After falling in the first months of 2025, the EUA futures rose steadily from mid-April to the end of the year (graph below). Generally, the consensus view seemed to be that with the new 2040 target, the system is getting increasingly tighter; cost is to a larger extent focused on abatement options in industry.
A weekly cap of what moved EUA prices and a clear view of the week ahead. We set out the drivers, their directional impact, and what matters next.
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