European Union carbon-dioxide permits climbed to their highest in almost a year, boosting the price of electricity for next year in the region amid speculation that a shortage of allowances through 2012 may exist.

Emission permits for December 2008 rose as much as 93 cents, or 4.2 percent, to 23.05 euros ($31) a metric ton, according to prices from the European Climate Exchange in Amsterdam. That's their highest since May 30 last year. They traded at 22.90 euros at 11:47 a.m. local time.

Permit prices have almost doubled since February as the European Commission scaled back allocations for 21 nations for the five years through 2012 by an average 9.5 percent. That's the second phase of the system. The commission regulates the EU program, the world's biggest emissions trading regime.

``The belief there will be meaningful scarcity in Phase 2 is becoming the consensus view,'' said Mark Lewis, an emissions analyst with Deutsche Bank AG in Paris with a price target of 25 euros a ton. ``The market is much more confident in the integrity of Phase 2,'' he said today by phone.

The price of permits for 2007, when analysts forecast an oversupply, was unchanged today at 28 euros cents, according to prices from broker Spectron on Bloomberg.

Baseload electricity prices in Germany, Europe's biggest market, for delivery in 2008 rose as much as 1.1 percent to 57.15 euros a megawatt-hour, Spectron said. That's near its highest since July.

Enel SpA, Italy's largest power producer, may emit ``several million tons'' a year more carbon-dioxide gas than it has allowances for under a national plan for the five years through 2012, Chief Executive Officer Fulvio Conti said yesterday.

The company expects to cover the deficit by importing credits gained from renewable energy projects in countries such as China, Conti said.