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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, impacted by steady gas prices, muted speculative activity and easing geopolitical risk premiums amid reports of U.S.-proposed Russia-Ukraine peace talks. Slightly colder weather offered only limited support, leaving EUAs marginally lower in a generally cautious, subdued market. Consequently, EUAs expiring in Dec-25 slipped by 0.6% for the week, closing at 80.41 EUR/tonne. 75808590Dec25Dec26Dec27Dec28€/tonneThe change in Carbon Prices14.11.2521.11.251.14001.14501.15001.15501.16001.16501.17000.87600.87700.87800.87900.88000.88100.88200.88300.88400.885014.11.2517.11.2518.11.2519.11.2520.11.2521.11.25€/$€/£The change in €/£/$ €/£€/$The Euro fell sharply against the U.S. dollar over the week, influenced by deteriorating indicators in the eurozone, including a declining composite PMI, a return to contraction in manufacturing output, and a weakening German industry. On the dollar side, the Federal Reserve minutes revealed significant disagreement over the need for further rate cuts. The EUR/USD rate dropped by 1% to 1.1520 on Friday. Sterling strengthened versus the European single currency after preliminary Eurozone PMI data pointed to a renewed slowdown in economic activity. However, underwhelming UK economic data heightened expectations that the Bank of England will proceed with a rate cut in December, limiting the pound’s advance. As such, the EUR/GBP pair decreased by 0.5% to 0.8803.