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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 fell sharply over the week, pressured by weak Eurozone macroeconomic data suggesting that interest rates could remain elevated for an extended period, which weighed on industrial activity. Lower European gas prices also contributed to the decline as traders reduced their exposure ahead of the Russia-Ukraine peace talks in Alaska. Despite the drop, the market found solid technical support around 70 EUR/t, which has been a threshold for quite some time now. EUAs expiring in Dec-25 tumbled by 3.5% week-on-week, closing at 70.68 EUR/tonne. 6668707274767880Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices08.08.2515.08.251.15401.15601.15801.16001.16201.16401.16601.16801.17001.17200.85600.85800.86000.86200.86400.86600.868008.08.2511.08.2512.08.2513.08.2514.08.2515.08.25€/$€/£The change in €/£/$ €/£€/$The Euro increased versus the U.S. Dollar over the past week as the greenback faces challenges amid rising expectations of further Fed rate cuts in September. Regarding the European Central Bank (ECB), the easing cycle appears to be on hold for the September meeting, with markets pricing at a 94% probability of rates remaining unchanged and only a 9% chance of a 25-bps cut. As a result, the EUR/USD rate rose by 0.4% for the week, ending at 1.1697. Sterling gained ground versus the European single currency, driven by stronger UK data. The Euro fluctuated amid uncertainty surrounding the Trump Putin meeting, –with initial optimism giving way later in the week to renewed worries about Ukraine and Europe’s security interests. As such, the EUR/GBP pair slipped by 0.5% to 0.8632.