Page 60 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
FRI MON VAR D-1 VAR W-1 AVG. MAX MIN
20/2 23/2 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 73.78 71.38 -2.4 2.2 82.87 92.24 69.18
CO2 EUA DEC 2027 75.82 73.38 -2.44 2.29 85.20 94.80 71.09
CO2 EUA DEC 2028 78.14 75.60 -2.54 2.32 87.85 97.73 73.28
CO2 EUA DEC 2029 80.88 78.15 -2.73 2.32 90.89 101.04 75.83
UK ETS DEC 26 EUR 54.56 53.11 -1.45 -0.25 70.55 84.02 52.20
UK ETS DEC 27 EUR 56.74 55.37 -1.37 -0.23 73.57 87.61 54.45
UK ETS DEC 28 EUR 59.32 57.96 -1.36 -0.24 77.01 91.46 57.04

Uncertainty surrounding geopolitical tensions and the aftermath of a US court
decision overturning emergency tariffs weighed on European carbon markets at
the start of the week. President Donald Trump’s pledge to introduce a new tariff
round added to the unease. Against this backdrop, the EUAs expiring in Dec-
2026 fell by 3.3% to 71.38 EUR/tonne.

CO2 EUA

EXCHANGE RATES

FRI MON VAR D-1 VAR W-1 AVG. MAX MIN
20/2 23/2 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1767 1.1784 0.0017 -0.0071 1.1772 1.1974 1.1617
RATE EUR/GBP 0.8728 0.8734 0.0006 0.0044 0.8690 0.8744 0.8616
RATE GBP/EUR 1.1457 1.1450 -0.0007 -0.0057 1.1508 1.1606 1.1436

The EUR/USD pair moved little to 1.1784, after Germany’s February IFO
survey showed a modest improvement, with the Business Climate Index rising
to 88.6 from 87.6. The data provided limited support to the euro, as uncertainty
surrounding ECB President Christine Lagarde’s tenure and escalating trade
tensions weighed on sentiment.

The EUR/GBP rate gained slightly to 0.8734, with markets largely unmoved by
the German data. Traders remained cautious ahead of Tuesday’s key releases,
including Eurozone inflation and Germany’s Q4 GDP figures.