EMISSIONS
The EUA Dec25 premium to the UK equivalent has been holding at the lowest this year this week, with more pronounced gains in the UK market since talks of re-linking both markets were requested from the UK in late January.
- The EU ETS Dec25 spread is currently trading at a €25.46/ton CO2e premium to the UK market. This is just slightly above this year’s low of €24.83/ton CO2e and well below the high of €41.92/ton CO2e.
- On 28 January, the UK has requested that that re-linking the UK ETS with the EU ETS is part of the planned spring summit between the EU and the UK, officials with knowledge of the discussions told the FT. The UK has further requested to address linking the UK’s and EU’s CBAM in the summit.
- At the same time, potential US tariffs on Europe from the Trump administration and weak European economic data have limited gains in EUAs, despite another rally in TTF gas prices in February.
- EUA DEC 25 down 0.5% at 82.5 EUR/MT
- ICE UKA Dec25 down 1.5% at 47.65 GBP/MT
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