European carbon permits reached multi-year lows on February 13 as demand from the power and industrial sectors remained in the doldrums. EU Allowances under the Emissions Trading System were trading at a 28-month low of €56.52/mtCO2e on February 13, according to data from the Intercontinental Exchange.
S&P Platts assessed EUA contracts for December delivery at €56.39/mtCO2e on February 13. This was the lowest since October 19, 2021, S&P Global data showed.
This time the previous year, EUAs rose to a record high of over €100/mtCO2e, but since the fourth quarter of 2023, prices have been on a steep downward trend. Macroeconomic concerns, political challenges, and falling volatility in the global gas and power market have all added to bearish sentiment. This weakness was also reflected in the recent EU daily carbon auction, with prices and demand falling swiftly.
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