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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 moved upwards for the week, driven by expectations of tighter supply in 2026, the upcoming auction pause, and option expiries, which outweighed bearish pressure from mild weather and abundant gas supply. Consequently, EUAs expiring in Dec-25 rose by over 2% for the week, ending at 83.79 EUR/tonne. 7580859095Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices05.12.2512.12.251.15801.16001.16201.16401.16601.16801.17001.17201.17400.87000.87100.87200.87300.87400.87500.87600.877005.12.2508.12.2509.12.2510.12.2511.12.2512.12.25€/$€/£The change in €/£/$ €/£€/$The Euro strengthened against the US dollar over the week, supported by a broad weakening of the dollar following the Fed’s surprisingly accommodative monetary policy decision. Weaker US jobless claims data added further downward pressure on the greenback. The EUR/USD rate rose by 0.7% to reach 1.1731 on Friday. The Pound fell sharply versus the European single currency last week, hit by UK political uncertainty, mixed BoE signals, expectations of further rate cuts, and a surprise GDP contraction in October. As such, the EUR/GBP pair gained 0.5% for the week, closing at 0.8767.