Page 44 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
26/2 27/2 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 70.97 70.29 -0.68 -3.49 81.73 92.24 69.18
CO2 EUA DEC 2027 72.93 72.25 -0.68 -3.57 84.02 94.80 71.09
CO2 EUA DEC 2028 75.12 74.40 -0.72 -3.74 86.62 97.73 73.28
CO2 EUA DEC 2029 77.72 76.89 -0.83 -3.99 89.62 101.04 75.83
UK ETS DEC 26 EUR 51.82 52.66 0.84 -1.9 68.77 84.02 51.82
UK ETS DEC 27 EUR 54.04 54.85 0.81 -1.89 71.72 87.61 54.04
UK ETS DEC 28 EUR 56.62 57.41 0.79 -1.91 75.07 91.46 56.62

European carbon markets remained under pressure at week’s end, weighed by
a risk-off sentiment and Italy’s call for EU ETS reform. As a result, the EUAs
expiring in Dec-2026 fell by 1% to 70.29 EUR/tonne.

CO2 EUA

EXCHANGE RATES

THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
26/2 27/2 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1814 1.1805 -0.0009 0.0038 1.1774 1.1974 1.1617
RATE EUR/GBP 0.8719 0.8763 0.0044 0.0035 0.8695 0.8763 0.8616
RATE GBP/EUR 1.1469 1.1412 -0.0057 -0.0045 1.1501 1.1606 1.1412

The EUR/USD pair held at 1.1805, with the dollar gaining slightly after stronger-
than-expected US PPI data. January’s headline PPI rose 0.5% MoM versus
0.3% forecast, while annual PPI climbed 2.9% (2.6% expected). In Germany,
February CPI rose 0.2% MoM and 1.9% YoY, both below forecasts, leaving the
euro largely unchanged.

The EUR/GBP rate edged 0.5% higher at 0.8763 amid UK political uncertainty
after Labour lost a long-held parliamentary seat. UK consumer confidence fell
to -19 in February from -16, missing the -15 forecast.