Page 128 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
TUE WED VAR D-1 VAR W-1 AVG. MAX MIN
27/1 28/1 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 88.37 86.54 -1.83 -0.52 88.71 92.24 84.96
CO2 EUA DEC 2027 90.84 88.98 -1.86 -0.52 91.24 94.80 87.40
CO2 EUA DEC 2028 93.64 91.73 -1.91 -0.54 94.11 97.73 90.14
CO2 EUA DEC 2029 96.86 94.83 -2.03 -0.59 97.39 101.04 93.24
UK ETS DEC 26 EUR 78.10 76.87 -1.23 -0.24 79.18 84.02 73.70
UK ETS DEC 27 EUR 81.45 80.22 -1.23 -0.21 82.59 87.61 76.85
UK ETS DEC 28 EUR 85.29 84.06 -1.23 -0.19 86.37 91.46 80.68

European carbon prices fell on Wednesday to a one-week low, pressured by
the largest nine-month reduction in fund net longs and renewed Middle East
tensions. Hence, the EUAs expiring in Dec-2026 dropped by 2% to 86.54
EUR/tonne.

CO2 EUA

EXCHANGE RATES
TUE WED VAR D-1 VAR W-1 AVG. MAX MIN
27/1 28/1 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1929 1.1974 0.0045 0.0235 1.1707 1.1974 1.1617
RATE EUR/GBP 0.8683 0.8685 0.0002 -0.0059 0.8687 0.8744 0.8660
RATE GBP/EUR 1.1517 1.1514 -0.0003 0.0078 1.1512 1.1547 1.1436

The EUR/USD pair increased by 0.4% to 1.1974, supported by stronger-than-
expected German data. Eurozone consumer confidence in Germany rose to
-24.1 in February from -26.9, surpassing forecasts of -25.8.

The EUR/GBP rate held steady at 0.8685, as Sterling lacked direction amid a
sparse UK economic calendar, trading largely in line with overall market
sentiment.