Page 24 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
5/3 6/3 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 70.35 70.57 0.22 0.28 80.57 92.24 69.18
CO2 EUA DEC 2027 72.46 72.78 0.32 0.53 82.85 94.80 71.09
CO2 EUA DEC 2028 74.74 75.14 0.4 0.74 85.41 97.73 73.28
CO2 EUA DEC 2029 77.32 77.80 0.48 0.91 88.37 101.04 75.83
UK ETS DEC 26 EUR 48.19 46.24 -1.95 -6.42 66.71 84.02 46.24
UK ETS DEC 27 EUR 50.41 48.45 -1.96 -6.4 69.59 87.61 48.45
UK ETS DEC 28 EUR 52.88 50.93 -1.95 -6.48 72.84 91.46 50.93

Stronger gas-to-coal switching, triggered by a sharp rise in TTF prices, lent
modest support to European carbon markets on Friday. Yet gains were limited
by growing scrutiny of Brussels for potential action to cap carbon costs.
Consequently, the EUAs expiring in Dec-2026 increased by 0.3% to 70.57
EUR/tonne.

CO2 EUA

EXCHANGE RATES

THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
5/3 6/3 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1618 1.1561 -0.0057 -0.0244 1.1757 1.1974 1.1561
RATE EUR/GBP 0.8695 0.8669 -0.0026 -0.0094 0.8695 0.8763 0.8616
RATE GBP/EUR 1.1501 1.1535 0.0034 0.0123 1.1501 1.1606 1.1412

The EUR/USD pair edged 0.5% lower at 1.1561 as safe-haven demand
supported the US Dollar despite a weak NFP report showing a 92K jobs loss in
February and unemployment rising to 4.4%. Geopolitical tensions are keeping
the Greenback firm.

The EUR/GBP rate slipped by 0.3% to 0.8669 as Eurozone Q4 GDP growth
came in at 0.2% QoQ (1.2% YoY), below estimates, while rising UK energy
costs amid Middle East tensions reduce expectations of a near-term Bank of
England rate cut.