Page 20 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
FRI MON VAR D-1 VAR W-1 AVG. MAX MIN
6/3 9/3 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 70.57 70.90 0.33 0.33 80.37 92.24 69.18
CO2 EUA DEC 2027 72.78 73.21 0.43 0.65 82.64 94.80 71.09
CO2 EUA DEC 2028 75.14 75.58 0.44 0.87 85.20 97.73 73.28
CO2 EUA DEC 2029 77.80 78.27 0.47 1.07 88.16 101.04 75.83
UK ETS DEC 26 EUR 46.24 44.91 -1.33 -6.72 66.25 84.02 44.91
UK ETS DEC 27 EUR 48.45 47.26 -1.19 -6.57 69.11 87.61 47.26
UK ETS DEC 28 EUR 50.93 49.74 -1.19 -6.55 72.35 91.46 49.74

Despite increased coal use across Europe’s power fleet, European carbon
markets showed only modest strength on Monday as uncertainty around
potential EU ETS reforms and the risk of political intervention to ease energy
prices limited further gains. Consequently, the EUAs expiring in Dec-2026
inched up by 0.5% to 70.90 EUR/tonne.

CO2 EUA

EXCHANGE RATES

FRI MON VAR D-1 VAR W-1 AVG. MAX MIN
6/3 9/3 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1561 1.1555 -0.0006 -0.0143 1.1754 1.1974 1.1555
RATE EUR/GBP 0.8669 0.8653 -0.0016 -0.0086 0.8695 0.8763 0.8616
RATE GBP/EUR 1.1535 1.1557 0.0022 0.0114 1.1502 1.1606 1.1412

The EUR/USD pair remained broadly steady at 1.1555 as markets reassessed
the ECB and Fed outlook amid surging oil prices, which have revived global
inflation concerns. Traders are now pricing in up to two 25-bp ECB rate hikes
this year.

The EUR/GBP rate slipped to 0.8653 after weak German data showed
industrial production falling 0.5% MoM in January and factory orders plunging
11.1%.