Carbon auction cancelled due to knockdown prices

An auction of EU carbon credits had to be cancelled on Friday after bidding failed to reach the reserve level, further driving down prices of EU Allowances (EUAs) to a record low.

The European Energy Exchange AG in Leipzig, Germany, first extended an auction of four million metric tonnes of carbon by 15 minutes, before cancelling the sale citing bids "significantly" below the market price.

The news sent prices crashing further with EUAs for December delivery falling by around 10 per cent to €5.05 a tonne - another record low following several months of rock bottom prices.

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