UK vs EU carbon price
EU carbon allowances cost £8.51 a tonne more than UK allowances in October 2026: £72.45 against £63.94.
UK (UKA)
£63.94
October 2026 official average
EU (EUA) in £
£72.45
€85.96 auction average, converted
Gap
£8.51
UK 12% below the EU
UK and EU carbon prices in pounds, monthly
The gap, £ per tonne
Widest gap: £31.41 in September 2023. Narrowest: £-18.68 in September 2022.
UK: UK ETS Authority monthly average UKA price (OGL v3.0). EU: EEX auction clearing prices, volume-weighted monthly average. Converted at the ECB monthly average GBP per EUR reference rate.
Month by month
| Month | UK £ | EU € | EU in £ | Gap £ | UK discount |
|---|---|---|---|---|---|
| October 2026 | £63.94 | €85.96 | £72.45 | £8.51 | 12% |
| September 2026 | £60.17 | €84.64 | £72.63 | £12.46 | 17% |
| August 2026 | £59.34 | €81.55 | £69.81 | £10.47 | 15% |
| July 2026 | £58.68 | €80.19 | £68.48 | £9.80 | 14% |
| June 2026 | £57.02 | €77.75 | £67.15 | £10.13 | 15% |
| May 2026 | £52.41 | €74.75 | £64.71 | £12.30 | 19% |
| April 2026 | £46.82 | €72.65 | £63.16 | £16.34 | 26% |
| March 2026 | £39.46 | €68.14 | £59.03 | £19.57 | 33% |
| February 2026 | £50.83 | €73.91 | £64.33 | £13.50 | 21% |
| January 2026 | £68.26 | €86.55 | £75.15 | £6.89 | 9% |
| December 2025 | £62.13 | €82.74 | £72.40 | £10.27 | 14% |
| November 2025 | £57.41 | €80.64 | £70.96 | £13.55 | 19% |
| October 2025 | £55.54 | €77.96 | £67.95 | £12.41 | 18% |
| September 2025 | £56.19 | €75.45 | £65.56 | £9.37 | 14% |
| August 2025 | £51.43 | €70.92 | £61.37 | £9.94 | 16% |
| July 2025 | £49.17 | €70.01 | £60.54 | £11.37 | 19% |
| June 2025 | £51.12 | €72.08 | £61.25 | £10.13 | 17% |
| May 2025 | £51.34 | €70.37 | £59.36 | £8.02 | 14% |
| April 2025 | £45.78 | €64.11 | £54.74 | £8.96 | 16% |
| March 2025 | £43.27 | €68.71 | £57.51 | £14.24 | 25% |
| February 2025 | £44.31 | €75.82 | £62.98 | £18.67 | 30% |
| January 2025 | £35.84 | €75.86 | £63.65 | £27.81 | 44% |
| December 2024 | £35.84 | €67.27 | £55.70 | £19.86 | 36% |
| November 2024 | £37.67 | €67.06 | £55.91 | £18.24 | 33% |
| October 2024 | £38.01 | €63.11 | £52.69 | £14.68 | 28% |
| September 2024 | £40.47 | €65.18 | £54.76 | £14.29 | 26% |
| August 2024 | £39.92 | €70.01 | £59.61 | £19.69 | 33% |
| July 2024 | £41.78 | €66.79 | £56.33 | £14.55 | 26% |
| June 2024 | £47.44 | €68.69 | £58.14 | £10.70 | 18% |
| May 2024 | £41.05 | €70.80 | £60.58 | £19.53 | 32% |
| April 2024 | £35.95 | €63.73 | £54.59 | £18.64 | 34% |
| March 2024 | £36.60 | €57.54 | £49.21 | £12.61 | 26% |
| February 2024 | £35.35 | €55.34 | £47.30 | £11.95 | 25% |
| January 2024 | £36.98 | €61.60 | £52.90 | £15.92 | 30% |
| December 2023 | £39.31 | €68.69 | £59.19 | £19.88 | 34% |
| November 2023 | £41.89 | €75.61 | £65.81 | £23.92 | 36% |
| October 2023 | £43.48 | €80.75 | £70.09 | £26.61 | 38% |
| September 2023 | £39.16 | €81.91 | £70.57 | £31.41 | 45% |
