Page 20 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
11/12 12/12 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2025 83.90 83.79 -0.11 1.81 74.31 83.93 60.94
CO2 EUA DEC 2026 86.20 86.04 -0.16 1.84 76.32 86.35 62.54
CO2 EUA DEC 2027 88.93 88.76 -0.17 2.12 78.63 89.07 64.54
CO2 EUA DEC 2028 92.03 91.81 -0.22 2.39 81.22 92.03 66.86
UK ETS DEC 25 EUR 64.08 63.76 -0.32 -0.52 57.77 67.04 37.35
UK ETS DEC 26 EUR 66.95 66.50 -0.45 -0.73 60.43 70.04 39.48
UK ETS DEC 27 EUR 70.08 69.60 -0.48 -0.72 63.25 73.14 42.14

Profit-taking ahead of the Dec-25 futures expiration weighed on European
carbon markets on Friday. As a result, the EUAs expiring in Dec-2025 slipped
by 0.1% to end at 83.79 EUR/tonne.

CO2 EUA

EXCHANGE RATES

THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
11/12 12/12 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1714 1.1731 0.0017 0.0086 1.1281 1.1837 1.0198
RATE EUR/GBP 0.8751 0.8767 0.0016 0.004 0.8561 0.8846 0.8253
RATE GBP/EUR 1.1427 1.1406 -0.0021 -0.0053 1.1684 1.2117 1.1305

The euro advanced on Friday, supported by stable German inflation and
expectations of a prolonged ECB pause. Eurozone HICP rose to 2.6% YoY in
November from 2.3% in October, with a 0.5% monthly decline limiting pressure
on the Euro and suggesting the ECB’s policy stance remains balanced.

The EUR/USD pair increased by 0.2% to 1.1731 on Friday, as ECB-Fed policy
divergence weighed on the Dollar. Meanwhile, the EUR/GBP rate inched up by
0.2% to 0.8767, with the Pound pressured after UK GDP fell 0.1% in October,
missing forecasts and contradicting the Office for Budget Responsibility’s 1.5%
growth projection for 2025. The report underscores ongoing UK economic
weakness, reinforcing expectations of a BoE rate cut next week.