Page 64 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
WED THU VAR D-1 VAR W-1 AVG. MAX MIN
26/11 27/11 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2025 81.68 82.21 0.53 0.85 73.92 83.93 60.94
CO2 EUA DEC 2026 83.86 84.37 0.51 0.86 75.92 86.35 62.54
CO2 EUA DEC 2027 86.26 86.79 0.53 0.87 78.22 89.07 64.54
CO2 EUA DEC 2028 88.98 89.44 0.46 0.79 80.79 91.94 66.86
UK ETS DEC 25 EUR 65.86 65.19 -0.67 -0.87 57.46 67.04 37.35
UK ETS DEC 26 EUR 68.85 68.18 -0.67 -0.88 60.11 70.04 39.48
UK ETS DEC 27 EUR 72.04 71.34 -0.7 -0.89 62.91 73.14 42.14

European carbon prices increased on Thursday, buoyed by outlooks for a
tighter 2025 market despite broader energy sector softness. Consequently, the
EUAs expiring in Dec-2025 rose by 0.7% to 82.21 EUR/tonne.

CO2 EUA

EXCHANGE RATES

WED THU VAR D-1 VAR W-1 AVG. MAX MIN
26/11 27/11 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1577 1.1586 0.0009 0.0072 1.1262 1.1837 1.0198
RATE EUR/GBP 0.8776 0.8754 -0.0022 -0.0061 0.8552 0.8846 0.8253
RATE GBP/EUR 1.1395 1.1423 0.0028 0.0079 1.1698 1.2117 1.1305

The EUR/USD pair held at 1.1586 on Thursday, amid thin liquidity as US
markets were closed for Thanksgiving. Expectations of a Fed rate cut,
supported by soft inflation, weak retail sales, and fading confidence, kept the
dollar under pressure, with FedWatch pricing an 85% chance of a 25 bps cut.
Eurozone consumer confidence rose slightly, while ECB officials remained
cautious.

In contrast, the EUR/GBP rate eased by 0.3% to 0.8754, as the UK Autumn
Budget revealed higher-than-expected fiscal headroom, with the OBR
projecting a £21.7 bn current budget surplus in 2029-30 versus £9.9 bn in
March.