Page 16 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
MON TUE VAR D-1 VAR W-1 AVG. MAX MIN
9/3 10/3 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 70.90 72.91 2.01 -0.42 80.21 92.24 69.18
CO2 EUA DEC 2027 73.21 75.18 1.97 -0.32 82.49 94.80 71.09
CO2 EUA DEC 2028 75.58 77.56 1.98 -0.31 85.04 97.73 73.28
CO2 EUA DEC 2029 78.27 80.26 1.99 -0.5 87.99 101.04 75.83
UK ETS DEC 26 EUR 44.91 45.38 0.47 -7.44 65.81 84.02 44.91
UK ETS DEC 27 EUR 47.26 47.55 0.29 -7.69 68.66 87.61 47.26
UK ETS DEC 28 EUR 49.74 50.03 0.29 -7.67 71.89 91.46 49.74

Carbon allowances in Europe strengthened on Tuesday after falling energy
prices and a rebound in equity markets lifted risk appetite. Consequently, the
EUAs expiring in Dec-2026 soared by 2.8% to 72.91 EUR/tonne.

CO2 EUA

EXCHANGE RATES

MON TUE VAR D-1 VAR W-1 AVG. MAX MIN
9/3 10/3 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1555 1.1641 0.0086 0.0035 1.1752 1.1974 1.1555
RATE EUR/GBP 0.8653 0.8655 0.0002 -0.0062 0.8694 0.8763 0.8616
RATE GBP/EUR 1.1557 1.1555 -0.0002 0.0083 1.1502 1.1606 1.1412

The euro rebounded on Tuesday, helped by a pickup in market sentiment and
declining energy prices, which are particularly supportive for the import-reliant
Eurozone.

The EUR/USD pair increased by 0.7% to 1.1641 amid a softer US dollar, while
traders remained cautious due to the ongoing US-Iran conflict. Meanwhile, the
EUR/GBP rate held at 0.8655, as sterling faced pressure from domestic risks
and energy-related inflation worries.