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EMISSIONS: EUA-UKA Spread Narrows to Almost 2-Week Low on Relinking Talks

EMISSIONS
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The EUA-UKA Dec 2025 spread is narrowing to the lowest since 28 February today with Spencer Livermore, financial secretary to the Treasury, telling the UK’s House of Lords the UK and EU are “seriously considering” the relinking of the ETS schemes. 

  • The Dec25 EUA-UKA spread is currently at €20.23/ton CO2e at the time of writing, the lowest since 28 February when the spread stood at €19.09/ton CO2e.
  • The news spurred a rally in UKAs with allowances surging to an intraday high of £41.47/ton CO2e, the highest since 3 March.
    • EUA DEC 25 up 1.1% at 69 EUR/MT
    • ICE UKA Dec25 up 6.5% at 41 GBP/MT
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The EUA-UKA Dec 2025 spread is narrowing to the lowest since 28 February today with Spencer Livermore, financial secretary to the Treasury, telling the UK’s House of Lords the UK and EU are “seriously considering” the relinking of the ETS schemes. 

  • The Dec25 EUA-UKA spread is currently at €20.23/ton CO2e at the time of writing, the lowest since 28 February when the spread stood at €19.09/ton CO2e.
  • The news spurred a rally in UKAs with allowances surging to an intraday high of £41.47/ton CO2e, the highest since 3 March.
    • EUA DEC 25 up 1.1% at 69 EUR/MT
    • ICE UKA Dec25 up 6.5% at 41 GBP/MT