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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 were predominantly bullish last week. EUAs weakened slightly at the beginning of the week on subdued sentiment driven by geopolitical uncertainty. They then rallied midweek on improving risk appetite and optimism around a potential resolution to the US Iran conflict, before briefly –correcting on profit-taking and mixed energy market signals. Later in the week, prices strengthened further, supported by policy developments in the UK and expectations that easing geopolitical tensions could sustain economic activity and emissions. Overall, the week ended with a strong upward move driven by improving sentiment and reduced risk of economic disruption, with EUAs expiring in Dec26 settling over 6% higher at 77.46 EUR/tonne. The EUR/USD pair started the week lower due to safe-haven demand for the US dollar driven by US Iran tensions and rising –oil prices. It then recovered as geopolitical risks eased and improved risk sentiment weakened the dollar. By the end of the week, the EUR/USD rate closed higher at 1.1797, up 0.7% for the week, supported by better market sentiment despite ongoing uncertainty. The EUR/GBP pair traded in a narrow range as mixed economic signals from the Eurozone and the UK offset each other. Midweek activity remained limited as markets focused on ECB and BoE policy expectations. Toward the end of the week, the euro strengthened slightly, with the EUR/GBP rate closing at 0.8717, supported by inflation data and a relatively cautious Bank of England outlook. 666870727476788082848688Dec26Dec27Dec28Dec29€/tonneThe change in Carbon Prices10.04.2617.04.261.16201.16401.16601.16801.17001.17201.17401.17601.17801.18001.18200.86750.86800.86850.86900.86950.87000.87050.87100.87150.872010.04.2613.04.2614.04.2615.04.2616.04.2617.04.26€/$€/£The change in €/£/$ €/£€/$