Page 12 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
4/12 5/12 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2025 82.43 81.98 -0.45 -1.28 74.13 83.93 60.94
CO2 EUA DEC 2026 84.64 84.20 -0.44 -1.24 76.13 86.35 62.54
CO2 EUA DEC 2027 87.10 86.64 -0.46 -1.24 78.44 89.07 64.54
CO2 EUA DEC 2028 89.85 89.42 -0.43 -1.19 81.02 91.94 66.86
UK ETS DEC 25 EUR 64.99 64.28 -0.71 -2.31 57.64 67.04 37.35
UK ETS DEC 26 EUR 67.91 67.23 -0.68 -2.34 60.30 70.04 39.48
UK ETS DEC 27 EUR 71.00 70.32 -0.68 -2.41 63.11 73.14 42.14

European carbon prices weakened on Friday, with traders struggling to gauge
direction in the run-up to the December options expiry. Consequently, the EUAs
expiring in Dec-2025 traded 0.6% lower at around 82 EUR/tonne.

CO2 EUA

EXCHANGE RATES

THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
4/12 5/12 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1666 1.1645 -0.0021 0.0079 1.1272 1.1837 1.0198
RATE EUR/GBP 0.8745 0.8727 -0.0018 -0.0025 0.8558 0.8846 0.8253
RATE GBP/EUR 1.1435 1.1459 0.0024 0.0033 1.1690 1.2117 1.1305

The EUR/USD pair slipped by 0.2% to 1.1645 on Friday, as U.S. economic data
supported the Dollar. Inflation came in largely as expected, while the University
of Michigan’s consumer sentiment survey showed improvement. Persistent
Russia-Ukraine tensions continued to pressure the Euro, despite some
progress in high-level talks between Washington, Kyiv, and Moscow.

Similarly, the EUR/GBP rate eased by 0.2% to 0.8727, with the British Pound
supported by the UK Autumn Budget and an upward revision to November’s
final services PMI.