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EU Carbon Surges to Highest Price in Two Years on Nuclear Halts

European Union carbon permits surged to their highest price in almost two years after Germany said it will halt its seven oldest nuclear reactors, increasing demand for replacement power from fossil fuels.

EU permits for December jumped 3.7 percent to 17.21 euros ($24.08) a metric ton on the ICE Futures Europe exchange in London, the highest close since May 2009. They traded earlier as high as 17.49 euros, and volumes aggregated across all futures surged to an all-time high of 51.6 million tons on the ICE, making it the busiest day ever for carbon trading.