With the trilogue on ETS review largely over many expect quieter months ahead on the European climate and energy policy scene. Even so, there are still some key elements left to decide that could have an impact on carbon prices, most notably the start date for the extra auctions of EUAs to part-finance REPowerEU. Also, the coming structural reform of the European power market could bring significant changes to price setting, and thereby to the fuel mix and the demand for EUAs.