Page 29 - MergedFile

FX

The U.S. dollar rose against the Euro last week, supported €/£ The change in €/£/$ €/$
by strong U.S. economic data, which improved labor market
outlooks. This reduced the likelihood of further Federal 0.8680 1.1700
Reserve easing, providing a tailwind for the dollar. The
0.8675 1.1680
EUR/USD pair edged 0.2% lower at 1.16417 on Friday.
1.1660
0.8670
The EUR/GBP rate ended rather flat at 0.8670 amid a lack
1.1640
of UK data and choppy broader market conditions.
0.8665
1.1620
0.8660
1.1600
0.8655 1.1580
0.8650 1.1560
09.01.26 12.01.26 13.01.26 14.01.26 15.01.26 16.01.26
€/£ €/$

CARBON

European carbon prices climbed last week, with EUAs The change in Carbon Prices
exceeding 90 EUR/t for the first time since August 2023, 105
driven by a robust front‑month TTF gas rally, firm
auction outcomes, and tighter coal-to-gas spreads 100
raising marginal abatement costs. 95
€/tonne
EUAs expiring in Dec-26 soared by about 3% for the 90
week, closing at 92 EUR/tonne.
85
80
Dec26 Dec27 Dec28 Dec29
09.01.26 16.01.26

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