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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 lost ground last week. The decline, continuing from last week, may partly reflect growing doubts among market participants about how tight the market will be in 2026. Profit taking among speculative investors lent further downward pressure. Consequently, EUAs expiring in Dec-25 declined by 1% for the week, trading at 71.72 EUR/tonne. 6668707274767880Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices11.07.2518.07.251.15201.15401.15601.15801.16001.16201.16401.16601.16801.17000.86200.86300.86400.86500.86600.86700.86800.869011.07.2614.07.2515.07.2516.07.2617.07.2618.07.26€/$€/£The change in €/£/$ €/£€/$The euro depreciated against the US dollar as transatlantic trade tensions were reignited following US President Donald Trump's announcement of a 30% tariff on European goods starting August 1. The Euro came under further pressure in the second half of the week, as political uncertainty in France and Germany’s rejection of the initial EU budget proposals unsettled investors. The EUR/USD rate fell by 0.3% to 1.1650 on Friday. The EUR/GBP pair ended rather flat at 1.1553 following the publication of the UK’s latest jobs report. Although May’s data revealed a rise in unemployment and a slowdown in wage growth, GBP investors focused on the upward revision to payrolls from a 109,000 decline to a much —smaller 25,000 drop which seemed to temper —expectations of imminent BoE rate cuts.