Page 140 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
17/7 18/7 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2028 77.06 76.40 -0.66 -0.71 79.23 91.94 66.86
CO2 EUA DEC 2025 70.55 69.89 -0.66 -0.66 72.35 83.93 60.94
CO2 EUA DEC 2026 72.38 71.72 -0.66 -0.68 74.34 86.35 62.54
CO2 EUA DEC 2027 74.53 73.87 -0.66 -0.71 76.66 89.07 64.54
UK ETS DEC 25 EUR 58.98 56.85 -2.13 1.97 53.92 65.43 37.35
UK ETS DEC 26 EUR 61.70 59.53 -2.17 2.13 56.44 68.36 39.48
UK ETS DEC 27 EUR 64.47 62.31 -2.16 2.31 59.13 70.86 42.14

European carbon prices continued to decline on Friday, as reduced fossil fuel
demand, driven by the holiday slowdown and bearish fundamentals, put
downward pressure on the market. As a result, EUAs expiring in Dec-2025
traded 0.9% lower at 69.89 EUR/tonne.

CO2 EUA

EXCHANGE RATES
THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
17/7 18/7 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1579 1.1650 0.0071 -0.0033 1.1017 1.1810 1.0198
RATE EUR/GBP 0.8644 0.8656 0.0012 -0.0001 0.8448 0.8679 0.8253
RATE GBP/EUR 1.1569 1.1553 -0.0016 0.0002 1.1839 1.2117 1.1522

The euro strengthened against both the dollar and the pound on Friday. The
EUR/USD pair rose by 0.6% to 1.1650, supported by a softer U.S. dollar after
dovish remarks from Fed Governor Christopher Waller pushed Treasury yields
lower.

Similarly, the EUR/GBP rate gained 0.1% to 0.8656, as markets increasingly
expect a Bank of England rate cut next month following a rise in the UK
unemployment rate to a four-year high.