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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 downwards for the week, pressured by persistent macroeconomic and geopolitical uncertainty linked to the Strait of Hormuz crisis, which strengthened risk-off sentiment and capped upside potential despite supportive auction conditions. Fluctuations remain limited overall, with the benchmark contract recently trading in a narrow range around 75 EUR/t. Market participants are now focused on the upcoming publication of free ETS allocation benchmarks, which will clarify future allowance distributions and could trigger price movements in the near term. EUAs expiring in Dec-26 dropped by 1% to 73.94 EUR/tonne. 6570758085Dec26Dec27Dec28Dec29€/tonneThe change in Carbon Prices24.04.2601.05.261.14001.14501.15001.15501.16001.16500.86400.86500.86600.86700.86800.86900.87000.87100.87200.873027.03.2630.03.2631.03.2601.04.2602.04.26€/$€/£The change in €/£/$ €/£€/$The EUR/USD closed the week flat at 1.1720 as gains and losses balanced out. Consistent economic data in both the US and eurozone, alongside steady policy signals from the ECB and the Fed and stable rate expectations, kept the interest rate differential unchanged. The euro weakened against the British pound following monetary policy decisions from the European Central Bank (ECB) and the Bank of England (BoE). Both central banks kept interest rates unchanged, as expected, while waiting for clearer signals on how the US Iran conflict could affect –inflation and economic growth. Consequently, the EUR/GBP pair slipped by 0.2% to 0.8662.