Page 20 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
4/9 5/9 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2025 75.44 76.04 0.6 3.05 72.29 83.93 60.94
CO2 EUA DEC 2026 77.40 78.02 0.62 3.12 74.27 86.35 62.54
CO2 EUA DEC 2027 79.65 80.30 0.65 3.18 76.57 89.07 64.54
CO2 EUA DEC 2028 82.23 82.89 0.66 3.25 79.13 91.94 66.86
UK ETS DEC 25 EUR 64.33 64.67 0.34 3.36 55.07 65.43 37.35
UK ETS DEC 26 EUR 67.25 67.70 0.45 3.54 57.62 68.36 39.48
UK ETS DEC 27 EUR 70.39 70.83 0.44 3.8 60.34 70.86 42.14

European carbon prices gained on Friday, lifted by compliance-related demand
ahead of the late-September allowance deadline and an increase in speculative
long positions. Hence, the EUAs expiring in Dec-2025 rose by 0.8% to 76.04
EUR/tonne.

CO2 EUA

EXCHANGE RATES
THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
4/9 5/9 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1647 1.1697 0.005 0.0039 1.1139 1.1810 1.0198
RATE EUR/GBP 0.8663 0.8678 0.0015 0.001 0.8490 0.8717 0.8253
RATE GBP/EUR 1.1543 1.1523 -0.002 -0.0014 1.1781 1.2117 1.1472

The euro strengthened against both the dollar and the pound on Friday. The
EUR/USD pair increased by 0.4% to 1.1697 after US nonfarm payrolls showed
only 22K new jobs in August, well below forecasts of 75K and July’s revised
79K, reinforcing expectations of Fed rate cuts at the September 16–17 meeting.

Similarly, the EUR/GBP rate edged 0.2% higher at 0.8678, as investors
weighed Eurozone Q2 GDP growth of just 0.1% QoQ and 1.5% YoY alongside
UK retail sales, which rose 0.6% in July but slowed to 1.1% YoY after
downward revisions.