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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 surged last week, hovering near mid-September highs. The market is rebounding after last month’s compliance-buying deadline and could test 80 EUR/tonne this week. Prices were also boosted by the maritime sector’s first-time inclusion, while rising trade tensions and uncertainty over a possible U.S. government shutdown added further volatility to the broader markets. As such, EUAs expiring in Dec-25 soared by over 4% for the week, ending at 79.16 EUR/tonne. 7075808590Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices26.09.2503.10.251.16201.16401.16601.16801.17001.17201.17401.17601.17800.86800.86900.87000.87100.87200.87300.87400.875026.09.2529.09.2530.09.2501.10.2502.10.2503.10.25€/$€/£The change in €/£/$ €/£€/$The US dollar remained under pressure last week as the government shutdown delayed the release of key data, including September’s non-farm payroll report. This left traders uncertain about the strength of the labor market. At the same time, the Euro benefited from relatively stable economic signals in Europe, gaining attractiveness against the greenback. The EUR/USD rate rose by 0.5% to reach 1.1734 on Friday. Last week, the European single currency weakened against the British pound despite higher inflation figures, with EU Russia tensions taking focus over the data release. –The Pound experienced fluctuations but was bolstered by rising uncertainty regarding the Bank of England’s (BoE) policy outlook. BoE’s Catherine Mann said that the risk of prolonged higher inflation is emerging, noting persistent price pressures and supporting a hold on rates for now. The EUR/GBP pair declined by 0.4% for the week to 0.8709.