Page 72 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
FRI MON VAR D-1 VAR W-1 AVG. MAX MIN
21/11 24/11 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2025 80.41 80.61 0.2 0.69 73.82 83.93 60.94
CO2 EUA DEC 2026 82.55 82.75 0.2 0.66 75.81 86.35 62.54
CO2 EUA DEC 2027 84.94 85.15 0.21 0.68 78.11 89.07 64.54
CO2 EUA DEC 2028 87.67 87.88 0.21 0.76 80.68 91.94 66.86
UK ETS DEC 25 EUR 65.63 65.71 0.08 1.41 57.35 67.04 37.35
UK ETS DEC 26 EUR 68.63 68.68 0.05 1.36 60.00 70.04 39.48
UK ETS DEC 27 EUR 71.80 71.86 0.06 1.47 62.79 73.14 42.14

After slipping earlier in the day, European carbon prices staged a late recovery
on Monday, helped by the Dec-2025 contract holding key support levels.
Consequently, the EUAs expiring in Dec-2025 edged 0.3% higher at 80.61
EUR/tonne.

CO2 EUA

EXCHANGE RATES
FRI MON VAR D-1 VAR W-1 AVG. MAX MIN
21/11 24/11 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1520 1.1544 0.0024 -0.0049 1.1259 1.1837 1.0198
RATE EUR/GBP 0.8803 0.8804 0.0001 0.0009 0.8550 0.8846 0.8253
RATE GBP/EUR 1.1360 1.1358 -0.0002 -0.0012 1.1700 1.2117 1.1305

The EUR/USD pair added 0.2% to settle at 1.1544 on Monday, as the US Dollar
consolidated despite dovish Fed comments that increased expectations of a
December rate cut. The Federal Open Market Committee (FOMC) remains
split, but remarks from officials lifted hopes for lower borrowing costs at the
Dec. 9–10 meeting.

Meanwhile, the EUR/GBP rate held at 0.8804, ahead of the UK Autumn Budget,
with German IFO data limiting gains. Germany’s November IFO survey showed
softer sentiment, with the Expectations index at 90.6 and Business Climate at
88.1, providing little support for the Euro despite a modest rebound.