Just a few charts to recap #EUETS price activity in the last couple of months. EUAs have traded between €75-€92 for the last five months. The price floor has been pretty solid at €75-79, while the ceiling has mostly been around €90. #OCTT 1/10 To be clear though, EUA prices are nowhere where they need to be (under normal conditions). Chart shows price of EUAs needed to force switching coal -> gas for yr-ahead power generation in Germany. #EUETS price is €88 today, needs to be minimum €405 for switching. #OCTT 2/10

Despite its YTD rally coal is still more profitable than gas in power generation for a lot of the curve. Carbon has dragged itself into positive territory for the year, but could break out later today when ENVI votes on #EUETS reforms. #OCTT ICE trading volume in the Dec-22 contract is setting new YTD records, and even though traders complain about a lack of liquidity, we're averaging a record 25 million EUAs a day in the benchmark. Go figure..... #EUETS #OCTT