Page 140 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
22/1 23/1 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 88.47 88.40 -0.07 -3.64 88.97 92.24 84.96
CO2 EUA DEC 2027 90.94 90.87 -0.07 -3.75 91.51 94.80 87.40
CO2 EUA DEC 2028 93.79 93.71 -0.08 -3.84 94.39 97.73 90.14
CO2 EUA DEC 2029 97.04 96.86 -0.18 -4.01 97.69 101.04 93.24
UK ETS DEC 26 EUR 78.83 78.70 -0.13 -3.6 79.54 84.02 73.70
UK ETS DEC 27 EUR 82.20 82.12 -0.08 -3.68 82.97 87.61 76.85
UK ETS DEC 28 EUR 86.03 85.97 -0.06 -3.76 86.74 91.46 80.68

European carbon prices softened on Friday, as thin trading and concerns over
potential Middle East tensions weighed on sentiment. Consequently, the EUAs
expiring in Dec-2026 slipped to 88.40 EUR/tonne.

CO2 EUA

EXCHANGE RATES

THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
22/1 23/1 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1706 1.1742 0.0036 0.0125 1.1683 1.1745 1.1617
RATE EUR/GBP 0.8722 0.8681 -0.0041 0.0011 0.8687 0.8744 0.8660
RATE GBP/EUR 1.1465 1.1519 0.0054 -0.0015 1.1511 1.1547 1.1436

The EUR/USD pair added 0.3% to 1.1742, as speculation of FX intervention to
support the Japanese Yen pressured the US Dollar. The New York Fed
reportedly conducted a “rate check” with major banks, hinting at possible
intervention.

The EUR/GBP rate edged 0.5% lower at 0.8681, with the Pound boosted by
stronger-than-expected UK data. January’s flash Composite PMI climbed to
53.9 from 51.4, led by services at 54.3, a 21-month high, while manufacturing
stabilized at 51.6, the strongest in 17 months.