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EUA prices down over 5%

Prices of EU emission allowances (EUAs) dropped over 5% on Monday after rising to a five-week high.

The EUA futures contract for December 2012 delivery finished down 44 cents (5.4%) at € 7.75 on ICE Futures Europe in London.

The EUA contract rose to € 8.29 in morning trade, the highest level since December 23, but was falling for the rest of the day to end at an intraday low.

EUAs were driven lower by weaker German power prices which finished almost unchanged after rising to a four-week high. 

The 2013 baseload power contract rose to € 53 per MWh in afternoon trade on EEX before finishing at € 52.55 per MWh, up 1 cent on the previous close.

Meanwhile, European stocks moved lower due to failed negotiations to reduce the Greek debt, which were held over the weekend. 

The CER futures contract for December 2012 delivery finished down 21 cents (5.3%) at € 3.78 in London.

On BlueNext in Paris, the EUA spot contract lost 43 cents (5.4%) to € 7.56.

Source: ICE Futures Europe, BlueNext, EEX, Reuters