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EMISSIONS: December 2025 EUA Trades Flat

EMISSIONS
BulletPower BulletsEnergy BulletsCommodities

The December 2025 EUA price is trading flat this morning amid slight increases in TTF, with wind over the remainder of this week, especially in Germany, expected to be low this week, increasing the need for thermal output. Average temperatures in NW Europe are expected to flip below the norm in early January to reach low negatives over 4-5 Jan, likely spurring heating demand.

  • EUA DEC 25 down 0.1% at 69.64 EUR/MT
  • TTF Gas JAN 25 up 0.3% at 45.675 EUR/MWh
  • The December 2025 EUA reached as high as €70.05/t CO2e during the morning trading session before dropping to as low as €69.52/t CO2e.
  • EUA auctions are still closed until 7 Jan 2025 – which somewhat supports the contract amid a lack of supply.
  • European gas edges higher again as markets ride on the Ukrainian gas transit ending this month despite last-minute attempts to try and revive a deal.
  • Average temperatures in NW Europe are anticipated to remain above the seasonal average until 1 January before flipping below to be between -0.5C and 3.5C over 2-7 January – likely increasing demand on the week.
  • Wind in Germany over 25-27 December is only expected between 2-12% load factors, however, will begin to recover from 29 December and reach as high as a 54% load factor on 2 January.
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The December 2025 EUA price is trading flat this morning amid slight increases in TTF, with wind over the remainder of this week, especially in Germany, expected to be low this week, increasing the need for thermal output. Average temperatures in NW Europe are expected to flip below the norm in early January to reach low negatives over 4-5 Jan, likely spurring heating demand.

  • EUA DEC 25 down 0.1% at 69.64 EUR/MT
  • TTF Gas JAN 25 up 0.3% at 45.675 EUR/MWh
  • The December 2025 EUA reached as high as €70.05/t CO2e during the morning trading session before dropping to as low as €69.52/t CO2e.
  • EUA auctions are still closed until 7 Jan 2025 – which somewhat supports the contract amid a lack of supply.
  • European gas edges higher again as markets ride on the Ukrainian gas transit ending this month despite last-minute attempts to try and revive a deal.
  • Average temperatures in NW Europe are anticipated to remain above the seasonal average until 1 January before flipping below to be between -0.5C and 3.5C over 2-7 January – likely increasing demand on the week.
  • Wind in Germany over 25-27 December is only expected between 2-12% load factors, however, will begin to recover from 29 December and reach as high as a 54% load factor on 2 January.