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EU Carbon Rises for First Time in Six Days on Auction Demand

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Nov. 20 (Bloomberg) -- European Union carbon recovered from its lowest price in five months after demand for allowances for the next phase of the bloc’s carbon market improved.

Permits for December erased losses to close 0.5 percent higher at 6.74 euros ($8.63) a metric ton on London’s ICE Futures Europe exchange, the first increase since Nov. 12. They earlier fell as much as 3.9 percent to 6.45 euros a ton, the lowest since June 8.

Demand at two auctions of EU permits today increased compared with sales last week, suggesting greater demand. There were bids totaling 12.1 million tons for a sale by the EU of 4.5 million allowances, while Germany’s final sale for Phase 2 permits had bids for almost 6.4 times the amount for sale.

The EU, Greece, Germany and the U.K. are selling 21 million tons of permits this week as the bloc ramps up its auctioning program before the start of the third phase of the market, which runs from 2013 through 2020.

Carbon prices fell 26 percent through yesterday since the EU proposed on Nov. 12 to delay the sale of 900 million permits from 2013 through 2015 until 2019 and 2020.

United Nations Certified Emission Reductions for December declined 8.2 percent to 78 euro cents.

To contact the reporter on this story: Alessandro Vitelli in London at avitelli1@bloomberg.net

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