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The joint power exchange of Slovenia, Serbia, and Hungary could start operating in the first half of 2024, the Minister of Foreign Affairs and Trade wrote on his Facebook page. Closer energy relations between the three neighboring countries will increase trading efficiency and profitability, provide a basis for the provision of high-tech market services, and strengthen Hungary’s energy sovereignty.
Minister Szijjártó said that the Slovenian, Serbian, and Hungarian companies have made the technical and business decisions, government approvals are still pending, and the power exchange will greatly improve the energy security of the entire region.
Energy security has become one of the most serious challenges in Europe in the last one and a half to two years, and close energy cooperation between countries has perhaps never been more important,”
he stressed.
The politician noted that this was particularly the case in Central Europe, where there are no major oil or gas fields, making the interdependence of countries even greater.
It is therefore great news that we are closer than ever to creating the largest ever integrated power exchange in Central Europe,”
Szijjártó emphasized.
The Hungarian power exchange is operated by HUPX, a subsidiary of the transmission system operator MAVIR. Since its launch in 2010, the Hungarian HUPX has become the leading power exchange in the region and a prominent price signal operator in Central Europe and the Northern Balkans. The platform, also of key importance for domestic supply, is used for electricity trading, accounting for 60-70% of domestic consumption. In view of international developments, in particular EU regulatory plans and market consolidation, strategic progress is needed to consolidate the position of the Hungarian power exchange.
To this end, the government has set up a regional exchange cooperation covering the Central European and Northern Balkan region. Minister of Energy Csaba Lantos has been authorized to take the necessary measures to establish a holding company based in Budapest with a deadline of end 2024.
The company will be jointly owned by the Hungarian, Serbian, Slovenian electricity system operators and EPEX SPOT, which will provide the technological backbone for the settlements.
The regional cooperation will ensure further growth of the business value in HUPX.
Via MTI; kormany.hu; Featured image via Pexels
