This newsletter was published 2.9.2026 at 16:11 pm CEST

The current prices on the European carbon market are as follows:

The carbon market continued to show resilience over the past week, with the December 2026 EUA futures contract moving back above 84 EUR after finding strong support around 82 EUR. The move comes despite a sharp repricing across the broader fuel complex, where higher gas prices have significantly encouraged greater coat-to-gas switching. The energy market has increasingly shifted from geopolitical risk towards concerns over physical fundamentals. Front-month TTF gas for October has breached 75 EUR/MWh, while European gas storage levels stand at around three quarters full. The combination of lower-than-usual inventories, strong demand and uncertainty around supply has translated the recent fear premium into a more tangible fundamental shortage. Higher gas prices could encourage greater coal-to-gas switching, potentially increasing emissions intensity and supporting EUA demand. On the supply side, auction volumes have increased compared with the reduced levels seen during July and August, providing somewhat more primary supply to the market. Investment funds have also continued to trim their net long exposure, yet this has so far failed to translate into any downward pressure on prices. Overall, the carbon market remains relatively well supported above 82 EUR despite continued reductions in speculative length and higher auction supply. With the energy complex strengthening sharply and European gas inventories lagging previous years, the fundamental backdrop could be interpreted as constructive.

German power prices are up by 10.51 EUR since last week, with the front-year contract trading at 123.01 EUR/MWh. API2 coal prices are up by 6.50 USD since last week, with the Cal-27 contract trading at 133.00 USD/tonne. Front-year gas prices are up by 5.940 EUR since last week, with the TTF Cal-26 trading at 53.460 EUR/MWh. EUR/USD is down by 50 points since last week and is currently trading at 1.1600.

Price development of EUA Dec2026 futures contract