Page 79 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
WED THU VAR D-1 VAR W-1 AVG. MAX MIN
19/11 20/11 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2025 80.66 81.36 0.7 0.02 73.76 83.93 60.94
CO2 EUA DEC 2026 82.82 83.51 0.69 -0.02 75.75 86.35 62.54
CO2 EUA DEC 2027 85.22 85.92 0.7 0.02 78.05 89.07 64.54
CO2 EUA DEC 2028 87.93 88.65 0.72 0.08 80.62 91.94 66.86
UK ETS DEC 25 EUR 64.70 66.06 1.36 0.01 57.28 67.04 37.35
UK ETS DEC 26 EUR 67.70 69.06 1.36 0.05 59.92 70.04 39.48
UK ETS DEC 27 EUR 70.76 72.23 1.47 0.16 62.72 73.14 42.14

European carbon prices continued to increase on Thursday due to colder
weather forecasts and bullish technical signals. Hence, the December 2025-
expiry contract increased by 0.9% to €81.36 per tonne.

CO2 EUA

EXCHANGE RATES

WED THU VAR D-1 VAR W-1 AVG. MAX MIN
19/11 20/11 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1583 1.1514 -0.0069 -0.0105 1.1256 1.1837 1.0198
RATE EUR/GBP 0.8827 0.8815 -0.0012 -0.0004 0.8546 0.8846 0.8253
RATE GBP/EUR 1.1329 1.1344 0.0015 0.0005 1.1705 1.2117 1.1305

Both the EUR/USD and the EUR/GBP rates decreased on Thursday due to
below expectations Euro Manufacturing PMI. Hence, the EUR/USD rate settled
at 1.1514, registering a 0.6% decrease, while the EUR/GBP rates decreased by
0.1% closing at 0.8815