This newsletter was published 23.9.2026 at 16:56 pm CEST

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

The recent bullish momentum in EUAs lost some steam this week, with prices coming under pressure on today’s September options expiry. The December 2026 contract had found resistance above 87 EUR and was unable to sustain trading at those levels, leading to a pullback as option-related flows added to selling pressure. The September options ultimately settled just above 86 EUR, broadly confirming the market’s recent comfort in the 85–90 EUR range. Fundamentals have eased somewhat, mainly due to developments around the Strait of Hormuz. Hopes of progress towards reopening the strait have reduced some of the risk premium in European gas, with front-month TTF falling towards 70 EUR/MWh from almost 85 EUR/MWh. This has also taken some pressure off EUAs, as the perceived risk of a further energy-price shock lowered. However, the fundamental risks have not disappeared. European underground gas storage levels remain low, leaving the market exposed to renewed supply concerns as the winter season approaches. Power prices have also remained relatively elevated and have not yet eased to levels that would materially change the broader carbon fundamentals. This leaves EUAs exposed to further political and geopolitical developments in the coming months, particularly as the market continues to balance energy-related support against expectations of ETS reforms.

German power prices are down by 2.05 EUR since last week, with the front-year contract trading at 127.00 EUR/MWh. API2 coal prices are down by 2.80 USD since last week, with the Cal-27 contract trading at 133.40 USD/tonne. Front-year gas prices are down by 2.470 EUR since last week, with the TTF Cal-26 trading at 57.155 EUR/MWh. EUR/USD is down by 130 points since last week and is currently trading at 1.1400.

Price development of EUA Dec2026 futures contract