The U.K. sold 6.5 million European Union carbon permits for immediate delivery at 6.62 euros ($8.46) a metric ton on ICE Futures Europe, according to the exchange’s website.
The clearing price in the auction was 2 cents lower than the prevailing spot price on the Paris-based Bluenext SA exchange at 11 a.m. local time. EU permits for December reversed earlier losses to advance 0.3 percent to 6.76 euros a ton as of 10:25 a.m. in London.
Bids in the sale totaled 18.5 million tons of allowances, or 2.8 times the amount for sale, according to ICE data compiled by Bloomberg. A sale of 4.5 million permits by the EU yesterday received 2.7 times more bids than the volume available.
The EU will sell more than half of all carbon permits during the third phase of the bloc’s market, which runs from 2013 through 2020, after it gave away almost all allowances in the second phase of the emissions-trading system from 2008 through 2012.
The U.K. is selling a total of 12.3 million permits for 2013 in two sales before the end of the year, as part of a 120 million ton program of so-called early Phase 3 sales.