Page 116 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
MON TUE VAR D-1 VAR W-1 AVG. MAX MIN
2/2 3/2 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 83.28 83.11 -0.17 -5.26 87.70 92.24 81.26
CO2 EUA DEC 2027 85.61 85.45 -0.16 -5.39 90.19 94.80 83.56
CO2 EUA DEC 2028 88.25 88.10 -0.15 -5.54 93.02 97.73 86.12
CO2 EUA DEC 2029 91.28 91.12 -0.16 -5.74 96.25 101.04 89.10
UK ETS DEC 26 EUR 72.74 72.86 0.12 -5.24 78.11 84.02 71.45
UK ETS DEC 27 EUR 75.86 76.02 0.16 -5.43 81.48 87.61 74.59
UK ETS DEC 28 EUR 79.51 79.71 0.2 -5.58 85.25 91.46 78.33

European carbon prices softened modestly on Tuesday as technically driven
positions were unwound alongside the fading cold-weather premium. As a
result, the EUAs expiring in Dec-2026 eased by 0.2% to 83.11 EUR/tonne.

CO2 EUA

EXCHANGE RATES

MON TUE VAR D-1 VAR W-1 AVG. MAX MIN
2/2 3/2 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1840 1.1801 -0.0039 -0.0128 1.1740 1.1974 1.1617
RATE EUR/GBP 0.8658 0.8623 -0.0035 -0.006 0.8681 0.8744 0.8623
RATE GBP/EUR 1.1550 1.1597 0.0047 0.008 1.1519 1.1597 1.1436

The euro weakened on Tuesday, with the EUR/USD pair edging 0.3% lower at
1.1801, as upbeat US manufacturing data and news of a US–India trade
agreement lifted the greenback and reduced shutdown concerns. The dollar
also drew support from signs that Iran will resume nuclear talks with
Washington.

The EUR/GBP rate slipped by 0.4% to 0.8623 as investors scaled back
positions ahead of Thursday’s ECB and BoE policy decisions, with both central
banks widely expected to keep interest rates unchanged.