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CARBON (€/T) TUE WED VAR D-1 VAR W-1AVG.MAXMIN 3/34/3FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202673.33 70.76-2.57-1.8281.0392.2469.18CO2 EUA DEC 202775.50 72.83-2.67-1.7683.3194.8071.09CO2 EUA DEC 202877.87 75.09-2.78-1.785.8997.7373.28CO2 EUA DEC 202980.76 77.70-3.06-1.6788.86101.0475.83UK ETS DEC 26 EUR 52.82 50.36-2.46-2.2867.6084.0250.36UK ETS DEC 27 EUR 55.24 52.58-2.66-2.3670.5087.6152.58UK ETS DEC 28 EUR 57.70 55.05-2.65-2.4773.7991.4655.05European carbon markets retreated on Wednesday, pressured by a 5.6 mtonne reduction in investment funds’ net long positions in EUAs, which nowstand at 63.3 m tonnes. Lower gas prices, improving gas-to-coal economics,added further downward momentum. As a result, the EUAs expiring in Dec-2026 declined by 3.5% to 70.76 EUR/tonne.CO2 EUAEXCHANGE RATES TUEWEDVAR D-1 VAR W-1AVG.MAXMIN 3/34/3FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1606 1.16490.0043-0.01351.17691.19741.1606RATE EUR/GBP0.8717 0.8705-0.0012-0.00090.86960.87630.8616RATE GBP/EUR1.1472 1.14880.00160.00121.14991.16061.1412The EUR/USD pair edged 0.4% higher at 1.1649 supported by stronger-than-expected Eurozone data. January PPI increased 0.7% MoM, rebounding from-0.3% in December, while the unemployment rate eased to 6.1%.In contrast, the EUR/GBP rate slipped to 0.8705 as markets scaled back betson a Bank of England rate cut in March, although Sterling gains remain mutedamid ongoing political uncertainty over Prime Minister Keir Starmer’sleadership.