The price of the benchmark 2009 contract hit an all-time low last week below the previous record of 12.80 euros. EUAs fell to near-zero in the first trading phase of the scheme from 2005-07, since dubbed a trial period.

The scheme limits emissions of heat-trapping CO2 from industrial installations including steel and power plants.

The price of permits has fallen on dwindling industrial carbon emissions as a result of recession and lower output, as well as falling energy demand and lower oil and gas prices.