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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 declined amid trade uncertainty with the US and reduced activity during the holiday period. President Trump postponed the deadline for a trade agreement with the EU to 1 August, delaying tariffs that were initially planned for this week. Consequently, EUAs expiring in Dec-25 dropped by 1.5% for the week, reaching 70.55 EUR/tonne. 6668707274767880Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices04.07.2511.07.251.1641.1661.1681.171.1721.1741.1761.1780.8580.8590.860.8610.8620.8630.8640.8650.8660.86704.07.2507.07.2508.07.2509.07.2610.07.2611.07.26€/$€/£The change in €/£/$ €/£€/$The Euro dropped sharply against the US dollar, following the news that President Trump may impose broad tariffs and is targeting a letter addressed to the European Union (EU). In Europe, ECB officials showed mixed views. Schnabel took a hawkish stance, saying another rate cut is unlikely unless inflation strays significantly from the 2% target. The EUR/USD rate fell by 0.7% to 1.1683 on Friday. Sterling weakened versus the European single currency after the UK’s latest GDP data showed the economy contracted by 0.1% in May, the second month in a row of decline following a 0.3% drop in April. The Euro gained some support from increased safe-haven demand and a stronger-than-expected rebound in German industrial production in May. As such, the EUR/GBP pair rose by 0.4% for the week, ending at 1.1551.