EMISSIONS: EU End-Of-Day Carbon Summary: EUAs Fall, UKAs Rise To Record High 

{EU}{2EUAs Dec25 are edging lower, weighed by losses in EU gas and equities, with the EUA–TTF intraday correlation reaching as high as 0.60 during the session. UKAs Dec25 are trending higher to the highest level since June 2023, following the EU Council formally authorising the Commission to open negotiations with the UK on EU-UK ETS link. 

• EUA DEC 25 down 0.74% at 81.3 EUR/t CO2e
• UKA DEC 25 up 1.16% at 58.25 GBP/t CO2e
• TTF Gas DEC 25 down 1.6% at 30.43 EUR/MWh
• NBP Gas DEC 25 down 1.6% at 79.92 GBp/therm
• Estoxx 50 down 0.7% at 5746.24
• The latest EU ETS CAP3 auction cleared at €81.31/ton CO2e, up 1.75% compared with the previous EU auction at €79.91/ton CO2e according to EEX.
• EUA Auction Calendar Week Ahead (Calendar Week 47) - A total of 16.8mn EUAs will be auctioned next week across four auction sessions. The latest EU ETS auction cleared at €81.31/ton CO2e, up 1.55% w/w, above the 10, 50 and 100-day averages.
• Poland’s revenues from EU ETS are projected at €3.15–3.78bn this year, according to Deputy Minister of Climate and Environment Krzysztof Bolesta.
• The EU Parliament has adopted its position on the 2040 EU climate target, which will be followed by negotiations with member states to finalise the EU Climate Law, it said.
• The EU Council formally authorised the Commission to open negotiations with the UK on EU-UK link, it said.
• UKAs Dec25 rose by 0.65% intraday after the EU Council formally authorised the Commission to open negotiations with the UK on EU-UK ETS link.
• The UK, Germany, France, and Denmark backed efforts to outline a global fossil fuel phase-out, in discussions led by Brazil’s Environment Minister Marina Silva, Bloomberg reported.
• TTF front month has fallen below its recent range with healthy supplies weighing amid relatively limited global competition for LNG, and despite risks from colder weather next week.