March 26 (Bloomberg) -- EU carbon permits for December rose for the second day as electricity prices extended gains amid declining wind power in Germany and forecasts for below-average temperatures across the region.
Allowances for December delivery advanced as much as 9.1 percent to 4.90 euros ($6.30) a metric ton on ICE Futures Europe, the highest since March 4. The contract closed at 4.62 euros a ton, an increase of 2.9 percent from yesterday.
Week-ahead power rose in France, the Nordic region and Germany, where wind generation was forecast to peak at 10,500MW at 3 p.m. Berlin time tomorrow, down 18 percent from today’s peak of 12,776MW at 9:30 a.m. today. Temperatures in London are forecast to be 0.6 degrees Celsius tomorrow, compared with a seasonal norm of 8.3 degrees, according to MetraWeather data using the ECMWF model on Bloomberg.
“Carbon was well supported today as energy commodities strengthened on the back of the cold snap in Europe,” Milan Hudak, an analyst at Virtuse Energy sro in Prague, said by e-mail.
United Nations Certified Emission Reductions for December were unchanged at 33 euro cents a ton on ICE Futures.
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