Greyhound Energy Markets Ltd. has stopped operations and is “on hold” while the European Union carbon market is “stuck in a band,” according to Greyhound shareholder CarbonDesk Group Plc.
CarbonDesk, a London-based emission-permit broker and investor, announced in March its purchase of a 33 percent interest in Greyhound to trade in energy and carbon markets.
“It didn’t really work,” Brett Stacey, chief executive officer of London-based CarbonDesk, said today in a phone interview. “We didn’t lose money. We weren’t making money. We decided to call it a day.”
Greyhound’s Jerry Vlam and Simon Gadd have stopped trading for the venture, Stacey said. Benchmark carbon prices have stayed in a range of 13.53 euros to 16.52 euros ($18.54-$22.64) a metric ton in the past seven months, according to data from ICE Futures Europe.