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EU Carbon Has Yearly Slump as Slow Economic Output Cuts Demand

European Union carbon permits slumped for a fourth year in five as slow economic output in the region curbed demand and offset supply surged.

The EU contract for December next year fell 0.6 percent to close at 6.67 euros ($8.80) a metric ton on London’s ICE Futures Europe exchange. That takes the annual drop to 8.9 percent compared with 49 percent last year. Certified Emission Reductions plunged 92 percent to 39 cents in the 12 months, while Emission Reduction Units dropped 89 percent.

Euro area economic output declined 0.6 percent in the year through September, Eurostat said Dec. 6. German Chancellor Angela Merkel said yesterday the economic environment will be more difficult in 2013 than this year, and that Europe’s sovereign debt crisis is “far from over.” EU nations are considering a European Commission plan to boost carbon prices by temporarily limiting supply sold in auctions through 2015.

The delay proposal of 900 million tons of carbon allowances to fix a glut of supply poses a big risk to the bloc’s industry, Germany’s Economy Ministry said Dec. 17. That statement may lower the chance of regulatory intervention in the first three quarters of next year, keeping carbon prices muted, Barclays Plc said on the same day.

Supply of EU allowances sold at auctions will rise to 14.7 million tons next week and to 18.8 million tons the following five working days, according to data from the websites of the European Energy Exchange AG and ICE. No allowances were to be sold this week.

Supply of new CER credits rose 5.9 percent to to record 339 million tons this year, according to United Nations data on Bloomberg.

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