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European Union carbon permits rose as higher prices for natural gas helped boost demand for emission rights.
EU permits for December 2011 gained 1.3 percent to 14.28 euros ($18.82) as of 5:30 p.m. on the ICE Futures Europe exchange in London on the first day of trading after the Christmas holidays.
U.K. natural gas for delivery next summer, the six months through September 2011, rose 3.3 percent to 55 pence a therm, according to broker prices compiled by Bloomberg. Higher gas prices may prompt some power utilities to burn more coal, which requires about twice as many carbon permits as gas-powered generation.
To contact the reporter on this story: Ewa Krukowska in Warsaw at [email protected] or Catherine Airlie at [email protected]
To contact the editor responsible for this story: Stephen Voss at [email protected]
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