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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 slightly over the week, supported by speculative activity and rising gas prices. However, The European carbon market remains dominated by range-bound trading, with the benchmark contract stabilising between 70 and 75 EUR/t in recent weeks, following a much more volatile phase earlier in the spring. As a result, EUAs expiring in Dec-25 rose by 1.5% for the week , closing at 71.56 EUR/tonne. 6062646668707274767880Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices16.05.2523.05.251.111.1151.121.1251.131.1351.140.8370.8380.8390.840.8410.8420.8430.8440.84516.05.2519.05.2520.05.2521.05.2522.05.2523.05.25€/$€/£The change in €/£/$ €/£€/$The Euro saw sharp gains versus the U.S. Dollar last week, buoyed by continued weakness in the greenback and US President Donald Trump's decision to postpone the implementation of 50% tariffs on the European Union until July 9. In the Eurozone, Germany's Gross Domestic Product (GDP) showed year-on-year improvement, although it remained in negative growth territory. As such, the EUR/USD rate soared by 1.5% for the week, ending at 1.1364. Sterling strengthened against the European single currency as growth in the services sector, coupled with inflation running hotter than expected, could prompt the Bank of England (BoE) to delay cutting interest rates at its upcoming meeting. Consequently, the EUR/GBP pair declined by 0.5% for the week, ending at 0.8396.