Page 124 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
WED THU VAR D-1 VAR W-1 AVG. MAX MIN
28/1 29/1 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 86.54 83.98 -2.56 -4.49 88.48 92.24 83.98
CO2 EUA DEC 2027 88.98 86.33 -2.65 -4.61 90.99 94.80 86.33
CO2 EUA DEC 2028 91.73 88.95 -2.78 -4.84 93.85 97.73 88.95
CO2 EUA DEC 2029 94.83 92.00 -2.83 -5.04 97.12 101.04 92.00
UK ETS DEC 26 EUR 76.87 75.19 -1.68 -3.64 78.98 84.02 73.70
UK ETS DEC 27 EUR 80.22 78.47 -1.75 -3.73 82.38 87.61 76.85
UK ETS DEC 28 EUR 84.06 82.28 -1.78 -3.75 86.17 91.46 80.68

European carbon prices dropped sharply on Thursday, pressured by profit-
taking and ongoing concerns that a potential EU-US trade war could weigh on
the market.

EUAs expiring in Dec-26 fell by 3% to 83.98 EUR/tonne.

CO2 EUA

EXCHANGE RATES

WED THU VAR D-1 VAR W-1 AVG. MAX MIN
28/1 29/1 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1974 1.1968 -0.0006 0.0262 1.1716 1.1974 1.1617
RATE EUR/GBP 0.8685 0.8662 -0.0023 -0.006 0.8686 0.8744 0.8660
RATE GBP/EUR 1.1514 1.1545 0.0031 0.008 1.1513 1.1547 1.1436

The EUR/USD rate ended rather flat at 1.1968 on Thursday despite strong
Eurozone sentiment data, with declines capped as markets await the release of
US Initial Jobless Claims, Factory Orders, and trade balance figures.

Sterling surged against the Euro, as mixed Eurozone data weighed on the Euro
while resilient UK sentiment and a firm pound supported Sterling. As a result,
EUR/GBP fell 0.3% to 0.8662.