Page 88 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
WED THU VAR D-1 VAR W-1 AVG. MAX MIN
11/2 12/2 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 78.45 72.54 -5.91 -5.66 85.61 92.24 72.54
CO2 EUA DEC 2027 80.60 74.54 -6.06 -5.84 88.02 94.80 74.54
CO2 EUA DEC 2028 83.02 76.83 -6.19 -6 90.76 97.73 76.83
CO2 EUA DEC 2029 85.77 79.48 -6.29 -6.2 93.90 101.04 79.48
UK ETS DEC 26 EUR 56.63 52.98 -3.65 -13.01 74.52 84.02 52.98
UK ETS DEC 27 EUR 58.97 55.24 -3.73 -13.62 77.74 87.61 55.24
UK ETS DEC 28 EUR 61.69 57.95 -3.74 -14.3 81.37 91.46 57.95

European carbon prices slumped on Thursday amid remarks from Germany’s
chancellor about potentially postponing the market and renewed reform calls.
As a result, EUAs expiring in Dec-2026 dropped by 7.5% to 72.54 EUR/tonne.

CO2 EUA

EXCHANGE RATES
WED THU VAR D-1 VAR W-1 AVG. MAX MIN
11/2 12/2 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1900 1.1874 -0.0026 0.0076 1.1761 1.1974 1.1617
RATE EUR/GBP 0.8699 0.8711 0.0012 0.002 0.8682 0.8744 0.8616
RATE GBP/EUR 1.1496 1.1480 -0.0016 -0.0026 1.1519 1.1606 1.1436

The Euro slipped against the Dollar on Thursday, due to relative USD strength,
while USD is supported by strong labour data and reduced rate-cut
expectations. However, gains are tempered by softer retail figures and cautious
Fed signals. The EUR/USD pair edged 0.2% lower at 1.1874. The Euro
strengthened against the Pound on Thursday with the euro restrained by
uncertainty around fresh Ukraine peace negotiations and the pound pressured
by weak UK economic data. The EUR/GBP rate ended 0.1% higher at 0.8711.