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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 week-on-week, pressured by softer gas markets following the Middle East ceasefire. EUA contracts fell to a three-week low on Thursday, weighed down by the expiry of June options, a high volume of auctions, and stronger renewable generation particularly robust wind output in —Germany. EUAs expiring in Dec-25 fell by about 3% for the week ending at 70.96 EUR/tonne. 666870727476788082Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices20.06.202527.06.20251.13501.14001.14501.15001.15501.16001.16501.17001.17500.85000.85100.85200.85300.85400.85500.85600.85700.858020.06.2523.06.2524.06.2525.06.2526.06.2527.06.25€/$€/£The change in €/£/$ €/£€/$The Euro strengthened significantly against the U.S. dollar last week, as the greenback remained under pressure from a range of political and economic headwinds. Renewed criticism from former President Donald Trump toward Federal Reserve Chairman Jerome Powell, easing geopolitical tensions, and a series of mixed U.S. economic data have fueled expectations of a Fed rate cut, weighing on the dollar. The EUR/USD exchange rate rose by 1.6% for the week to 1.1704 on Friday. The EUR/GBP pair ended rather flat at 0.8529 as markets continue to watch central bank commentary and assess the strength of the economy. Markets are keeping a close eye on negotiations in Brussels, particularly as German Chancellor Friedrich Merz and European Commission President Ursula von der Leyen advocate for a breakthrough. As investors absorb remarks from the Bank of England (BoE) Governor Andrew Bailey, the Euro’s performance now largely depends on the outlook for a favourable trade agreement with the US.