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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 saw a downtrend last week. Following the recent options expiry, market participants placed key support around 75 EUR/t, while profit-taking and technical signals added further pressure. As a result, EUAs for Dec-25 delivery fell by 2% over the week, closing just below 76 EUR/tonne. 7075808590Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices19.09.2526.09.251.16001.16501.17001.17501.18001.18500.86800.86900.87000.87100.87200.87300.87400.87500.876019.09.2522.09.2523.09.2524.09.2525.09.2526.09.25€/$€/£The change in €/£/$ €/£€/$The Euro fell sharply against the dollar last week, following a series of positive U.S. macroeconomic data that eased concerns about an economic slowdown, while data released in Europe were disappointing. Adding to the pressure, U.S. President Donald Trump unsettled markets with another round of tariffs. The EUR/USD rate fell 0.6% over the week, closing at 1.1672 on Friday. Sterling tumbled against the Euro as concerns over the UK’s economic outlook intensified. The pound remains under pressure as investors weigh risks related to the UK’s fiscal situation. On the Euro front, although consumer sentiment strengthened and German confidence data exceeded expectations, gains were limited by geopolitical tensions linked to suspected Russian drone activity. As such, the EUR/GBP pair rose by 0.4% for the week, closing at 1.1442.