| August 2023 | £43.62 | €84.78 | £72.82 | £29.20 | 40% |
| July 2023 | £49.79 | €86.27 | £74.07 | £24.28 | 33% |
| June 2023 | £54.77 | €85.02 | £73.00 | £18.23 | 25% |
| May 2023 | £57.68 | €83.83 | £72.97 | £15.29 | 21% |
| April 2023 | £68.92 | €89.63 | £78.98 | £10.06 | 13% |
| March 2023 | £77.23 | €89.49 | £78.92 | £1.69 | 2% |
| February 2023 | £82.82 | €91.93 | £81.40 | £-1.42 | -2% |
| January 2023 | £69.09 | €79.99 | £70.56 | £1.47 | 2% |
| December 2022 | £77.58 | €86.54 | £75.25 | £-2.33 | -3% |
| November 2022 | £70.50 | €75.51 | £65.61 | £-4.89 | -7% |
| October 2022 | £72.96 | €69.48 | £60.49 | £-12.47 | -21% |
| September 2022 | £79.41 | €69.44 | £60.73 | £-18.68 | -31% |
| August 2022 | £89.05 | €87.54 | £73.97 | £-15.08 | -20% |
| July 2022 | £80.93 | €81.56 | £69.29 | £-11.64 | -17% |
| June 2022 | £82.04 | €82.70 | £70.92 | £-11.12 | -16% |
| May 2022 | £83.71 | €85.22 | £72.41 | £-11.30 | -16% |
| April 2022 | £77.90 | €80.37 | £67.23 | £-10.67 | -16% |
| March 2022 | £75.90 | €74.67 | £62.45 | £-13.45 | -22% |
| February 2022 | £84.85 | €90.11 | £75.50 | £-9.35 | -12% |
| January 2022 | £76.70 | €83.21 | £69.48 | £-7.22 | -10% |
| December 2021 | £74.87 | €80.64 | £68.44 | £-6.43 | -9% |
| November 2021 | £60.50 | €65.54 | £55.57 | £-4.93 | -9% |
| October 2021 | £60.98 | €59.59 | £50.47 | £-10.51 | -21% |
| September 2021 | £58.36 | €61.36 | £52.58 | £-5.78 | -11% |
| August 2021 | £48.55 | €56.30 | £48.02 | £-0.53 | -1% |
| July 2021 | £44.15 | €53.45 | £45.76 | £1.61 | 4% |
| June 2021 | £46.08 | €52.69 | £45.25 | £-0.83 | -2% |
| May 2021 | £49.09 | €51.98 | £44.84 | £-4.25 | -9% |
Questions
Is the UK carbon price lower than the EU's?
Yes, most of the time. In October 2026 the EU price averaged £72.45 a tonne in sterling against £63.94 for the UK, so UK allowances were 12% cheaper. The UK price has been above the EU price in 20 of 66 months since 2021.
Why do UK and EU carbon prices differ?
Since 2021 the UK and EU have run separate emissions trading schemes with their own caps, auctions and participants. Prices depend on the supply of allowances and demand from each market, so they can drift apart.
What would linking the UK and EU ETS do to prices?
If the schemes were linked, allowances would be usable in both markets, so the two prices would be expected to converge. At the May 2025 UK-EU summit both sides agreed to work towards a link, and formal negotiations began after the EU approved its mandate in November 2025. See our linking guide for the latest status.
How do you compare a pound price with a euro price?
We convert the EU monthly average auction price into pounds using the European Central Bank's average GBP per EUR reference rate for the same month, then compare it with the UK ETS Authority's official monthly average UKA price.
Follow the gap as linking happens
One email each month when the official UK figure is published.