This newsletter was published 16.9.2026 at 16:40 pm CEST

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

The bullish trend in EUAs lost some momentum this week, with the December 2026 contract briefly trading above 88 EUR before coming under renewed selling pressure. Prices fell as low as 84.40 EUR before recovering slightly, although the 85 EUR level has so far capped attempts to regain higher ground. Despite several aggressive waves of selling, the market has continued to find bids at lower levels, highlighting its ability to absorb significant selling pressure without a deeper correction. The energy complex remains an important source of support. Front-month TTF was approaching 85 EUR/MWh on Monday, most likely due to low gas storage levels. Inventories remain well below levels seen at the same point last year, keeping attention on the potential tightness of the winter supply-demand balance. Auction dynamics have been somewhat less supportive recently, with auctions clearing at discounts to the secondary market. This could point to softer primary-market demand compared with the stronger buying interest seen previously. On the policy side, EU member states have proposed to increase free allocation for energy-intensive industries. The Council’s position would add a further 33 million allowances to the approximately 80 million permits resulting from the European Commission’s proposed changes to the fallback benchmarks. UKAs have also come under some selling pressure and are now trading below 60 GBP for the December 2026 contract, despite unusually strong auction clearing price last week.

German power prices are down by 0.55 EUR since last week, with the front-year contract trading at 129.05 EUR/MWh. API2 coal prices are down by 0.05 USD since last week, with the Cal-27 contract trading at 136.20 USD/tonne. Front-year gas prices are up by 1.715 EUR since last week, with the TTF Cal-26 trading at 59.625 EUR/MWh. EUR/USD is down by 120 points since last week and is currently trading at 1.1530.

Price development of EUA Dec2026 futures contract