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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 recorded modest gains last week. EUAs were supported by expectations of a tighter permit supply in 2026 due to adjustments in the Market Stability Reserve. This has driven a continued rise in net long positions, according to the latest Commitments of Traders report, as market speculation pushed prices higher. Additionally, free allocations under the Carbon Border Adjustment Mechanism are expected to be reduced. As a result, EUAs expiring in Dec-25 added 0.7% for the week, ending at 79.68 EUR/tonne. 7476788082848688Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices03.10.2510.10.251.14501.15001.15501.16001.16501.17001.17500.86500.86600.86700.86800.86900.87000.87100.872003.10.2506.10.2507.10.2508.10.2509.10.2510.10.25€/$€/£The change in €/£/$ €/£€/$The EUR/USD rate fell by 1.4% to 1.568, due to a slowdown in manufacturing activity in the eurozone. Furthermore, inflation above the ECB’s target also weighed on economic confidence. The unexpected resignation of French Prime Minister Sébastien Lecornu, shortly after forming his government, added further pressure on the single currency. Nevertheless, the strength of the U.S. economy supported the dollar. Meanwhile, the EUR/GBP pair remained unchanged at 0.8709 as opposing forces balanced each other: political instability in France put downward pressure on the euro, while uncertainties surrounding the UK budget limited gains for the pound.