This newsletter was published 16.7.2025 at 16:50pm CEST

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

Carbon markets saw a modest intraday uptick in prices, despite the overall calm and low-volatility summer trading environment. EUAs remained well-supported throughout the week, with all attempts to push and hold the December 2025 futures contract below 70 EUR being unsuccessful. Despite some initial selling pressure, auction results consistently cleared at a premium to the secondary market—indicating a strong buyer interest. Additionally, the weekly CoT report revealed some reduction in the net long positions held by investment funds, which trimmed their exposure by nearly 4 million tonnes. These combined factors fuelled a rally, with EUAs climbing to nearly 72.50 EUR per tonne before settling down. Compliance buyers, who have been taking advantage of previous dips, appear to be momentarily sitting on the sidelines, patiently awaiting a potential downward correction. Meanwhile, more dramatic movements were seen in the UK emissions market. UKAs surged to as high as 52.70 GBP per tonne after the European Commission published a draft proposal forming the basis for upcoming negotiations on linking the EU and UK Emissions Trading Schemes. Although this marks only the beginning of the process, both governments appear committed to moving forward with the initiative.

German power prices are up by 1.00 EUR since last week, with the front-year contract trading at 87.50 EUR/MWh. API2 coal prices are down by 0.90 USD since last week, with the Cal-26 contract trading at 113.00 USD/tonne. Front-year gas prices are up by 0.010 EUR since last week, with the TTF Cal-26 trading at 34.410 EUR/MWh. EUR/USD is down by 140 points since last week and is currently trading at 1.1570.

Price development of EUA Dec2025 futures contract