Table 2.

The degree of influence of each variable on the EUA price

Primary indicatorsSecondary indicatorsRelativityStrength
SubstituteCER−0.2039Strong
Economic developmentEuro Stoxx6000.2438Strong
Euro Stoxx50−0.2290Strong
FTSE0.1044Strong
CAC400.1232Strong
DAX−0.0607Medium
Black energyCoal0.0556Medium
Brent−0.0484Medium
Clean energyGas0.0308Medium
PV Crystalox Solar0.0270Medium
Nordex−0.0327Medium

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