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Germany Sells Aviation Carbon at a Discount of 9.9% on December

Germany sold 2.5 million European Union spot aviation carbon permits at a 9.9 percent discount to yesterday’s settlement price for December futures, as trading volume on secondary markets is scarce.

Germany sold at 7.01 euros ($9.12) a metric ton in an auction today on the European Energy Exchange AG, according to the bourse’s website. That’s compared with a closing price for the December contract of 7.78 euros a ton yesterday on the ICE Futures Europe exchange in London. Spot standard carbon permits traded at 8.18 euros at 8:59 a.m. in London, an hour before the auction closed.

ICE has handled 141,000 tons of December aviation allowances since it first offered the contract in February. It handled 13.4 million tons of standard December EU allowances yesterday alone.

Germany is auctioning as many as 5 million tons of spot aviation permits in two sales as part of its allocation of allowances in 2012. The EU’s emissions trading system is in its second phase, which runs from 2008 to the end of this year. Airlines joined the bloc’s carbon market in 2012. The EU will also sell at least 11.4 million aviation permits in five auctions on EEX starting Nov. 21.

Germany’s sale attracted bids for 1.8 times the volume, EEX said. There were six bidders in the auction, it said.

EEX, based in Leipzig, has also sold Phase 2 permits on behalf of Germany, the Netherlands, the Czech Republic and Lithuania, and is selling Phase 3 allowances for prompt delivery on behalf of Germany and 25 EU member states.

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