EU Carbon Rises for Fourth Week Out of Five Before Glut-Fix Plan
European Union carbon permits made their fourth weekly gain in five weeks ahead of a Nov. 14 announcement of a plan to help fix a glut in the market’s supply.
EU emission permits for delivery in December rose 0.4 percent to 8.31 euros ($10.57) a metric ton on the ICE Futures Europe exchange in London at 5:07 p.m., taking its weekly increase to 2.5 percent.
The European Commission, the bloc’s regulatory arm, is due to publish next week a detailed proposal to delay some auctions of allowances as of 2013 after prices fell to a record low earlier this year because of the glut. It will also send to member states a report on the functioning of the market, floating ideas to overhaul it in the long-term.
United Nations Emission Reduction Unit credits for December, which can be used for compliance in the EU program, increased 9.1 percent to 60 cents a ton on ICE Futures. Certified Emission Reduction credits for December jumped 8.7 percent to 1 euro a ton.
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