This newsletter was published 8.10.2026 at 16:24 pm CEST

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

December-26 EUAs started the week under pressure, extending the recent pullback to 82.50 EUR, before finding buyers and recovering some ground. The market eventually settled higher and is again comfortably trading above 85 ER level. Despite the weakness earlier in the week, the broader price action remains relatively constructive, with EUAs continuing to find support at lower levels. The energy complex remains an important source of support. French power prices stayed elevated as grid constraints limited output from several nuclear units, while weaker wind generation in Germany also provided support. Gas markets also remain sensitive to geopolitical developments, particularly uncertainty surrounding flows through the Strait of Hormuz. Additional reason for front-month TTF trading at around 80 EUR per MWh are also relatively low underground gas storages. Any renewed disruption to flows could quickly feed back into European power and carbon prices. EUA auctions provided a mixed signal during the week, with most sales clearing at a premium to the secondary market. Cover ratios remained relatively healthy, suggesting that underlying demand has not disappeared despite the recent correction. The market therefore appears to be balancing weaker momentum against supportive energy fundamentals and ongoing compliance demand. Political risks, however, are becoming increasingly relevant again. High energy costs have renewed discussion around delaying the expansion of the ETS, with several member states pushing for a longer period of free allocation for industry.

German power prices are up by 10.50 EUR since last week, with the front-year contract trading at 137.90 EUR/MWh. API2 coal prices are up by 4.00 USD since last week, with the Cal-27 contract trading at 139.75 USD/tonne. Front-year gas prices are up by 7.680 EUR since last week, with the TTF Cal-26 trading at 64.030 EUR/MWh. EUR/USD is down by 160 points since last week and is currently trading at 1.1200.

Price development of EUA Dec2026 futures contract