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EU Carbon Allowances Rise at Fastest Pace Since December 2011

European Union emission permits had the biggest one-day increase since December 2011, after a surge in bidding at an auction and as nations consider a temporary fix to a glut of permits.

EU carbon for December jumped 10 percent after the sale, held by the European Energy Exchange AG, had a bid-to-offer ratio of 3.8, the highest since Nov. 2. An auction by Germany on Jan. 18 failed, even after EEX extended it by 15 minutes, prompting prices to drop to a record yesterday.

Permits advanced 50 cents to close at 5.45 euros ($7.25) a metric ton on London’s ICE Futures Europe exchange. Volume for the benchmark contract was 28.4 million tons, the highest since Dec. 21. Certified Emission Reduction credits for December rose 8.8 percent to 37 euro cents a ton.

EU nations including the U.K. and Germany are considering whether to support a plan by the European Commission in Brussels to temporarily cut supply by 900 million metric tons in order to deal with the glut.

The low carbon price “calls into question just how serious the EU is about mitigating climate change,” said Caroline Pitt, consulting director at Utilyx Holding Ltd. in London, which provides energy and carbon advice.

Policy makers need to give investors more comfort to encourage them to spend on emission reductions, she said today in an e-mailed note.

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