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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 marginal decline last week amid weak global risk sentiment following renewed trade tensions between the U.S. and China. U.S. President Donald Trump’s threat to impose a 100% tariff on Chinese goods weighed on financial and commodity markets. As a result, EUAs expiring in Dec-25 lost 0.3% for the week, closing at 79.46 EUR/tonne. 7476788082848688Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices10.10.2517.10.251.14501.15001.15501.16001.16501.17000.86500.86600.86700.86800.86900.87000.87100.872010.10.2513.10.2514.10.2515.10.2516.10.2517.10.25€/$€/£The change in €/£/$ €/£€/$The Euro strengthened sharply against the U.S. dollar last week, supported by a weaker greenback due to accommodative Fed expectations and concerns over a potential prolonged U.S. government shutdown. It also benefited from the French government surviving a no-confidence vote and from accommodative outlooks, despite the ECB’s cautious stance on rates and uncertainty over the impact of trade tariffs on inflation. Consequently, the EUR/USD exchange rate rose by 1% to 1.1681 on Friday. Sterling increased versus the European single currency on the back of stronger-than-expected UK manufacturing data. The euro came under pressure early in the week due to political tensions in France, where Prime Minister Sébastien Lecornu faced two no-confidence votes. Sentiment for the Euro strengthened after Lecornu survived both votes, offering some political stability. As such, the EUR/GBP rate slipped by 0.2% to 0.8695.