Australia is slated to tax carbon at a rate of A$23 per metric ton, but it has halved the number of companies liable for the tax to 500 companies. Though the price, reported by newspapers in advance of an official announcement, is roughly in line with expectations and the price of emissions in Europe, Prime Minister Julia Gillard refused to confirm reports, saying she would not "play any games" about the price in an interview with Sky TV. The expected price comes after Australia's government was able to secure the final vote needed to price carbon, which will help cut up to 160 million tons of emissions by 2020. The plan will transition from a tax to an emissions trading scheme within three to five years, and will include reported loan guarantees to help power plants refinance debt. The scheme may cause prices to rise as much as one percent, and Gillard has promised compensation to 90 percent of Australian families for higher food and electricity prices. For the full story, see http://www.reuters.com/article/2011/07/08/australia-carbon-idUSL3E7I80BC20110708.