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Serbia, Slovenia, Hungary to Launch Joint Electricity Exchange in 2024

A groundbreaking collaboration between Hungary, Serbia, and Slovenia is set to establish a joint regional electricity exchange in 2024. 

This initiative marks a significant advancement in the energy sector of Central-Eastern Europe and the North Balkans. The Hungarian Power Exchange (HUPX), operational since 2010 and a leading electricity exchange in the region, is at the forefront of this development. 

Encompassing 60–70 per cent of Hungary’s domestic consumption, HUPX Ltd., a subsidiary of MAVIR, the Hungarian transmission system operator, has become integral to the region’s electricity trading.

In response to EU regulatory plans and market consolidation, the Hungarian government is taking a strategic step to solidify HUPX’s position. It authorized the Energy Minister to establish a Budapest-based holding company by the end of 2024, jointly owned by the Hungarian, Serbian, and Slovenian electricity system operators, and EPEX SPOT, which will provide the technological framework for settlements.

Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó emphasized the urgency of energy security in Europe, particularly in Central Europe, due to the absence of large oil or gas fields. He hailed the establishment of this integrated electricity exchange as a milestone for energy cooperation in the region. The exchange, following approvals, is expected to start operations before the second half of the year, enhancing regional energy security.

This partnership not only reinforces Hungary’s energy sovereignty but also offers Hungarian businesses new opportunities in the Balkan Peninsula, supporting services linked to the energy transition. Since 2010, Hungary has significantly developed its cross-border energy connections, including an agreement with Slovenia in summer 2023 for constructing the last missing natural gas interconnectors, further strengthening its energy network.

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