao Paulo, Barcelona, and London. She holds a first-class degree in International Relations and a Master’s in Marketing Management.
FAQs
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The Grey Epoch Group is formed by emissions markets experts with several entities, the main ones being Grey Epoch Europe and Grey Epoch Trading. Grey Epoch Trading is based in the USA and trade in the emissions markets. Grey Epoch Europe helps customers navigate emissions markets and provides risk management solutions to comply with emissions regulations.
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The Grey Epoch Group has some of the most active emissions traders in the market, who have unparalleled experience in the Emissions Trading System. With over 140 years of combined experience in energy markets and financial services, we understand our customers’ businesses and can provide bespoke solutions, tailored to their specific requirements.
Grey Epoch Trading provides liquidity directly to our customers, cutting out unnecessary intermediation cost and providing very competitive pricing.
Grey Epoch Trading was also involved in the first cleared emission allowance option trade in the UK ETS, making it a leader in this sector. In 2023, Grey Epoch was named as Liquidity Provider of the year in the Energy Risk Awards and voted as top UK ETS Dealer and second in EU ETS Dealer of the year in the Energy Risk Commodity Rankings.
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The Grey Epoch Group is here to help customers bypass third party fees and commissions while accessing the most competitive prices available by dealing directly with one of the largest traders in the emission market. The firm embeds a margin in the pricing, but overheads are small enabling costs to remain low
There have been signs that many end users are overpaying to access the Emissions Trading System (ETS). Based on observations from the marketplace itself, we can point to specific instances where we believe clients could have made substantial savings by comparing Grey Epoch Trading’s view of mid-market prices to where trades were actually made. Of course, actual savings will vary from customer to customer, and from day to day.
The Grey Epoch Group is committed to being transparent with you about where we see the market and how we can help. Our mission is to reduce these costs, and thus make the market more accessible.
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Grey Epoch Europe is in direct touch with our clients, working together to find the trading solution that matches the client’s requirements. The solutions will be executed in the market by Grey Epoch Trading, who are the largest liquidity provider of exchange cleared options*. Grey Epoch Trading’s access to the market allows businesses to transact more directly, cutting out unnecessary intermediation costs.
Grey Epoch Europe Limited (FRN: 959638) is an appointed representative of Thornbridge Investment Management LLP (FRN: 713859) which is authorised and regulated by the Financial Conduct Authority.
*Grey Epoch Trading, brand of name Grey Epoch LLC, has been #1 liquidity provider of EUA options on the ICE exchange from 2013 - 2022.