Page 4 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
12/3 13/3 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 68.73 69.16 0.43 -1.41 79.61 92.24 68.73
CO2 EUA DEC 2027 71.04 71.48 0.44 -1.3 81.88 94.80 71.04
CO2 EUA DEC 2028 73.44 73.91 0.47 -1.23 84.43 97.73 73.28
CO2 EUA DEC 2029 76.12 76.65 0.53 -1.15 87.37 101.04 75.83
UK ETS DEC 26 EUR 46.11 45.71 -0.4 -0.53 64.65 84.02 44.91
UK ETS DEC 27 EUR 48.25 47.84 -0.41 -0.61 67.46 87.61 47.26
UK ETS DEC 28 EUR 50.74 50.32 -0.42 -0.61 70.64 91.46 49.74

European carbon markets increased on Friday after Germany signalled
opposition to suspending the EU ETS. Traders also looked ahead to the
leaders’ summit, where short-term measures to reduce EUA costs may be
discussed. Consequently, the EUAs expiring in Dec-2026 added 0.6% to 69.16
EUR/tonne.

CO2 EUA

EXCHANGE RATES

THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
12/3 13/3 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1547 1.1476 -0.0071 -0.0085 1.1736 1.1974 1.1476
RATE EUR/GBP 0.8624 0.8650 0.0026 -0.0019 0.8690 0.8763 0.8616
RATE GBP/EUR 1.1595 1.1560 -0.0035 0.0025 1.1507 1.1606 1.1412

The EUR/USD pair slipped by 0.6% to 1.1476 as elevated oil prices fuelled
inflation concerns, prompting traders to scale back Fed rate-cut bets and
support the US Dollar. Despite markets fully pricing in a European Central Bank
(ECB) rate hike by July, the Euro struggled for traction amid the risk of energy
supply disruptions affecting Europe’s outlook.

In contrast, the EUR/GBP rate gained 0.3% to 0.8650 after UK data showed the
economy flatlined in January, with weak industrial and manufacturing output,
while services growth was modest.