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EMISSIONS: End of Day Power Summary: EU ETS Remains Flat on Mixed Fundamentals

EMISSIONS
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The December 2025 EUA has edged down slightly as TTF prices have given back most of their gains from the earlier session. Temperatures in NW Europe have been revised up over 25-29 December, however, they are still expected to flip below the norm from 2 January and reach as low as -0.5C on 4 January.  Demand will be lower over the next few days owing to the holidays.

  • EUA DEC 25 down 0.3% at 69.45 EUR/MT
  • TTF Gas JAN 25 up 0.4% at 45.71 EUR/MWh
  • Rotterdam Coal JAN 25 up 0.5% at 109.5 USD/MT
  • The December 2025 EUA reached as high as €70.05/t CO2e during the morning trading session before dropping to as low as €69.06/t CO2e at 10:00 BST.  The contract has averaged around €69.60t/ CO2e during today’s session.
  • EUA auctions are still closed until 7 Jan 2025 – which somewhat supports the contract amid a lack of supply.
  • European gas is rangebound today as the market stabilises after riding on the Ukrainian gas transit ending this month.
  • Wind speeds in NW Europe will be below the seasonal average until 30 December – which may increase the call for thermal generation – before flipping above the next day and remaining higher until 1 January.
  • Swiss hydropower reserves last week – calendar week 51 – declined for the ninth consecutive week to be at 54% of capacity, however, the fall slowed from the previous week.
  • Poland’s TSO PSE has approved the financial investment decision for the 700MW Harmony Link onshore interconnection between Poland and Lithuania.
  • RWE’s 744MW Didcot B5 gas-fired power unit has extended its unplanned maintenance to 2 January from 26 December.
  • Company Public Power Corporation (PPC) has launched two new gas turbine units in Santorini, adding 30MW of capacity to meet peak summer demand, with over 300MW of additional projects underway in southern and eastern areas of Greece.
  • Day-ahead electricity prices in France and Germany declined, driven by reduced demand during the holiday season, which outweighed the impact of lower wind generation. France cleared at a discount to Germany, due to a slight boost in nuclear availability and a more pronounced drop in power consumption, which placed additional downward pressure on prices.
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The December 2025 EUA has edged down slightly as TTF prices have given back most of their gains from the earlier session. Temperatures in NW Europe have been revised up over 25-29 December, however, they are still expected to flip below the norm from 2 January and reach as low as -0.5C on 4 January.  Demand will be lower over the next few days owing to the holidays.

  • EUA DEC 25 down 0.3% at 69.45 EUR/MT
  • TTF Gas JAN 25 up 0.4% at 45.71 EUR/MWh
  • Rotterdam Coal JAN 25 up 0.5% at 109.5 USD/MT
  • The December 2025 EUA reached as high as €70.05/t CO2e during the morning trading session before dropping to as low as €69.06/t CO2e at 10:00 BST.  The contract has averaged around €69.60t/ CO2e during today’s session.
  • EUA auctions are still closed until 7 Jan 2025 – which somewhat supports the contract amid a lack of supply.
  • European gas is rangebound today as the market stabilises after riding on the Ukrainian gas transit ending this month.
  • Wind speeds in NW Europe will be below the seasonal average until 30 December – which may increase the call for thermal generation – before flipping above the next day and remaining higher until 1 January.
  • Swiss hydropower reserves last week – calendar week 51 – declined for the ninth consecutive week to be at 54% of capacity, however, the fall slowed from the previous week.
  • Poland’s TSO PSE has approved the financial investment decision for the 700MW Harmony Link onshore interconnection between Poland and Lithuania.
  • RWE’s 744MW Didcot B5 gas-fired power unit has extended its unplanned maintenance to 2 January from 26 December.
  • Company Public Power Corporation (PPC) has launched two new gas turbine units in Santorini, adding 30MW of capacity to meet peak summer demand, with over 300MW of additional projects underway in southern and eastern areas of Greece.
  • Day-ahead electricity prices in France and Germany declined, driven by reduced demand during the holiday season, which outweighed the impact of lower wind generation. France cleared at a discount to Germany, due to a slight boost in nuclear availability and a more pronounced drop in power consumption, which placed additional downward pressure on prices.