Page 139 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
FRI MON VAR D-1 VAR W-1 AVG. MAX MIN
17/10 20/10 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2025 79.46 79.82 0.36 1.7 73.07 83.93 60.94
CO2 EUA DEC 2026 81.49 81.86 0.37 1.71 75.05 86.35 62.54
CO2 EUA DEC 2027 83.70 84.06 0.36 1.63 77.35 89.07 64.54
CO2 EUA DEC 2028 86.23 86.58 0.35 1.54 79.92 91.94 66.86
UK ETS DEC 25 EUR 64.93 65.56 0.63 2.69 56.49 67.04 37.35
UK ETS DEC 26 EUR 67.86 68.46 0.6 2.66 59.11 70.04 39.48
UK ETS DEC 27 EUR 70.94 71.54 0.6 2.68 61.88 73.14 42.14

European carbon prices increased on Monday, driven by bullish traders
repeatedly challenging a significant resistance point. The EUAs expiring in Dec-
2025 edged 0.5% higher at 79.82 EUR/tonne.

CO2 EUA

EXCHANGE RATES

FRI MON VAR D-1 VAR W-1 AVG. MAX MIN
17/10 20/10 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1681 1.1655 -0.0026 0.0086 1.1221 1.1837 1.0198
RATE EUR/GBP 0.8695 0.8691 -0.0004 0.0014 0.8521 0.8748 0.8253
RATE GBP/EUR 1.1501 1.1506 0.0005 -0.0019 1.1739 1.2117 1.1431

The EUR/USD pair slipped by 0.2% to 1.1655 on Monday, with the dollar
holding firm amid optimism over easing U.S.-China trade tensions. The
EUR/GBP rate lost 0.1% to settle at 0.8691, as Bank of England Governor
Andrew Bailey and Chief Economist Huw Pill emphasized a cautious and
gradual approach to future rate cuts in light of persistent inflationary pressures.

S&P Global Ratings downgraded France to A+ from AA-, following recent cuts
by Fitch and DBRS, leaving France without an AA- rating from two of the three
major agencies in just over a month. Ongoing budget uncertainty and political
challenges in France may continue to pressure the euro, particularly against the
pound.