European carbon emissions prices have hit record highs this week on concerns that European industry may exceed emissions targets over the next three years. Another factor has been the surge in UK gas and electricity prices amid concerns about tight supplies this winter.

A tonne of carbon reached €19 on Monday, up from €18.85 on Friday, as UK winter 2005 gas prices reached a high of more than 60p per therm, and UK electricity prices reached a record peak of £49.10 per megawatt hour.