Page 64 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
19/2 20/2 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 71.34 73.78 2.44 3.1 83.19 92.24 69.18
CO2 EUA DEC 2027 73.36 75.82 2.46 3.2 85.53 94.80 71.09
CO2 EUA DEC 2028 75.60 78.14 2.54 3.32 88.19 97.73 73.28
CO2 EUA DEC 2029 78.36 80.88 2.52 3.49 91.25 101.04 75.83
UK ETS DEC 26 EUR 52.72 54.56 1.84 2.36 71.03 84.02 52.20
UK ETS DEC 27 EUR 54.98 56.74 1.76 2.29 74.08 87.61 54.45
UK ETS DEC 28 EUR 57.56 59.32 1.76 2.28 77.54 91.46 57.04

A wave of renewed demand lifted European carbon allowances on Friday, as
traders pushed prices higher while awaiting clearer regulatory signals.
Consequently, the EUAs expiring in Dec-2026 soared by 3.4% to 73.78
EUR/tonne.

CO2 EUA

EXCHANGE RATES
THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
19/2 20/2 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1753 1.1767 0.0014 -0.0095 1.1772 1.1974 1.1617
RATE EUR/GBP 0.8738 0.8728 -0.001 0.0012 0.8689 0.8744 0.8616
RATE GBP/EUR 1.1444 1.1457 0.0013 -0.0016 1.1509 1.1606 1.1436

The EUR/USD pair nudged up to 1.1767, caught between weaker-than-
expected US Q4 GDP of 1.4% (vs. 3.0% forecast) and firmer PCE inflation at
3.7%. Moreover, Eurozone HCOB Composite PMI rose to 51.9 in February,
above expectations and a three-month high.

The EUR/GBP rate slipped to 0.8728 as the British Pound gained on strong UK
data. January Retail Sales jumped 1.8% MoM (forecast 0.2%) and 4.5% YoY
(forecast 2.8%), while preliminary PMI readings also surprised to the upside.