Page 12 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
MON TUE VAR D-1 VAR W-1 AVG. MAX MIN
15/12 16/12 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 87.28 87.36 0.08 2.24 76.41 87.36 62.54
CO2 EUA DEC 2027 89.96 90.02 0.06 2.29 78.72 90.02 64.54
CO2 EUA DEC 2028 92.99 93.05 0.06 2.42 81.31 93.05 66.86
UK ETS DEC 26 EUR 67.69 67.84 0.15 0.57 60.49 70.04 39.48
UK ETS DEC 27 EUR 70.76 70.84 0.08 0.48 63.31 73.14 42.14
UK ETS DEC 28 EUR - 56.83 - - 56.83 56.83 56.83

European carbon prices moved slightly higher on Tuesday as tighter auction
availability, linked to the start of the annual auction pause, lent support to the
market. Consequently, the EUAs expiring in Dec-2026 added 0.1% to end at
87.36 EUR/tonne.

CO2 EUA

EXCHANGE RATES
MON TUE VAR D-1 VAR W-1 AVG. MAX MIN
15/12 16/12 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1753 1.1776 0.0023 0.0139 1.1284 1.1837 1.0198
RATE EUR/GBP 0.8779 0.8764 -0.0015 0.0029 0.8563 0.8846 0.8253
RATE GBP/EUR 1.1391 1.1410 0.0019 -0.0038 1.1683 1.2117 1.1305

The EUR/USD pair increased by 0.2% to 1.1776 on Tuesday, as traders
digested US labour market data showing November Nonfarm Payrolls up
64,000, slightly above expectations, while the unemployment rate climbed to
4.6%, the highest since September 2021. Wage growth slowed, with Average
Hourly Earnings up just 0.1% MoM.

Meanwhile, the EUR/GBP rate slipped by 0.2% to 0.8764, as the Pound gained
on solid UK wage growth, with Average Earnings including bonuses up 4.7% in
the three months to October. Softer Eurozone activity data also weighed on the
euro, with the Composite PMI slipping to 51.9 and manufacturing output hitting
a ten-month low.