Page 28 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
WED THU VAR D-1 VAR W-1 AVG. MAX MIN
4/3 5/3 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 70.76 70.35 -0.41 -0.62 80.79 92.24 69.18
CO2 EUA DEC 2027 72.83 72.46 -0.37 -0.47 83.07 94.80 71.09
CO2 EUA DEC 2028 75.09 74.74 -0.35 -0.38 85.64 97.73 73.28
CO2 EUA DEC 2029 77.70 77.32 -0.38 -0.4 88.61 101.04 75.83
UK ETS DEC 26 EUR 50.36 48.19 -2.17 -3.63 67.17 84.02 48.19
UK ETS DEC 27 EUR 52.58 50.41 -2.17 -3.63 70.06 87.61 50.41
UK ETS DEC 28 EUR 55.05 52.88 -2.17 -3.74 73.33 91.46 52.88

European carbon markets moved lower on Thursday as reform discussions and
the risk of reduced industrial activity due to high gas prices weighed on
sentiment. As a result, the EUAs expiring in Dec-2026 eased by 0.6% to 70.35
EUR/tonne.

CO2 EUA

EXCHANGE RATES
WED THU VAR D-1 VAR W-1 AVG. MAX MIN
4/3 5/3 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1649 1.1618 -0.0031 -0.0196 1.1766 1.1974 1.1606
RATE EUR/GBP 0.8705 0.8695 -0.001 -0.0024 0.8696 0.8763 0.8616
RATE GBP/EUR 1.1488 1.1501 0.0013 0.0032 1.1499 1.1606 1.1412

The EUR/USD pair edged 0.3% lower at 1.1618 as strong US labour market
data supported the Dollar and risk appetite remained muted due to Middle East
tensions. Initial Jobless Claims fell to 213K versus the expected 215K, while
announced layoffs dropped 55% to 48,300 in February.

The EUR/GBP rate slipped to 0.8695 ahead of Eurozone Retail Sales, which
are forecast to rise 1.7% year-on-year in January, with a 0.3% monthly gain
expected.