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CARBON (€/T) FRIMON VAR D-1 VAR W-1AVG.MAXMIN 27/330/3FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202671.67 72.180.512.9277.7392.2463.65CO2 EUA DEC 202774.33 74.830.53.1280.0494.8065.92CO2 EUA DEC 202876.96 77.450.493.2882.5897.7368.21CO2 EUA DEC 202979.95 80.400.453.4885.48101.0470.83UK ETS DEC 26 EUR 42.72 44.051.330.260.8684.0240.13UK ETS DEC 27 EUR 45.19 46.541.350.4163.5987.6142.32UK ETS DEC 28 EUR 47.65 48.991.340.3966.6491.4644.79Ahead of a key European Commission proposal expected on Wednesday,carbon prices in Europe climbed on Monday. Market sentiment improved afterreports indicated that upcoming ETS measures, including market stabilityreserve (MSR) adjustments, could be less severe than previously anticipated.This pushed the EUAs expiring in Dec-2026 up 0.7% to 72.18 EUR/tonne.CO2 EUAEXCHANGE RATES FRIMONVAR D-1 VAR W-1AVG.MAXMIN 27/330/3FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1517 1.1484-0.0033-0.01121.17021.19741.1476RATE EUR/GBP0.8672 0.86800.00080.00380.86840.87630.8616RATE GBP/EUR1.1531 1.1520-0.0011-0.00511.15151.16061.1412The EUR/USD pair slipped by 0.3% to 1.1484 as the US Dollar gains amidgeopolitical risk from the US-Israel-Iran war and higher oil prices. Europeanrate hike expectations for April are being scaled back due to rising energycosts, though two increases are still expected later this year.The EUR/GBP rate was virtually unchanged at 0.8680, reflecting cautioustrading ahead of German inflation data and rising Middle East tensions.Attention is on the potential risk to the Bab el-Mandeb Strait from Iran-backedHouthis, which could amplify energy market volatility.