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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 increased significantly for the week, hovering at their highest level in nearly four months. Geopolitical risks have pushed contracts upward. An outage at the Civaux nuclear plant in France triggered a sharp increase in European gas and power prices, with carbon prices rising accordingly. The prospect of greater reliance on gas and coal has boosted demand for carbon permits. Additionally, rising temperatures in Southern Europe have raised expectations for higher cooling demand, while market participants await further details on the practical implementation of the EU-UK ETS linkage. Consequently, EUAs expiring in Dec-25 soared by over 3% over the week, ending at 75.94 EUR/tonne. 70727476788082Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices06.05.202513.05.20251.131.1351.141.1451.151.1551.161.1650.8360.8380.840.8420.8440.8460.8480.850.8520.8540.85606.06.2509.06.2510.06.2511.06.2512.06.2513.06.25€/$€/£The change in €/£/$ €/£€/$The Euro gained momentum against the greenback, despite selling pressure on the dollar. Traders remain cautious amid escalating conflict between Israel and Iran, while attention stays focused on the Fed's monetary policy decision due on Wednesday. The EUR/USD pair rose by 0.9% for the week, to reach 1.1512 on Friday. Sterling weakened versus the European single currency as a series of disappointing UK economic reports continues to weigh on the pound. Additionally, traders increased their expectations for interest rate cuts by the Bank of England (BoE) after earlier data this week pointed to a weakening labor market. The UK central bank is expected to cut the policy by 25 basis points (bps) in the third quarter and the fourth quarter, bringing down the bank rate to 3.75%. On the other hand, the shared currency is supported by the hawkish stance of ECB policymakers. Consequently, the EUR/GBP rate increased by 1% to 0.8505.