The Environment Exchange says 2014 active for PRN trading

More than 1 million metric tons of packaging scrap traded through UK-based company.

January 12, 2015
RTGE Staff
Legislation & Regulations Paper

The U.K.-based Environment Exchange (T2E) says it helped trade more than 1 million metric tons of Packaging Recovery Notes (PRNs) in calendar year 2014. T2E says 42 percent of that volume was traded through its Forward Markets process while 58 percent was traded on its Spot Market.

Under the United Kingdom’s Producer Responsibility Obligations (Packaging Waste) Regulations passed in 2007, U.K. companies that produce packaging have a legal obligation to contribute to the cost of recycling this packaging. They do this by purchasing PRNs, which are produced by U.K. firms that recycle packaging or export it for recycling elsewhere. The legislation applies to companies that handle (manufacture, convert, pack/fill or retail) more than 50 metric tons of packaging per year and have an annual turnover of at least £2 million ($3 million).

Says T2E Managing Director Angus Macpherson, “2014 has been another very interesting year. Challenges remain for 2015. Our forward markets offer certainty in otherwise uncertain times. T2E would like to thank all of its participants for their continued support over the year and [we] are looking forward to being of service to them in 2015.”

The company says with forward markets now open until January 2016, PRN market participants have already traded close to 200,000 metric tons of 2015 PRNs.

T2E, based in Edinburgh, United Kingdom, provides a trading platform where members can trade PRNs. Prices are displayed live on its trading boards and T2E also says it offers dedicated account management service and a “swift settlement process.”

The company also now operates a trading platform for Waste Electrical & Electronic Equipment Evidence Notes (WENs) and provides an independent audit service for exporters and reprocessors and AATFs (Approved Authorised Treatment Facilities) in the U.K. T2E also operates an online Recovered Paper Marketplace.