Market Report | June 2025

REGO 

  • As CP23 closes out with the arrival of the FMD deadline next week, we have seen last minute interest from suppliers picking up WSH volumes, although the market for Bio REGOs remains illiquid. We are seeing a slight premium on Q1 25 certificates which can be used by corporates.
  • Unfortunately, the bounce back in pricing that generators were hoping for never emerged, as overall supply outweighed demand.
  • We saw a surge in activity on CP24 volumes at the beginning of the month, with some keen buyers and reluctant sellers the market moved up to £1.45 but has since corrected and traded back down to the 90p mark.
  • We are currently seeing the mid-price at around:
    • CP23 – WSH £0.27p & Bio £0.06p
    • CP24 – WSH £0.90p & Bio £0.70p
    • CP25 – WSH £1.05p & Bio £0.90p
    • CP26 – WSH £1.45p & Bio £1.10p
    • CP27 – WSH £1.70p & Bio £1.40p

“FMD brings last minute WSH market activity”

Clare Haigh - Head of Environmental Markets at C-Zero
Clare Haigh

“Demand from buyers has remained consistent over the last month during what is traditionally a quiet period”

Mike Ridler Profile picture
Mike Ridler - CEO – Chief Executive Officer

RGGO

  • ISCC accredited Waste and Crop demand has seen a modest uptick with prices for 2024 and 2025 volumes increasing. 2024 ISCC Waste has continued to trade in the mid/high £12/MWHs recently, with 2025 volumes touching on £14/MWh.
  • There has been strong demand from the Maritime sector for European Gas GO volumes with -100gCO2e/MJ CI score. UK volumes can’t generally compete in this market, but it may have the effect of creating a shortage of certs in Europe which can be filled by higher CI score volumes from the UK. The effects are still to be seen however.
  • The market for 2024 Non-ISCC Waste remains weak and prices are slipping. 2024 Crop volumes remain in demand, with prices still trading in the low £6s – and it will be unsurprising if 2024 Waste starts to trade at the same level.
  • 2025 Non-ISCC Crop is beginning to be snapped up by buyers but again bids are in the Low £7s and some producers are holding out for more so there’s a bit of a stand-off.
  • Longer-term deals continue to be discussed between producers and buyers, but limited volumes have made it over the line as buyers are nervous about the future of the world economy and the perennial uncertainty over reporting standards, UDB and the GHG protocol.

 

“Weak first half hydro and wind generation keeps prices up”

Susanne McKay - Green Markets Manager

Carbon

  • Bar a slight drop in the last week, both EUA and UKA prices have been on a general upward trend since May.
  • First half renewable energy generation has been down on previous years, due to weak hydro and wind output, which has continued to support the market.
  • Talks between Trump and Putin failed to yield any progress for the ongoing Ukraine and Russia conflict, causing both gas prices and EUAs to edge up.
  • Bullish gas prices and a tense geopolitical backdrop have encouraged funds to take net long positions in EUAs.
  • On the 28th May the EC’s total number of allowances in circulation (TNAC) report included the withdrawal of ~276 million allowances in 2025-2026 via its Market Stability Reserve. This should tighten future supply – although the short-term impact of the announcement was limited.

 

“Supply-demand imbalance persists”

IMG_5090
CCO – Chief Commercial Officer

EuGo

  • European GO markets have remained quiet. The supply-demand imbalance has largely persisted, and despite a small uptick in 2025 prices during the last week or so, there has been no significant recovery as yet.
  • Later vintages are continuing to trade at a premium over near-dated ones, indicating that there is some expectation of market tightening ahead – although this appears to be largely speculative.
  • Low spot and higher forwards may encourage buyers to lock in cheaper contracts ahead of any demand-driven recovery, which may help push prices up over the medium term.