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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 rose last week, following gains in the gas markets and diminishing hopes for a Ukraine peace deal. Market sentiment was also likely supported on Thursday by updates on the EU US trade agreement, –with the European Commission confirming a 15% tariff cap for the EU across sectors including automobiles, pharmaceuticals, and semiconductors. EUAs expiring in Dec-25 soared by about 3% for the week, ending at 72.53 EUR/tonne. 6668707274767880Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices15.08.2522.08.251.15601.15801.16001.16201.16401.16601.16801.17001.17200.86200.86250.86300.86350.86400.86450.86500.86550.866015.08.2518.08.2519.08.2520.08.2521.08.2522.08.25€/$€/£The change in €/£/$ €/£€/$The Euro fell sharply against the US dollar last week, as the US PMI pointed to strengthening economic activity in August. Meanwhile, eurozone fundamentals remain fragile. Recent PMIs showed only a modest improvement, with the composite index reaching a 12-month high of 51.1, but growth in Germany and France continues to disappoint. The EUR/USD rate declined by 0.8% to 1.1608 on Friday. Sterling strengthened versus the European shared currency amid a series of upbeat UK economic indicators. On the Euro front, the lack of progress in Russia-Ukraine negotiations weighs on the shared currency. As such, the EUR/GBP pair rose by 0.2% for the week , closing at 0.8653.