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European Union carbon allowances rose to the highest in more than two years as Christmas holidays and a halt of almost-daily auctions damped supply.

The benchmark front-December contract advanced 2.4 percent to the highest since Dec. 20, 2012 on the ICE Futures Europe exchange in London. The volume traded was 30 percent of the three-month average.

Allowances increased 48 percent this year as the bloc began withholding about half a years supply to help deal with a glut that built up as renewable-energy subsidies encouraged a surge in clean generation with priority access to power grids. Lawmakers are considering additional measures including a permanent reserve to further erode the accumulated oversupply.

Higher German power contracts and the missing supply from auctions helped make carbon more expensive, Bernadett Papp, an analyst at Vertis Environmental Finance Ltd. in Budapest, said today in an e-mailed response to questions. The high volatility due to the Christmas holidays can have the result of reaching new highs.

The December 2015 benchmark rose as high as 7.36 euros ($8.97) before settling at 7.34 euros with 4.6 million tons trading. Volume of prompt contracts advanced 39 percent to 1.5 million tons, or 33 percent of front-December trading. For all of last week, the figure was 3.1 percent.

The high portion of spot trading indicates demand for compliance may be stronger than supply, said Louis Redshaw, founder of Redshaw Advisors Ltd. in London, which trades on behalf of factories.

There are few sellers and not all utilities bought everything they needed before auctions stopped on Dec. 16, Redshaw said today in an e-mailed response to questions. Auctions on the European Energy Exchange AG in Leipzig, Germany, resume on Jan. 8, which could push carbon contracts lower, Bloomberg New Energy Finance said yesterday.

To contact the reporter on this story: Mathew Carr in London at m.carr@bloomberg.net

To contact the editors responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net Stephen Cunningham, Charlotte Porter

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EU Carbon Rises to 8-Month High as Holidays Cut Supply

MOSCOW

The Eurasian Economic Union is headed for a rough start.

Officials from members of the economic alliance, which was modeled on the European Union and officially comes into effect January 1, met Tuesday in Moscow under the pain of Russia's collapsing economy and the absence of Ukraine.

Western sanctions over Ukraine and a drop in the price of oil are pushing Russia's economy into a recession that is also hurting its neighbors in the trade group.

But speaking after a meeting of the Supreme Eurasian Economic Council, Russia's President Vladimir Putin voiced optimism that the trade bloc was making headway for its members.

Putin said a joint market was being created to act on the basis of the general rules of the World Trade Organization with more than 170 million consumers and a joint GDP of more than $4.5 trillion. Many customs and administrative barriers, he said, have been eliminated and business opportunities for realization of joint investment projects have expanded significantly.

The leaders of Belarus, Russia and Kazakhstan will launch the union in January, while Armenia is in the process of joining and Kyrgyzstan plans to join next year.

Russian response

Former Ukrainian President Viktor Yanukovych was ousted from power this year in a popular uprising after he backed out of a European deal in favor of the Russian economic plan. Russia responded to Ukraine's revolution with a flood of propaganda, annexation of Crimea, and support for armed rebellions in eastern Ukraine in fighting that has claimed 5,000 lives.

Kyiv's Western-leaning leaders signed an association agreement with the European Union.

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Eurasian Economic Union on Shaky Ground at Outset

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