Page 35 - MergedFile

FX

The Euro strengthened against the US dollar over the €/£ The change in €/£/$ €/$
week, supported by a broad weakening of the dollar
following the Fed’s surprisingly accommodative monetary 0.8770 1.1740
policy decision. Weaker US jobless claims data added 1.1720
0.8760
further downward pressure on the greenback. The 1.1700
EUR/USD rate rose by 0.7% to reach 1.1731 on Friday. 0.8750
1.1680
0.8740
The Pound fell sharply versus the European single currency
1.1660
last week, hit by UK political uncertainty, mixed BoE signals, 0.8730
expectations of further rate cuts, and a surprise GDP 1.1640
0.8720
contraction in October. As such, the EUR/GBP pair gained 1.1620
0.5% for the week, closing at 0.8767. 0.8710 1.1600
0.8700 1.1580
05.12.25 08.12.25 09.12.25 10.12.25 11.12.25 12.12.25
€/£ €/$

CARBON

European carbon prices moved upwards for the week, The change in Carbon Prices
driven by expectations of tighter supply in 2026, the 95
upcoming auction pause, and option expiries, which
outweighed bearish pressure from mild weather and 90
abundant gas supply.
€/tonne 85
Consequently, EUAs expiring in Dec-25 rose by over 2%
for the week, ending at 83.79 EUR/tonne. 80
75
Dec25 Dec26 Dec27 Dec28
05.12.25 12.12.25

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