Page 144 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
WED THU VAR D-1 VAR W-1 AVG. MAX MIN
21/1 22/1 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 87.06 88.47 1.41 -3.77 89.01 92.24 84.96
CO2 EUA DEC 2027 89.50 90.94 1.44 -3.86 91.55 94.80 87.40
CO2 EUA DEC 2028 92.27 93.79 1.52 -3.94 94.44 97.73 90.14
CO2 EUA DEC 2029 95.42 97.04 1.62 -4 97.75 101.04 93.24
UK ETS DEC 26 EUR 77.11 78.83 1.72 -5.19 79.60 84.02 73.70
UK ETS DEC 27 EUR 80.43 82.20 1.77 -5.41 83.02 87.61 76.85
UK ETS DEC 28 EUR 84.25 86.03 1.78 -5.43 86.79 91.46 80.68

European carbon prices extended gains on Thursday, as markets welcomed
news related to Greenland and President Trump’s reversal on tariff plans, which
improved risk sentiment. Hence, the EUAs expiring in Dec-2026 rose by 1.6%
to 88.47 EUR/tonne.

CO2 EUA

EXCHANGE RATES
WED THU VAR D-1 VAR W-1 AVG. MAX MIN
21/1 22/1 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1739 1.1706 -0.0033 0.0082 1.1675 1.1745 1.1617
RATE EUR/GBP 0.8744 0.8722 -0.0022 0.0048 0.8688 0.8744 0.8660
RATE GBP/EUR 1.1436 1.1465 0.0029 -0.0064 1.1510 1.1547 1.1436

The EUR/USD pair slipped by 0.3% to 1.1706, driven by renewed Dollar
strength as easing geopolitical tariff risks and solid US economic data bolstered
USD bulls. Q3 Core PCE rose 2.9% QoQ, in line with expectations, while
annualized GDP expanded 4.4%, above forecasts.

The EUR/GBP rate lost 0.3% to 0.8722, with UK data providing modest support
for the Pound. December public borrowing came in below forecast due to
stronger tax receipts, and the CBI distributive trades survey improved to -17 in
January from -44 the prior month, beating expectations.