EMISSIONS: EU Mid-Day Carbon Summary: UKAs Fall Amid Strong Selling Pressure

EUAs Dec25 are edging down on the day, influenced by EU gas movement. Meanwhile, UKAs Dec25 are falling for the third consecutive session and hitting a two-week low, with trading volume before noon rising to the highest level since early April and more than doubling the morning average.

• EUA DEC 25 down 0.59% at 71.9 EUR/t CO2e
• UKA DEC 25 down 3.64% at 47.64 GBP/t CO2e
• TTF Gas JUN 25 down 0.9% at 34.735 EUR/MWh
• NBP Gas JUN 25 down 0.8% at 83.1 GBp/therm
• Estoxx 50 down 0.3% at 5375
• FTSE 100 JUN 25 up 0.6% at 8618
• Intraday correlation between EUA/TTF on a 5-min candle for 30 periods has hit 0.80 in the morning.
• Intraday correlation between UKA/EUA on a 5-min candle for 30 periods has hit 0.60 in the morning.
• The latest EU ETS CAP3 auction cleared at €70.11/ton CO2e, down 2.20% compared with the previous EU auction at €71.69/ton CO2e according to EEX.
• EU greenhouse gas emissions rose 2.2% year-on-year in Q4 2024, reaching 897MtCO2e, while GDP grew 1.5% over the same period, according to Eurostat.
• Czech Cez increased its hedging for power delivered in 2026-28 in 1Q25 from the end of 2024, with the firm selling power for delivery in 2029 for the first time. Its contracted emissions rose for 2026-27, while volumes for 2028 were finally secured under contract.