EMISSIONS: EU ETS Auction Clears Lower, Weaker Participation

The latest EU ETS CAP3 auction cleared at €63.3/ton CO2e, down 2.71% compared with the previous EU auction at €65.06/ton CO2e according to EEX.

• The auction was at a €0.06/ton CO2e premium to the futures contract, compared with a €0.18/ton CO2e discount in the previous round.
• The cover ratio was at 1.51, compared with 1.62 in the previous EU auction and below five-year average.
• There was a total of 22 bids with 18 successful bids.
• The mean price was at €63.43/t CO2e and the median price was at €63.05/t CO2e.
• EUA DEC 25 down 2.25% at 64.41 EUR/t CO2e
• EUAs Dec25 are trending downward, tracking EU gas losses, with correlation between EUA/TTF for 30-day period tightened to 0.61 from the 0.56 on the previous day.