The EU emission trading system (ETS) for greenhouse gases is one of the climate protection measures implemented in the EU, developed in the framework of the Kyoto protocol to reduce greenhouse gas emission. The trading system was launched on 1 January 2005. The first trading period was from 2005 to 2007, the second was from 2008-2012. Currently the EU ETS is in its third phase 2013-2020. In Austria, about 200 energy-intensive industrial installations are obliged to participate in emissions trading. The sectors concerned include power supply (power plants, district heating plants, refineries), the iron and steel industry, cement and other mineral industries, the paper industry and other installations in sectors such as the chemical industry and particle board manufacturing. Every year, on or before 28th February, the operators of these installations receive allowances from the competent authority (Austrian Federal Ministry of Sustainability and Tourism) authorising them to emit one tonne of carbon dioxide equivalent per allowance.