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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 firmed for the week, hovering at their highest level since February. Market participants continued to focus on speculation ahead of the September 30 compliance deadline and the expiry of options. Analysts also noted that recent macroeconomic data supported EUAs, with Eurozone industrial production rising month-on-month. Additionally, the latest Commitments of Traders report confirmed the market’s bullish sentiment, as investment funds continued to expand their long positions in carbon allowances. As a result, EUAs expiring in Dec-25 increased by over 2% for the week , closing at 77.55 EUR/tonne. 7075808590Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices12.09.2519.09.251.16501.17001.17501.18001.18500.86000.86200.86400.86600.86800.87000.872012.09.2515.09.2516.09.2517.09.2518.09.2519.09.25€/$€/£The change in €/£/$ €/£€/$The Euro strengthened against the dollar over the week, driven by expectations of Fed rate cuts, which weighed on the dollar. In addition, resilient economic prospects in the eurozone supported demand for the euro. However, Euro gains were limited by protests in France, where thousands of people demonstrated against proposed spending cuts. The EUR/USD rate increased by 0.2% to reach 1.1736 on Friday. Sterling fell sharply versus the Euro, driven by rising concerns over persistent high inflation, weak economic growth, and a softening labor market. The British pound was further pressured as UK fiscal data raised concerns, with 10-year gilt yields hitting 4.7% after August borrowing surged to £18 billion, well above forecasts. Consequently, the EUR/GBP pair gained 0.6% for the week, ending at 0.8708.