Page 112 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
TUE WED VAR D-1 VAR W-1 AVG. MAX MIN
3/2 4/2 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 83.11 82.92 -0.19 -3.62 87.50 92.24 81.26
CO2 EUA DEC 2027 85.45 85.22 -0.23 -3.76 89.99 94.80 83.56
CO2 EUA DEC 2028 88.10 87.82 -0.28 -3.91 92.80 97.73 86.12
CO2 EUA DEC 2029 91.12 90.84 -0.28 -3.99 96.03 101.04 89.10
UK ETS DEC 26 EUR 72.86 72.17 -0.69 -4.7 77.86 84.02 71.45
UK ETS DEC 27 EUR 76.02 75.32 -0.7 -4.9 81.23 87.61 74.59
UK ETS DEC 28 EUR 79.71 79.01 -0.7 -5.05 84.99 91.46 78.33

European carbon prices eased on Wednesday after an early dip, as buying
interest following the previous session’s sell-off helped stabilise the market,
while continued trimming of net long positions by investment funds kept prices
under pressure. As a result, the EUAs expiring in Dec-2026 slipped by 0.2% to
82.92 EUR/tonne.

CO2 EUA

EXCHANGE RATES

TUE WED VAR D-1 VAR W-1 AVG. MAX MIN
3/2 4/2 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1801 1.1820 0.0019 -0.0154 1.1743 1.1974 1.1617
RATE EUR/GBP 0.8623 0.8616 -0.0007 -0.0069 0.8679 0.8744 0.8616
RATE GBP/EUR 1.1597 1.1606 0.0009 0.0092 1.1522 1.1606 1.1436

The EUR/USD pair edged 0.2% higher at 1.1820, even as the Eurozone’s final
January services PMI was revised down to 51.6, signalling a sharper slowdown
from December. Meanwhile, stronger-than-expected U.S. services data
continued to underpin the dollar, with the ISM Services PMI holding at 53.8 and
reducing near-term rate-cut expectations.

The EUR/GBP rate softened to 0.8616, after UK data showed service sector
activity accelerated in January to its strongest level since August 2025.