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EON, RWE Slump as Carbon-Law Fix Proposal Fails: Frankfurt Mover

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April 16 (Bloomberg) -- EON SE and RWE AG, the largest German utilities, fell in Frankfurt after the European Parliament rejected a proposed change to emission-trading rules that would allow temporary curbs on supplying carbon permits.

The European Union assembly voted against a plan to delay the issuing of some new allowances in the 2013-2020 phase of the EU’s emissions-trading system. The draft measure opposed by the 27-nation Parliament is meant to help bolster the price of EU emission permits after they fell to a record low in January.

“Europe is now turning its back on the environment and focusing on economy,” and its decision will hit shares, John Musk, an RBC Capital Markets analyst in London, said in a note.

EON declined by 5 percent to 13.74 euros, the biggest drop in five months, while RWE lost 2.2 percent to 29.475 euros, the steepest daily slide in three weeks. Trading volumes were more than double the three-month daily average for the stocks.

To contact the reporter on this story: Tino Andresen in Dusseldorf at tandresen1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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