Page 132 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
MON TUE VAR D-1 VAR W-1 AVG. MAX MIN
26/1 27/1 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 87.13 88.37 1.24 3.41 88.83 92.24 84.96
CO2 EUA DEC 2027 89.59 90.84 1.25 3.44 91.36 94.80 87.40
CO2 EUA DEC 2028 92.39 93.64 1.25 3.5 94.24 97.73 90.14
CO2 EUA DEC 2029 95.58 96.86 1.28 3.62 97.53 101.04 93.24
UK ETS DEC 26 EUR 76.71 78.10 1.39 4.4 79.30 84.02 73.70
UK ETS DEC 27 EUR 80.03 81.45 1.42 4.6 82.72 87.61 76.85
UK ETS DEC 28 EUR 83.88 85.29 1.41 4.61 86.50 91.46 80.68

European carbon prices recovered on Tuesday, with attention shifting to the
upcoming Commitment of Traders report due on Wednesday. The EUAs
expiring in Dec-2026 rose by 1.4% to 88.37 EUR/tonne.

CO2 EUA

EXCHANGE RATES

MON TUE VAR D-1 VAR W-1 AVG. MAX MIN
26/1 27/1 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1836 1.1929 0.0093 0.0201 1.1697 1.1929 1.1617
RATE EUR/GBP 0.8675 0.8683 0.0008 -0.0039 0.8687 0.8744 0.8660
RATE GBP/EUR 1.1527 1.1517 -0.001 0.0052 1.1512 1.1547 1.1436

The EUR/USD pair increased by 0.8% to 1.1929, weighed by US Dollar
weakness amid trade uncertainty, expectations of further Fed easing, and
concerns over a potential US government shutdown, while political risks in
France eased.

The EUR/GBP rate gained to 0.8683, supported by ECB comments, with
Governing Council member Martin Kocher saying the bank is “in a good place”
and comfortable with modest deviations from its 2% inflation target.