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EU Carbon Permits Fall; German Power, U.K. Gas Little Changed

Dec. 7 (Bloomberg) -- European Union carbon allowances for December fell for the first day in three as German power and U.K. natural gas erased yesterday’s gains, damping demand for emission permits.

EU allowances for December lost 0.5 percent to 14.79 euros ($23.39) as of 5:45 p.m. in London on the ICE Futures Europe exchange. Permits for December 2011 dropped 0.5 percent to 15.10 euros a ton.

Carbon permits are linked to power and natural-gas prices because utilities often buy emissions allowances when they sell electricity forward. Changes in fuel prices can trigger utilities to switch between coal and gas. Burning coal requires twice as many emissions permits.

German baseload power for 2011, a European benchmark, was little changed, slipping 15 cents to 51.10 euros a megawatt-hour, according to broker prices on Bloomberg. It traded yesterday at its highest level in more than three months.

Natural gas for delivery into Britain next summer, the six months through September 2011, slipped 0.1 pence, or 0.2 percent, to 53.5 pence a therm, bucking four days of gains after freezing weather spurred demand for energy.

To contact the reporters on this story: Catherine Airlie in London at cairlie@bloomberg.net

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net

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