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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 advanced last week as forecasts for colder weather and lower wind generation boosted short-term electricity demand, tightening supply outlooks. This prompted short-covering and strengthened bullish sentiment, driving prices upward. Consequently, the EUAs expiring in December 2025 rose by more than 1% over the week, closing at 79.47 EUR/tonne on Friday. 7476788082848688Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices31.10.2507.11.251.13501.14001.14501.15001.15501.16001.16501.17000.86000.86500.87000.87500.88000.885031.10.2503.11.2504.11.2505.11.2506.11.2507.11.25€/$€/£The change in €/£/$ €/£€/$The Euro ended the week largely unchanged, as improved risk appetite and a stronger U.S. dollar reduced demand for the single currency. Drone activity in Belgian airspace rekindled concerns over security tensions between Russia and the EU, but the euro’s decline remained limited as investors sought relative safety within the Eurozone. The EUR/USD pair consolidated at 1.1561. The Pound saw a volatile week, falling sharply after the Chancellor signaled likely tax hikes but recovering midweek on stronger-than-expected UK services data. However, it ended the week largely flat amid a lack of fresh UK data and renewed fiscal unease ahead of the 26 November budget. The EUR/GBP rate steadied at 1.1349.