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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 After reaching its recent highs, European carbon prices fell due to mild temperatures and strong winds, but the upward trend remains, supported by the auction pause and the expected tightening of quotas in 2026. Consequently, EUAs expiring in Dec-25 decreased by 1.5% for the week, ending at around 82 EUR/tonne. 7580859095Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices28.11.2505.12.251.15001.15201.15401.15601.15801.16001.16201.16401.16601.16800.86800.87000.87200.87400.87600.87800.88000.882028.11.2501.12.2502.12.2503.12.2504.12.2505.12.25€/$€/£The change in €/£/$ €/£€/$The Euro strengthened significantly against the U.S. dollar due to firm remarks from ECB Executive Board member Isabel Schnabel and a better-than-expected German industrial production report. On the dollar side, expectations of an accommodative Fed policy and a risk-on market sentiment kept the dollar clearly under pressure. The EUR/USD rate rose by 0.7% to reach 1.1645 on Friday. The European single currency weakened against the British pound amid rising concerns over Russia. Negotiations between Washington and Moscow concluded without any breakthroughs, and Russia warned that it would be prepared if Europe were to initiate a conflict. The Pound edged higher even in the absence of new UK data, supported by a positive market sentiment that bolstered the risk-sensitive currency. As such, the EUR/GBP pair slipped by 0.3% for the week, closing at 0.8727.