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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 soared over the past week, driven by dip-buying near 81 EUR, rising speculative activity ahead of the Dec. 10 options expiry, and expanding net-long fund positions. As a result, EUAs expiring in Dec-25 surged by 3.5% for the week, closing at 83.26 EUR/tonne. 7580859095Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices21.11.2528.11.251.14801.15001.15201.15401.15601.15801.16000.87200.87300.87400.87500.87600.87700.87800.87900.88000.881021.11.2524.11.2525.11.2526.11.2527.11.2528.11.25€/$€/£The change in €/£/$ €/£€/$The Euro rebounded against the U.S. dollar. Growing optimism over proposals to end the war in Ukraine supported the European single currency, while disappointing data from Germany limited the upside. The Eurozone’s largest economy reported a drop in business sentiment in November and confirmed that growth stalled in the third quarter. Meanwhile, the U.S. dollar remained on the back foot, supported by hopes of Fed interest rate cuts. The EUR/USD pair rose by 0.4% to 1.1566 on Friday. Following the budget announcement, the Pound rose against the Euro on easing uncertainty and market relief, supported by calm bond markets. While gains were tempered by delayed tax measures, GBP remained near one-month highs by week’s end. As such, the EUR/GBP pair dropped by 0.6% for the week, to end at 0.8752.