提醒：连接欧盟-英国排放交易计划：将如何运作？

Equity ResearchMay 27, 2025Luke Sussams * | Sust. & Transition Strategist44 (0)20 7548 4404 | lsussams@jefferies.comAniket Shah, PhD ^ | Head of Sust. &(212) 323-3976 | ashah14@jefferies.comJacqueline Murdock * | Sust. & Transition+44 (0)20 7548 4165 | jmurdock@jefferies.comGrace Elshafei * | Sust. & Transition Strategy+44 (0) 20 7029 8952 | gelshafei@jefferies.comCharles Boakye, CFA ^ | Sust. & Transition(212) 336-6649 | cboakye@jefferies.comCarina Elfving ^ | Sust. & Transition Strategy+1 (212) 336-7238 | celfving@jefferies.comMatthew Spring, CFA ^ | Sust. & Transition+1 (212) 738-5297 | mspring@jefferies.comYujin Kim ^ | Sust. & Transition Strategy+1 (212) 778-8314 | ykim4@jefferies.comAna Zotovic ‡ | Sust. & Transition Strategy+1 (416) 847 7399 | azotovic@jefferies.com Transition StrategyStrategy AssociateAssociateStrategistAssociateStrategy AssociateAssociateAssociate His work spans a range of topics including energy market design, security of supply, supportmechanisms for low-carbon energy, decarbonising buildings, the hydrogen economy, energytaxation and State aid, with a particular focus on EU-related energy and climate policy issues.He regularly supports clients in making convincing evidence-based cases to public authoritiesfor regulatory change.Prior to joining Frontier, Vikram worked as an economist at the Department of Energy andClimate Change (DECC) and at the European Commission (DG COMP), advising on energyState aid issues. Vikram holds a MSc in Economics from London School of Economics and aBSc in Economics from University College London.Sam Streetan Associate Director in Frontier’s energy practice leading projects for public andprivate sector clients in the UK and European energy sector.He specialises in electricity and gas market design, in particular related to the low carbontransition, capacity markets, and network charging. He also provides clients with electricitymarket due diligence and dispute support.Besides his work in consulting Sam has more than 10 years experience as a professionaleconomist for the UK Government, analysing policy in the fields of energy, climate change,transport, housing and planning.Sam holds a degree in Economics from Warwick University, and MSc Economics from theLondon School of Economics.Please see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Analyst Certification:I, Luke Sussams, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Aniket Shah, PhD, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Jacqueline Murdock, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.I, Grace Elshafei, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Charles Boakye, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.I, Carina Elfving, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Matthew Spring, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.I, Yujin Kim, certify that all of the views expressed in thi