Page 143 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
16/10 17/10 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2025 79.51 79.46 -0.05 -0.22 73.04 83.93 60.94
CO2 EUA DEC 2026 81.55 81.49 -0.06 -0.25 75.02 86.35 62.54
CO2 EUA DEC 2027 83.80 83.70 -0.1 -0.34 77.31 89.07 64.54
CO2 EUA DEC 2028 86.36 86.23 -0.13 -0.43 79.88 91.94 66.86
UK ETS DEC 25 EUR 65.10 64.93 -0.17 1.17 56.45 67.04 37.35
UK ETS DEC 26 EUR 67.99 67.86 -0.13 1.16 59.06 70.04 39.48
UK ETS DEC 27 EUR 71.08 70.94 -0.14 1.01 61.83 73.14 42.14

European carbon prices were steady to slightly weaker on Friday, as lingering
worries over a possible economic slowdown from ongoing U.S.–China trade
frictions weighed on sentiment. Nonetheless, market fundamentals remained
supported, with investment funds extending their net long exposure last week.
The EUAs expiring in Dec-2025 slipped by 0.1% to 79.46 EUR/tonne.

CO2 EUA

EXCHANGE RATES

THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
16/10 17/10 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1649 1.1681 0.0032 0.0113 1.1220 1.1837 1.0198
RATE EUR/GBP 0.8676 0.8695 0.0019 -0.0014 0.8520 0.8748 0.8253
RATE GBP/EUR 1.1526 1.1501 -0.0025 0.0019 1.1740 1.2117 1.1431

The EUR/USD pair added 0.3% to settle at 1.1681, boosted by a stronger euro
after France’s government survived a no-confidence vote, with PM Lecornu’s
pension reform suspension gaining some left-wing support. Eurozone
September data showed inflation steady at 0.1% MoM, with annual CPI at 2.2%
and core HICP revised up to 2.4%, supporting ECB signals that rate cuts may
be ending.

Meanwhile, the EUR/GBP rate edged 0.2% higher at 0.8695, as modest UK
growth, August GDP +0.1% MoM and industrial production +0.4%, was
outweighed by fiscal concerns, with Chancellor Reeves confirming new tax
hikes in the Autumn Budget.