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European Carbon Stable as EU Sells Permits, German Power Drops

Nov. 22 (Bloomberg) -- European Union carbon permits were little changed after demand for allowances in an auction declined compared with a previous sale and German power for 2013 fell to a record.

Permits for December rose two cents to 6.79 euros ($8.73) a metric ton on London’s ICE Futures Europe exchange. They earlier fell as much as 2.5 percent to 6.60 euros a ton. Trading volume was 9.3 million tons, the least since Nov. 1.

German baseload power for next year dropped as much as 0.4 percent to 46.30 euros a megawatt-hour, the lowest since the contract began trading in May 2008, before erasing losses.

The EU sold 4.5 million permits at 6.64 euros a ton in its fourth auction of allowances for 2013. Bidders sought 9.2 million permits in the auction, twice the volume for sale. Buyers yesterday bid for 2.8 times as many permits as were offered by the U.K. in its first sale of allowances for the next phase of the bloc’s carbon market.

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

United Nations Certified Emission Reductions for December dropped 1.3 percent to 79 cents at 4:59 p.m. in London.

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

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