Page 8 - 2025 HEG Daily Energy Market Report

CARBON (€/T)
TUE WED VAR D-1 VAR W-1 AVG. MAX MIN
16/12 17/12 FROM THE BEGINNING OF THIS YEAR
CO2 EUA DEC 2026 87.36 86.80 -0.56 2.1 76.45 87.36 62.54
CO2 EUA DEC 2027 90.02 89.44 -0.58 2.07 78.76 90.02 64.54
CO2 EUA DEC 2028 93.05 92.46 -0.59 2.16 81.36 93.05 66.86
UK ETS DEC 26 EUR 67.84 69.11 1.27 2.54 60.52 70.04 39.48
UK ETS DEC 27 EUR 70.84 72.11 1.27 2.45 63.34 73.14 42.14
UK ETS DEC 28 EUR 73.98 75.24 1.26 - 74.61 75.24 73.98

Despite speculative investors expanding their record net long positions in EUAs
for a third week to more than 114 million tonnes, European carbon prices fell on
Wednesday amid profit-taking. Consequently, the EUAs expiring in Dec-2026
declined by 0.6% to end at 86.80 EUR/tonne.

CO2 EUA

EXCHANGE RATES
TUE WED VAR D-1 VAR W-1 AVG. MAX MIN
16/12 17/12 FROM THE BEGINNING OF THIS YEAR
RATE EUR/USD 1.1776 1.1722 -0.0054 0.0088 1.1285 1.1837 1.0198
RATE EUR/GBP 0.8764 0.8785 0.0021 0.0044 0.8563 0.8846 0.8253
RATE GBP/EUR 1.1410 1.1383 -0.0027 -0.0057 1.1682 1.2117 1.1305

The EUR/USD pair edged 0.5% lower at 1.1722 on Wednesday, as slightly
stronger-than-expected US jobs data trimmed bets on Fed rate cuts, supporting
the dollar. Heightened risk aversion amid US–Venezuela tensions further
bolstered the greenback.

Meanwhile, the EUR/GBP rate added 0.2% to 0.8785, as softer UK inflation
pressured sterling. UK CPI fell 0.2% m/m in November and slowed to 3.2% y/y,
the lowest in eight months, while easing labour market conditions added to the
downside despite still-firm wage growth.