Dear Sir or Madam,
On Tuesday, the new Chancellor of the Federal Republic of Germany was elected, albeit at the second attempt. The failure of the election at the first attempt initially unsettled the financial, energy and commodity markets, but over the course of the week, the DAX reached a new all-time high at 23,543 and EU emission allowances also broke through the €70 mark.
Chancellor Merz made his inaugural visits to Paris and Warsaw. On Thursday, he also had his first telephone conversation with US President Trump, during which both sides held out the prospect of an agreement in the tariff dispute, putting the financial markets in a bullish mood.
And on Tuesday, there was another first – the first futures contract for the EU ETS II, known as EUA 2, was issued by the Intercontinental Exchange (ICE), which is why we have included it in our price monitoring. The ICE has chosen December 2028, probably to define a benchmark contract for the first year of the EU-wide emissions trading system for buildings and transport, which will begin in 2027.
On Tuesday, five contracts corresponding to 5,000 EUA 2 were traded at a price of EUR 73.57 at the start of trading. The bid price then rose briefly to EUR 150, but later fell back again.
There were no further trades in the past week, and the closing price on Friday was EUR 77.71.
As the trading volume was very low in the first week, with only five futures contracts, the price development is not particularly meaningful. It can therefore only be seen as an initial price indication. The closer we get to the start of EU ETS II, the stronger the volume and the number of market participants will increase, whose market assessments will then be reflected in the price.
The European Energy Exchange (EEX) will launch its first futures contract for EUA 2 with a maturity date of December 2027 on 7 July 2025, with additional maturities to follow.
Prices in the EU ETS I rose for the fifth week in a row last week amid easing tensions over US tariff policy. The EUA benchmark contract closed the trading week up just under one per cent above the 70 euro mark compared with the previous week.
After 11,343,500 EUAs were auctioned on the Leipzig Energy Exchange (EEX) last week, a total of 13,416,000 will be auctioned on all five trading days this week, representing an increase of 18.3%.
| Instrument | 02/05/25 | 09/05/25 | Change |
| EUA (December-25-Future) | 68.76 EUR | 70.39 EUR | +1.63 EUR |
| EUA 2 (December-28-Future) | 0.00 EUR | 77.71 EUR | +77.71 EUR |
| nEZ (national Emission Allowances (D)) | 55.00 EUR | 55.00 EUR | +0.00 EUR |
| UKA (December-25-Future (UK)) | 49.63 GBP | 51.39 GBP | +1.76 GBP |
| UK Natural Gas (December-25-Future) | 91.72 GBP | 95.06 GBP | +3.34 GBP |
| ICE Brent Crude Oil (December-25-Future) | 60.68 USD | 62.63 USD | +1.95 USD |
| EURO (Forex) | 1.1300 USD | 1.1250 USD | -0.0050 USD |
(EUA, EUA 2, UKA, Natural Gas, Crude Oil and Euro Currency shows day-end-exchange quotes of the benchmark contract. This market information has just an informational character and are no advice or offer to trade emission allowances or their futures and options. If you want to unsubscribe, please reply to this mail.)
Please call our international carbon desk if any further questions exist: +49.2831.1348220 or book here a call with one of our specialists.
With kind regards,
Your Advantag – Team
advantag GmbH | Glockengasse 5 | 47608 Geldern | Tel.: +49(0)2831.1348220 | Fax: +49(0)2831.1348221 | E-Mail: info@advantag.de | Web: www.advantag.de
Managing Director Raik Oliver Heinzelmann
Headquarter: Geldern (Germany) | Local Court Kleve HRB 11372 | VAT.-ID: DE281836677
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