LONDON (Reuters) - Britain raised 32.4 million euros (25.6 million pounds) on Thursday by auctioning European Union spot carbon permits but bidding interest was at its lowest since the auctions began, data from the UK Debt Management Office showed.
The UK government auctioned 4 million spot EU Allowances (EUAs) at 8.11 euros a tonne each. The auction was 1.56 times oversubscribed, with a total of 6.254 million bids received, it said.
This was the lowest bidding interest since the UK started auctioning carbon permits in November 2008 and was well below the average bidding interest of 23.39 million.
Many analysts expect the EU emissions trading scheme (EU ETS) to have a surplus of at least 1 billion permits by the end of 2012, and the market to be oversupplied through 2020 due to flagging demand for carbon allowances.
Benchmark carbon prices have lost nearly half their value since January 2011.
On Thursday, spot EU carbon permits were down 0.86 percent at 8.08 euros a tonne at 0948 GMT on the Paris-based Bluenext.
The EU ETS caps carbon emissions on more than 12,000 industrial and power plants across the 27-nation bloc, and governments are allowed to sell a certain number of carbon permits each year.
The government has raised nearly 1.47 billion euros for the UK Treasury via carbon auctions since it started the process in November 2008.
It will sell a further 4 million EU carbon permits on Sept 27.
(Reporting by Nina Chestney; editing by James Jukwey)
Source: http://news.yahoo.com/britain-raises-32-million-euros-eu-carbon-permit-101149552.html
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