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European Union Carbon Permits Drop as Natural Gas Declines

Jan. 8 (Bloomberg) -- European Union carbon allowances fell as U.K. natural gas prices dropped, curbing demand for pollution rights in the world’s biggest cap-and-trade system.

EU permits for delivery in December declined as much as 1.5 percent to 6.56 euros ($8.61) a metric ton on London’s ICE Futures Europe exchange. The contract traded at 6.60 euros as of 8:35 a.m. in London.

U.K. natural gas for next month dropped 1 percent to 67.85 pence a therm. Carbon permits sometimes track gas because power utilities burning the fuel need half the permits compared with when they use more-polluting coal.

To contact the reporter on this story: Ewa Krukowska in Brussels at ekrukowska@bloomberg.net

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

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