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EU Power Has Biggest Weekly Gain for 3 Months on Coal

Nov. 9 (Bloomberg) -- German power for 2013 trimmed its biggest weekly gain in three months as coal and carbon permits advanced.

German power for next year rose 0.5 percent from Nov. 2 to 47 euros ($59.77) a megawatt-hour, according to broker data compiled by Bloomberg at 1 p.m. in Berlin. It was down 0.3 percent from yesterday’s close. The electricity contract remains near its record low of 46.50 euros on Nov. 5.

EU emission permits for delivery in December advanced 1.2 percent from last week to 8.21 euros a metric ton on the ICE Futures Europe exchange in London. Coal rose 2.1 percent from Nov. 2 at $95.50 a ton, broker data show.

“We believe that over 100 years of power demand growth is now over for western Europe,” Alberto Gandolfi, an analyst for UBS AG in London, said yesterday in an e-mailed research note. The bank forecast 1 percent demand reductions a year through 2020, citing muted economic production, oversupply and energy efficiency measures.

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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