Dear Sir or Madam,

The past week of trading was marked by the gigantic US aid program, which provided the already optimistic financial markets with further tailwind. US President Joe Biden plans to distribute US $ 1.9 trillion to get the US economy back on track for growth.

The Dow Jones then rose sharply, which was a new all-time high of 32,793 points on Friday. The DAX also hit a new all-time high of 14,595 points last week.

This optimism also prevailed for CO2 emission rights in European emissions trading, which also reached a new all-time high last Friday at EUR 42.90 per EUA.

At the start of trading today, this was topped again at EUR 42.92 in the December future, but the price fell a little in early trading.

This week, 15,091,500 EUAs will be auctioned again on all five trading days from the EU, Poland and Germany and on Wednesday an additional 614,500 EUAA of the fourth trading period for the first time.

(Average Quotes Exchange / OTC)
Instrument	05/03/2021	12/03/2021	Change
EUA (Spot-Market)	38.98 EUR	42.79 EUR	+3.81 EUR
EUA (December-2021-Future)	39.02 EUR	42,85 EUR	+3.83 EUR
CER (Spot-Market)	0.37 EUR	0.39 EUR	+0.02 EUR
ICE Brent Crude Oil (Benchmark Future)	69.56 USD	69.21 USD	-0.35 USD
EURO (Currency, Forex)	1.1911 USD	1.1952 USD	+0.0041 USD

(The average exchange quotes and OTC-prices shows the average between bids and ask of several exchanges and OTC markets for carbon emission rights in the ETS. Bid and ask has usually in Spot Market a visible spread. CER CP1 and ERU are eligible in ETS until end of March 2015 and must be swapped into EUA. Crude Oil and Euro Currency shows day-end-exchange quotes. This market information has just an informational character and are no advice or offer to trade carbon emission rights 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.

With kind regards,

Advantag Services GmbH

Dear Sir or Madam,

At the end of last week, the German federal government and the four energy supply companies EnBW, E.ON, RWE and Vattenfall explored the key points for compensation payments in relation to Germany’s nuclear phase-out, as the German Federal Environment Agency said on Friday.

Even if many may see it as unnecessary, this was done due to a ruling by the Federal Constitutional Court. Germany’s nuclear phase-out remains unaffected. The last nuclear power plant in Germany is scheduled to go offline at the end of 2022. For this, the Federal Republic of Germany pays the four plaintiffs financial compensation totaling around EUR 2.428 billion. On the other hand, the companies concerned undertake to withdraw all pending lawsuits and to forego lawsuits or legal remedies against the compensation scheme. However, the corporate bodies must still give their consent to this.

Microsoft founder Bill Gates has now published a book that is well worth reading, “How we can still prevent the climate catastrophe” and has incorporated many scientific findings on this. He also showed that the global economies will be much more expensive if we do not fight climate change than if we exhausted our possibilities to slow it down.

Bill Gates sees part of the solution to the problem of the constantly increasing energy demand in new fourth generation nuclear power plants, which in the near future cannot be met by renewable energies alone. And if you just stick to the facts without emotion, you will realize that the victims of the nuclear disasters in Chernobil and Fukoshima are only a fraction of the human lives that are claimed every year by the emission of gigatons of CO2 and particles when converting fossil fuels into electricity.

The topic of nuclear power will remain an emotional issue, however, because a mushroom cloud is easier to visualize than air pollution and the slower advancing climate change caused by CO2 emissions. On the other hand, one must not lose sight of the repository problem of nuclear power generation, even if the nuclear waste from the latest reactors with relatively short half-lives is much easier to treat. In any case, the topic is important enough not to be discussed emotionally and dogmatically but on a factual basis.

The market for European emission rights moved sideways last week, only to move towards the weekly high on Friday. In the end it closed with a plus of EUR 38.98 per ton of CO2e compared to the previous week.

