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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 showed modest fluctuations last week. On Monday, prices edged lower, despite record long net positions by investment funds. They extended losses on Tuesday, following softer gas market trends. By Friday, prices turned bullish, supported by cooler temperatures and a pause in primary auctions. Overall, carbon markets remained relatively stable for the week, amid light trading and changing market drivers. Consequently, the contract expiring in December 2026 gained 0.3% to close at 88.31 EUR/tonne. The EUR/USD pair edged lower over the week, staying close to recent highs but pressured by safe-haven dollar demand and weaker Eurozone data. Geopolitical tensions, the Fed’s rate cut signals, and soft manufacturing PMIs weighed on the euro. Overall, the EUR/USD pair was pressured by a combination of safe-haven dollar demand and soft Eurozone economic indicators, settling 0.4% down for the week. Meanwhile, the EUR/GBP rate traded in a narrow range, supported early on by a quiet UK data calendar but later easing amid BoE caution and geopolitical uncertainty. By week’s end, the pair remained broadly stable, reflecting thin liquidity and subdued market conditions. Thus, the EUR/GBP rate held broadly steady near 0.8719 after a calm New Year’s session. 828486889092949698100Dec26Dec27Dec28Dec29€/tonneThe change in Carbon Prices26.12.2502.01.261.16801.17001.17201.17401.17601.17800.84600.85100.85600.86100.86600.87100.8760€/$€/£The change in €/£/$ €/£€/$