The Attunga Enviro Opportunities Fund was flat in May, gaining +0.02%, due mainly to the delay to the CPRS and poor spot prices.
1 yr return: +1.2%. Annual (Jul 2006): +39.94%
In early May the Federal Government announced that their Carbon Pollution Reduction Scheme (CPRS) would be delayed for 12 months, which caused electricity prices to move steeply downward as the cost of carbon was removed. Poor spot prices overall also saw all electricity prices decline, as a result Calendar 2011 contracts fell from around $60 to $50. Attunga believes prices may have further to fall if the upcoming cold weather fails to support higher spot market outcomes. Beyond that however there is scope for higher prices as supply issues in some areas of Australia may increase prices and volatility next summer.
