This report is based on discussions in the CEPS Task Force on Reviewing the EU Emissions Trading Scheme, dealing with priorities for adapting the National Allocation Plans for the second phase of allocation. The Task Force met several times over a concentrated period of time from April to September 2005. Participants in this CEPS Task Force included senior executives from a broad range of industry – including energy production and supply companies, energyintensive industries and service companies – and representatives from business associations and non-governmental environmental organisations.