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EU Carbon Declines as Natural Gas Falls, Coal Reverses Losses

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Nov. 1 (Bloomberg) -- European Union carbon permits fell to the lowest this week as U.K. natural gas declined and coal reversed earlier losses.

EU carbon for December dropped 2.3 percent to close at 8.05 euros ($10.41) a metric ton on the ICE Futures Europe exchange in London.

Carbon tracks gas because utilities burning dirtier coal need about double the allowances for each unit of power produced. U.K. gas for the six months through September, the summer contract, declined 0.7 percent on ICE. Coal for next year advanced 0.3 percent after earlier dropping to its lowest in more than two years.

United Nations Certified Emission Reductions for December decreased 18 percent to 96 euro cents a ton. Emission Reduction Units lost 24 percent to 68 cents a ton, as volumes rose to 4.5 million tons, the second highest ever.

To contact the reporter on this story: Mathew Carr in London at m.carr@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net

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