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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 surged for the week as bullish signals from related markets managed to outweigh concerns about a potential reform of the ETS scheme. However, volatility remains elevated in the wake of Friedrich Merz’s calls for market reform. Consequently, EUAs expiring in Dec-26 surged by over 4% for the week, closing at 73.78 EUR/MWh. 6570758085Dec26Dec27Dec28Dec29€/tonneThe change in Carbon Prices13.02.2620.02.261.16801.17001.17201.17401.17601.17801.18001.18201.18401.18601.18800.86600.86700.86800.86900.87000.87100.87200.87300.87400.875013.02.2616.02.2617.02.2618.02.2619.02.2620.02.26€/$€/£The change in €/£/$ €/£€/$The Euro fell against the US dollar last week, amid uncertainties surrounding the peace process in Ukraine, as talks failed to yield a breakthrough. Encouraging PMI indicators in the eurozone provided only limited support, pointing to a moderate improvement in activity, but not enough to trigger a meaningful rebound in the currency. Meanwhile, reduced expectations of imminent rate cuts by the Federal Reserve strengthened the dollar, adding further pressure on the euro. The EUR/USD pair declined by 0.8% to 1.1767 on Friday. The European Single currency ended broadly unchanged against the British pound. The single currency lacked clear direction last week, as persistent uncertainty over the Ukraine peace process, with no breakthrough in the latest talks, limited upside potential. As such, the EUR/GBP rate steadied at 0.8728.