Page 48 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
WED THU VAR D-1 VAR W-1 AVG. MAX MIN
25/2 26/2 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 72.58 70.97 -1.61 -0.37 82.01 92.24 69.18
CO2 EUA DEC 2027 74.59 72.93 -1.66 -0.43 84.32 94.80 71.09
CO2 EUA DEC 2028 76.79 75.12 -1.67 -0.48 86.92 97.73 73.28
CO2 EUA DEC 2029 79.37 77.72 -1.65 -0.64 89.94 101.04 75.83
UK ETS DEC 26 EUR 52.64 51.82 -0.82 -0.9 69.17 84.02 51.82
UK ETS DEC 27 EUR 54.94 54.04 -0.9 -0.94 72.14 87.61 54.04
UK ETS DEC 28 EUR 57.52 56.62 -0.9 -0.94 75.51 91.46 56.62

On Thursday, European carbon prices weakened following renewed calls from
Italy to suspend the EU ETS scheme, although supportive fundamentals remain
in play. As a result, the EUAs expiring in Dec-2026 dropped by 2.2% to 70.97
EUR/tonne.

CO2 EUA

EXCHANGE RATES
WED THU VAR D-1 VAR W-1 AVG. MAX MIN
25/2 26/2 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1784 1.1814 0.003 0.0061 1.1773 1.1974 1.1617
RATE EUR/GBP 0.8714 0.8719 0.0005 -0.0019 0.8692 0.8744 0.8616
RATE GBP/EUR 1.1476 1.1469 -0.0007 0.0025 1.1505 1.1606 1.1436

The EUR/USD pair edged 0.3% higher at 1.1814, as USD bulls retreated amid
renewed concerns over US trade policy. The US imposed a 10% global tariff on
non-exempt goods, with President Trump signalling a possible rise to 15%,
heightening fears of retaliation and supply chain disruptions.

The EUR/GBP rate inched up to 0.8719, supported by GBP weakness amid UK
political uncertainty, while the Euro remained broadly stable despite softer
Eurozone inflation.