Page 68 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
WED THU VAR D-1 VAR W-1 AVG. MAX MIN
18/2 19/2 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 71.57 71.34 -0.23 -1.2 83.46 92.24 69.18
CO2 EUA DEC 2027 73.57 73.36 -0.21 -1.18 85.81 94.80 71.09
CO2 EUA DEC 2028 75.83 75.60 -0.23 -1.23 88.47 97.73 73.28
CO2 EUA DEC 2029 78.59 78.36 -0.23 -1.12 91.54 101.04 75.83
UK ETS DEC 26 EUR 54.51 52.72 -1.79 -0.26 71.50 84.02 52.20
UK ETS DEC 27 EUR 56.76 54.98 -1.78 -0.26 74.57 87.61 54.45
UK ETS DEC 28 EUR 59.36 57.56 -1.8 -0.39 78.06 91.46 57.04

European carbon prices slipped slightly after several failed efforts to sustain
upward momentum, as sellers stepped in at higher levels. Still, supportive
sentiment across the wider energy complex prevented a deeper decline.
Consequently, the EUAs expiring in Dec-2026 eased by 0.3% to 71.34
EUR/tonne.

CO2 EUA

EXCHANGE RATES

WED THU VAR D-1 VAR W-1 AVG. MAX MIN
18/2 19/2 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1845 1.1753 -0.0092 -0.0121 1.1772 1.1974 1.1617
RATE EUR/GBP 0.8724 0.8738 0.0014 0.0027 0.8687 0.8744 0.8616
RATE GBP/EUR 1.1463 1.1444 -0.0019 -0.0036 1.1512 1.1606 1.1436

The EUR/USD pair edged 0.8% lower at 1.1753, as easing expectations for
near-term Federal Reserve rate cuts strengthened the US dollar, supported by
stronger-than-expected US jobless claims and manufacturing data.

The EUR/GBP rate rose modestly to 0.8738 amid growing expectations of Bank
of England rate cuts, after softer UK inflation and cooling labour market figures
reinforced the case for policy easing.