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FX CARBON Power prices in Ireland are strongly linked to gas and Carbon prices by the volume of gas fired power stations in Ireland’s power market. Gas prices are in turn influenced by oil prices and exchange rates. Exclusion of Liability Disclaimer: Whilst the information in this document is based on information that Horizon Energy Group Limited considers reliable and endeavors to –ensure is current, neither Horizon Energy Group Limited, nor any of its officers, employees, agents or affiliates make any representation or warranty (express or implied) with respect to, and no such person shall have any responsibility or liability to, any person for either the accuracy, completeness or reliability of the information contained in this document or for delays in the provision of, or for not providing, any of this information. The provision of this information does not represent a recommendation or offer or the solicitation of an offer by Horizon Energy Group Limited to any person to enter into any transaction nor should any person rely on any information contained in this document for any decisions to be made by them. Any opinions expressed by Horizon Energy Group Limited in this document are personal to it and are subject to change without notice. Ownership of the copyright arising in this document belongs to Horizon Energy Group Limited and accordingly this document may not be copied, published, distributed or adapted in any fashion by any person without Horizon Energy Group Limited’s express prior written consent. Horizon Energy Group Limited is registered in Ireland with limited liability. Registered number: 452021 European carbon prices surged over the past week, hovering at around their highest levels in over 11 weeks. Robust compliance demand and solid German auction results lent support. Investment funds expanded their net long holdings, reinforcing the market’s bullish tone. Consequently, EUAs expiring in Dec-25 rallied over 4% for the week, slightly exceeding 76 EUR/tonne. 6570758085Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices29.08.2505.09.251.16001.16201.16401.16601.16801.17001.17201.17400.86400.86500.86600.86700.86800.86900.87000.871029.08.2501.09.2502.09.2503.09.2504.09.2505.09.25€/$€/£The change in €/£/$ €/£€/$The Euro strengthened against the U.S. dollar after the release of the Nonfarm Payrolls (NFP) report, which showed that the U.S. economy created fewer jobs than expected. Across the Atlantic, Gross Domestic Product (GDP) figures for the second quarter of 2025 were revised upward on an annual basis. The EUR/USD rate rose by 0.3% to reach 1.1697 on Friday. The EUR/GBP pair ended rather flat at 1.1697 as traders exercised caution ahead of French Prime Minister François Bayrou’s confidence vote.