Page 36 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
MON TUE VAR D-1 VAR W-1 AVG. MAX MIN
2/3 3/3 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 70.57 73.33 2.76 2.66 81.27 92.24 69.18
CO2 EUA DEC 2027 72.56 75.50 2.94 2.87 83.56 94.80 71.09
CO2 EUA DEC 2028 74.71 77.87 3.16 3.09 86.14 97.73 73.28
CO2 EUA DEC 2029 77.20 80.76 3.56 3.4 89.12 101.04 75.83
UK ETS DEC 26 EUR 51.63 52.82 1.19 0.57 68.00 84.02 51.63
UK ETS DEC 27 EUR 53.83 55.24 1.41 0.72 70.92 87.61 53.83
UK ETS DEC 28 EUR 56.29 57.70 1.41 0.61 74.23 91.46 56.29

European carbon markets surged on Tuesday, as utilities reportedly increased
EUA purchases to hedge higher coal burn amid a sharp surge in gas prices. As
a result, the EUAs expiring in Dec-2026 rose by 4% to 73.33 EUR/tonne.

CO2 EUA

EXCHANGE RATES

MON TUE VAR D-1 VAR W-1 AVG. MAX MIN
2/3 3/3 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1698 1.1606 -0.0092 -0.0171 1.1770 1.1974 1.1606
RATE EUR/GBP 0.8739 0.8717 -0.0022 -0.0014 0.8696 0.8763 0.8616
RATE GBP/EUR 1.1443 1.1472 0.0029 0.0019 1.1499 1.1606 1.1412

The EUR/USD pair dropped close to 1% to 1.1606 pressured by Middle East
tensions that boosted safe-haven flows into the dollar. This overshadowed
Eurozone inflation, where February HICP rose to 1.9% YoY and core to 2.4%.

The EUR/GBP rate edged 0.3% lower at 0.8717 as traders pared back bets on
a March BoE rate cut, amid fears that oil supply risks through the Strait of
Hormuz could sustain inflationary pressures.