The benchmark European carbon contract hit a record high approaching 100 euros a tonne on Monday, with cooler weather forecasts and expectations of lower wind power output driving up demand.
The benchmark EU Allowance December 2023 contract closed at 98.30 euros a tonne, up 2.1% since Friday's close and having earlier touched a record high of 99.99 euros tonne.
EUAs are the main currency used in the European Union's Emissions Trading System which forces manufacturers, power companies and airlines to pay for each tonne of carbon dioxide they emit as part of the bloc's efforts to meet its climate targets. Traders said cooler temperatures combined with lower wind speeds means there is likely to be more demand for power from Europe’s fossil fuel-powered plants which need to buy carbon permits to cover their emissions.
“Temperatures in Northern Europe are actually now forecasted to go below seasonal averages next week, which might instigate utilities to increase their hedging activities,” said Gregory Idil, a senior carbon emissions trader at Vertis.
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