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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 increased slightly over the week, with prices hovering at their highest level in around two months. This upward movement was supported by the strong outcome of the German auction and concerns over a potential tightening of the market in 2026. As a result, EUAs expiring in Dec-25 added 0.6% reaching 73 EUR/tonne. 606264666870727476788082Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices22.08.2529.08.251.1541.1561.1581.161.1621.1641.1661.1681.171.1720.860.8610.8620.8630.8640.8650.8660.8670.86822.08.2525.08.2526.08.2527.08.2528.08.2529.08.25€/$€/£The change in €/£/$ €/£€/$The Euro increased sharply versus the U.S dollar last week, benefiting from the weakness of the greenback, weakened by rising expectations of a Federal Reserve (Fed) rate cut at its September meeting. U.S. markets will be closed on Monday for Labor Day. On the Eurozone side, while retail sales in Germany the region—’s largest economy—fell in July, unemployment declined in August, and inflation picked up. As a result, the EUR/USD rate rose by 0.4% to 1.1658. The EUR/GBP pair added 0.2% to 0.8668, as the British pound came under pressure over concerns that UK Chancellor Rachel Reeves might raise taxes in the autumn budget, including potential national insurance on rental income. Unease persisted into Friday amid fresh speculation of a possible windfall tax on banks, following a proposal from the IPPR think tank, leaving Sterling to end the week weaker.