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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 ended the week lower, breaking a seven-week rally. The market faced downward pressure from falling gas prices, concerns about international carbon offsets, and uncertainty around US tariff policy, which together limited speculative interest in EUAs. Trading volumes were also subdued following the Ascension holiday. As a result, Dec-25 EUAs declined by 1.6% over the week, settling at 70.41 EUR/tonne. 60626466687072Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices23.05.202530.05.20251.1221.1241.1261.1281.131.1321.1341.1361.1381.140.8350.8360.8370.8380.8390.840.8410.84223.05.2526.05.2527.05.2528.05.2629.05.2630.05.27€/$€/£The change in €/£/$ €/£€/$The Euro fell against the US dollar last week after the release of Germany’s latest employment figures, which showed an increase of 34,000 unemployed in May. However, the US dollar’s rise lacks strong bullish conviction amid concerns over the deterioration of US public finances and expectations that the Federal Reserve (Fed) will lower borrowing costs again in 2025. The EUR/USD exchange rate slipped by 0.2% for the week, ending at 1.1339 on Friday. Sterling lost ground against the European single currency as thin holiday trading and a lack of significant UK economic data left the currency directionless. Mid-week, the British pound found modest support after the International Monetary Fund (IMF) raised its 2025 UK growth forecast from 1.1% to 1.2%. However, this support was short-lived, and the pound struggled again in the latter part of the week as the continued absence of key UK economic data left it vulnerable to profit-taking. As a result, the EUR/GBP pair rose by 0.2% for the week, closing at 0.8412.