This newsletter was published 14.10.2026 at 16:17 pm CEST

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

Last week was broadly bullish across the energy complex, with front-month TTF briefly trading above 87 EUR for MWh and German front-month power futures approaching EUR 200 EUR mark. The supply shock reinforced the tight market conditions that have characterised the energy complex for the past few months. EUAs also rose, with December-26 futures reaching 88.82 EUR on Monday. However, 90 EUR remains a significant psychological hurdle, and a sustained move above this level may take more time to materialise. Carbon prices proved less sensitive to the initial surge in energy markets, but the relationship worked in both directions. As gas and power prices eased slightly today, EUAs gave back some of their earlier gains. For now, the market appears comfortable trading within the current range. Auction demand also continues to be encouraging. Most auctions cleared at a premium to the secondary market over the past week, while cover ratios remained healthy. This suggests that underlying buying interest remains intact. The latest CoT report provided further support, showing that investment funds had increased their net bullish exposure by 4.9 million tonnes week on week. UKAs also remain well bid, with December-26 futures hovering around 65 GBP per tonne. Looking ahead, the balance remains supportive, but further upside may prove difficult without renewed strength in gas and power.

German power prices are up by 5.79 EUR since last week, with the front-year contract trading at 143.69 EUR/MWh. API2 coal prices are up by 1.75 USD since last week, with the Cal-27 contract trading at 141.50 USD/tonne. Front-year gas prices are up by 4.220 EUR since last week, with the TTF Cal-26 trading at 68.250 EUR/MWh. EUR/USD is down by 80 points since last week and is currently trading at 1.1120.

Price development of EUA Dec2026 futures contract