Page 120 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
FRI MON VAR D-1 VAR W-1 AVG. MAX MIN
30/1 2/2 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 81.26 83.28 2.02 -3.85 87.91 92.24 81.26
CO2 EUA DEC 2027 83.56 85.61 2.05 -3.98 90.41 94.80 83.56
CO2 EUA DEC 2028 86.12 88.25 2.13 -4.14 93.24 97.73 86.12
CO2 EUA DEC 2029 89.10 91.28 2.18 -4.3 96.49 101.04 89.10
UK ETS DEC 26 EUR 71.45 72.74 1.29 -3.97 78.35 84.02 71.45
UK ETS DEC 27 EUR 74.59 75.86 1.27 -4.17 81.73 87.61 74.59
UK ETS DEC 28 EUR 78.33 79.51 1.18 -4.37 85.51 91.46 78.33

European carbon prices rebounded on Monday, supported by renewed
diplomatic efforts to prevent a US–Iran clash and steep declines in gold and
silver, coupled with a bullish technical signal at the close. As a result, the EUAs
expiring in Dec-2026 soared by 2.5% to 83.28 EUR/tonne.

CO2 EUA

EXCHANGE RATES
FRI MON VAR D-1 VAR W-1 AVG. MAX MIN
30/1 2/2 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1919 1.1840 -0.0079 0.0004 1.1738 1.1974 1.1617
RATE EUR/GBP 0.8662 0.8658 -0.0004 -0.0017 0.8683 0.8744 0.8658
RATE GBP/EUR 1.1545 1.1550 0.0005 0.0023 1.1517 1.1550 1.1436

The EUR/USD pair edged 0.7% lower at 1.1840, pressured by Friday’s metals
sell-off, the nomination of Kevin Warsh to head the Fed, and stronger-than-
expected US economic data. January’s ISM Manufacturing PMI jumped to 52.6,
reversing December’s contraction, though employment remained below 50,
highlighting cautious hiring.

The EUR/GBP rate held rather steady at 0.8658 ahead of Thursday’s ECB and
BoE policy decisions, with the BoE cautious amid persistently high UK inflation.