Page 11 - MergedFile

FX

The Euro ended the week largely unchanged, as improved €/£ The change in €/£/$ €/$
risk appetite and a stronger U.S. dollar reduced demand for
the single currency. Drone activity in Belgian airspace 0.8850 1.1700
rekindled concerns over security tensions between Russia 1.1650
and the EU, but the euro’s decline remained limited as 0.8800
investors sought relative safety within the Eurozone. The 1.1600
EUR/USD pair consolidated at 1.1561. 0.8750 1.1550
The Pound saw a volatile week, falling sharply after the 0.8700 1.1500
Chancellor signaled likely tax hikes but recovering midweek
1.1450
on stronger-than-expected UK services data. However, it
0.8650
ended the week largely flat amid a lack of fresh UK data and 1.1400
renewed fiscal unease ahead of the 26 November budget.
0.8600 1.1350
The EUR/GBP rate steadied at 1.1349.
31.10.25 03.11.25 04.11.25 05.11.25 06.11.25 07.11.25
€/£ €/$

CARBON

European carbon prices advanced last week as The change in Carbon Prices
forecasts for colder weather and lower wind generation 88
boosted short-term electricity demand, tightening
86
supply outlooks. This prompted short-covering and
84
strengthened bullish sentiment, driving prices upward.
€/tonne 82
Consequently, the EUAs expiring in December 2025 80
rose by more than 1% over the week, closing at 79.47 78
EUR/tonne on Friday. 76

74
Dec25 Dec26 Dec27 Dec28
31.10.25 07.11.25

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