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EU Carbon Permits Retreat as German 2011 Power Erases Gains

European Union carbon allowances for December fell to the lowest price in two weeks as German power erased earlier gains, damping demand for emission permits.

EU allowances for December lost 1.1 percent to 14.67 euros ($19.37) as of 6 p.m. in London on the ICE Futures Europe exchange. That’s the lowest price since Nov. 16.

German baseload power for next year, a European benchmark, declined 0.1 percent to 49.90 euros a megawatt-hour, according to broker prices on Bloomberg. The contract earlier traded as high as 50.30 euros. Carbon permits are linked to power prices because utilities often buy emissions allowances when they sell electricity forward.

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