EU Carbon Permits ‘Worthless’ Without Change of Rules, UBS Says

Bloomberg: Carbon-dioxide permits in the European Union emissions trading system, the world's largest, are "worthless" without a change in the rules to tighten supply and curb a record glut, according to UBS AG. EU allowances for delivery in December sank to a record 4.79 euros ($6.37) a metric ton on the ICE Futures Europe exchange today. The contract was at 4.86 euros as of 9:51 a.m. in London, extending its losses to 27 percent this year after low bids from utilities, factories and banks forced Germany...

URL: http://www.bloomberg.com/news/2013-01-21/eu-carbon-permits-worthless-without-change-of-rules-ubs-says.html