(Average Quotes Exchange / OTC)
Instrument	26/02/2021	05/03/2021	Change
EUA (Spot-Market)	37.22 EUR	38.22 EUR	+1.76 EUR
EUA (December-2021-Future)	37.28 EUR	39,02 EUR	+1.74 EUR
CER (Spot-Market)	0.37 EUR	0.37 EUR	+0.00 EUR
ICE Brent Crude Oil (Benchmark Future)	64.34 USD	69.56 USD	+5.22 USD
EURO (Currency, Forex)	1.2071 USD	1.1911 USD	-0.0160 USD

(The average exchange quotes and OTC-prices shows the average between bids and ask of several exchanges and OTC markets for carbon emission rights in the ETS. Bid and ask has usually in Spot Market a visible spread. CER CP1 and ERU are eligible in ETS until end of March 2015 and must be swapped into EUA. Crude Oil and Euro Currency shows day-end-exchange quotes. This market information has just an informational character and are no advice or offer to trade carbon emission rights 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.

With kind regards,

Advantag Services GmbH

Dear Sir or Madam,

A team of British, Irish and German scientists have published the results of their research in the journal “Nature Geosciences”, which shows that the Gulf Stream has not been as weak for more than 1,000 years as it has been in previous decades.

This news is quite worrying, as further slowdown in ocean circulation could have noticeable consequences for the climate. The Gulf Stream transports warm surface water from the equator to the north and in return sends cold, low-salt deep water back to the south. Among other things, the electricity ensures comparatively mild winters in Europe and conditions in the south that are less hostile to life.

Since the middle of the 20th century I have now demonstrably slowed it down by around 15 percent, which is related to human-made global warming. If we let global warming progress, the Gulf Stream will weaken further and decrease by up to 45% by the end of the century, as Stefan Rahmstorf from the Potsdam Institute for Climate Impact Research, PIK for short, discussed.

The CO2 emissions trading is a tried and tested means of reducing industrial emissions through market-based means, which has so far been working according to plan in the EU. Great Britain has therefore also put its own emissions trading system into operation, which will start in mid-May with a minimum price of 22 British pounds per UKA. This year, a total of 83 million British emission allowances are to be auctioned and 58 million granted free of charge to plant operators.

Prices in European emissions trading have moved sideways in the past week, even if crude oil has moved towards US $ 70 for the Brent variety. The milder temperatures and profit-taking ensured that Thursday’s attempt to hit the € 40 mark again failed.

The new trading week starts with a plus of currently a little more than 2% and could bring a new attempt towards 40 euros.

(Average Quotes Exchange / OTC)
Instrument	19/02/2021	26/02/2021	Change
EUA (Spot-Market)	37.37 EUR	37.22 EUR	-0.15 EUR
EUA (December-2021-Future)	37.40 EUR	37,28 EUR	-0.12 EUR
CER (Spot-Market)	0.39 EUR	0.39 EUR	-0.02 EUR
ICE Brent Crude Oil (Benchmark Future)	62.67 USD	64.34 USD	+1.67 USD
EURO (Currency, Forex)	1.2117 USD	1.2071 USD	-0.0046 USD

(The average exchange quotes and OTC-prices shows the average between bids and ask of several exchanges and OTC markets for carbon emission rights in the ETS. Bid and ask has usually in Spot Market a visible spread. CER CP1 and ERU are eligible in ETS until end of March 2015 and must be swapped into EUA. Crude Oil and Euro Currency shows day-end-exchange quotes. This market information has just an informational character and are no advice or offer to trade carbon emission rights 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.

With kind regards,

Advantag Services GmbH

Dear Sir or Madam,

On the first day of taking over the Oval Office, not only did decency and class return to the White House, but President Joe Biden also once again made the US part of the important Paris Agreement of 2015.

Last Friday, this re-entry into the Federation of States, which have committed to implement climate protection in their own country, in order to limit global warming to a maximum of 1.5 ° C, took place.

António Guterres, Secretary General of the United Nations, described the President’s step as a “key moment” on the way to more sustainable climate protection.

The USA is the second largest emitter of greenhouse gases in the world after China, although about one billion fewer people live in the USA than in the Asian People’s Republic.

John Kerry, the US government’s climate protection commissioner, and António Guterres attended an event on Friday to mark the re-entry of the US into the treaty and highlighted the importance of united action in the fight against global warming.

At EEX, the bids for the total of 15.1 million EUAs that went under the hammer in Leipzig normalized last week. The same volume will also be offered for auction in the new trading week.

