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EU Carbon Drops Near Five-Month Low, Coal Brushes Two-Year High
2010-12-23 14:16:30.210 GMT
By Mathew Carr
Dec. 23 (Bloomberg) -- European Union carbon allowances for
December 2011 fell close to their lowest level in almost five
months as coal prices approached a two-year high, making the
dirtier fuel less profitable for power utilities.
EU permits lost 1.2 percent to 14.15 euros ($18.53) a
metric ton on London's ICE Futures Europe exchange as of 1:11
p.m. They fell as low as 14 euros on Dec. 20, the lowest
intraday-price since July 28.
Power utilities need about double the permits when using
coal instead of cleaner-burning natural gas.
Coal for next year in northwest Europe was unchanged today
at $117.50 a ton, according to broker data. It reached $119 a
ton on Dec. 20 in intraday trading, its highest since Nov. 5,
2008. The United Nations issued 897,000 tons of offset credits
today to seven projects, boosting supply.
For Related News and Information:
Emission market news NI ENVMARKET <GO>
Today's top energy stories ETOP <GO>
European power-markets home page EPWR <GO>
--Editors: Bruce Stanley, Reed Landberg
To contact the reporter on this story:
Mathew Carr in London at +44-20-7073-3531 or
m.carr@bloomberg.net
To contact the editor responsible for this story:
Stephen Voss at +44-20-7073-3520 or sev@bloomberg.net
