Page 136 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
FRI MON VAR D-1 VAR W-1 AVG. MAX MIN
23/1 26/1 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 88.40 87.13 -1.27 -1.01 88.86 92.24 84.96
CO2 EUA DEC 2027 90.87 89.59 -1.28 -1.05 91.39 94.80 87.40
CO2 EUA DEC 2028 93.71 92.39 -1.32 -1.11 94.27 97.73 90.14
CO2 EUA DEC 2029 96.86 95.58 -1.28 -1.16 97.57 101.04 93.24
UK ETS DEC 26 EUR 78.70 76.71 -1.99 -2.13 79.37 84.02 73.70
UK ETS DEC 27 EUR 82.12 80.03 -2.09 -2.21 82.79 87.61 76.85
UK ETS DEC 28 EUR 85.97 83.88 -2.09 -2.23 86.57 91.46 80.68

Selling pressure emerged in European carbon markets on Monday after an
auction settled below spot prices. Consequently, the EUAs expiring in Dec-2026
fell by 1.4% to 87.13 EUR/tonne.

CO2 EUA

EXCHANGE RATES

FRI MON VAR D-1 VAR W-1 AVG. MAX MIN
23/1 26/1 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1742 1.1836 0.0094 0.0205 1.1689 1.1836 1.1617
RATE EUR/GBP 0.8681 0.8675 -0.0006 0.0004 0.8687 0.8744 0.8660
RATE GBP/EUR 1.1519 1.1527 0.0008 -0.0006 1.1511 1.1547 1.1436

The EUR/USD pair increased by 0.8% to 1.1836, as the dollar came under
pressure from speculation of US–Japan FX intervention and renewed US–
Canada trade tensions following Trump’s warning of potential 100% duties if
Ottawa pursues a deal with Beijing.

The EUR/GBP rate slipped to 0.8675, as German macro data failed to provide
fresh momentum. The IFO Business Climate Index held steady at 87.6 in
January, undershooting expectations for an improvement, while the
Expectations index edged lower, reinforcing signs of subdued business
confidence in the Eurozone’s largest economy.