Please note that from April 30th, 2021, EEX will no longer trade in CER certificates, as these can only be used in the EU ETS for compliance in the third trading period.

Afterwards, CERs can only be used within the framework of the CORSIA flight sector trading system, insofar as they are permitted or within the framework of the voluntary compensation of greenhouse gas emissions. For this reason, it is advisable for plant operators to check whether they have already completely exhausted their free quotas for exchanging CERs for EUAs, or whether they can still use the significant price differences to their advantage.

If you still have CERs that you cannot use, you should sell them, as they will be deleted from the EU ETS register accounts in the summer. CERs can then only be held on Kyoto registry accounts.

Please do not hesitate to contact us if you have any questions.

(Average Quotes Exchange / OTC)
Instrument	12/02/2021	19/02/2021	Change
EUA (Spot-Market)	39.92 EUR	37.37 EUR	-2.55 EUR
EUA (December-2021-Future)	40.02 EUR	47,40 EUR	-2.62 EUR
CER (Spot-Market)	0.40 EUR	0.39 EUR	-0.01 EUR
ICE Brent Crude Oil (Benchmark Future)	62.59 USD	62.67 USD	+0.08 USD
EURO (Currency, Forex)	1.2118 USD	1.2117 USD	-0.0001 USD

(The average exchange quotes and OTC-prices shows the average between bids and ask of several exchanges and OTC markets for carbon emission rights in the ETS. Bid and ask has usually in Spot Market a visible spread. CER CP1 and ERU are eligible in ETS until end of March 2015 and must be swapped into EUA. Crude Oil and Euro Currency shows day-end-exchange quotes. This market information has just an informational character and are no advice or offer to trade carbon emission rights 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.

With kind regards,

Advantag Services GmbH

Dear Sir or Madam,

Last Thursday, the financial markets information service Bloomberg reported that there is a possibility that EU officials could consider proposing restrictions for speculators as part of the next renewal of the European financial market directive MiFID. Position limits should limit the driving force of speculative investors. The last major amendment did not come into force until 2018 with MiFID II and has classified European emission certificates such as EUAs, EUAAs and CERs as financial instruments.

If the possibly deliberate spread of this information were to put a stop to the strongly bullish market, the culprits would only have had extremely short-term success. Although the price fell to a value just above 37 euros on Friday morning, market participants showed what they thought of such a threat over the course of Friday and pushed prices to a new all-time high of 40.25 euros in the December future

The rise in the price of the EUAs was accompanied by a further significant increase in the price of crude oil, which has recaptured the mark of 60 US dollars – a value that was last seen in January 2020. And that despite the fact, that the International Energy Agency IEA cut its annual forecast by a further 200,000 barrels a day.

In the coming week, it remains to be seen whether the EUAs will be able to hold their ground above the 40 mark for longer or whether profit-taking will lead to a technical backlash such as a 50% retracement of the sharp rise since the beginning of February. In addition to the possible backlash, rising temperatures in Central Europe could put a strain on the buying mood, as could cautious purchases from the compliance system operator. The new trading week, however, starts with a green sign.

(Average Quotes Exchange / OTC)
Instrument	05/02/2021	12/02/2021	Change
EUA (Spot-Market)	37.99 EUR	39.92 EUR	+1.93 EUR
EUA (December-2021-Future)	38.20 EUR	40,02 EUR	+1.82 EUR
CER (Spot-Market)	0.41 EUR	0.40 EUR	-0.01 EUR
ICE Brent Crude Oil (Benchmark Future)	59.46 USD	62.59 USD	+3.13 USD
EURO (Currency, Forex)	1.2049 USD	1.2118 USD	+0.0069 USD

(The average exchange quotes and OTC-prices shows the average between bids and ask of several exchanges and OTC markets for carbon emission rights in the ETS. Bid and ask has usually in Spot Market a visible spread. CER CP1 and ERU are eligible in ETS until end of March 2015 and must be swapped into EUA. Crude Oil and Euro Currency shows day-end-exchange quotes. This market information has just an informational character and are no advice or offer to trade carbon emission rights 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.

With kind regards,

Advantag Services GmbH