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

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A landmark tri-nation agreement between Hungary, Serbia, and Slovenia is poised to launch a joint regional electricity exchange in 2024, signaling a major leap in the energy landscape of Central-Eastern Europe and the North Balkans. 

Leading the charge is the Hungarian Power Exchange (HUPX), which has been a pivotal player since its inception in 2010, accounting for 60–70% of Hungary’s domestic electricity consumption. HUPX Ltd., an arm of the Hungarian transmission system operator MAVIR, has become a cornerstone in the region’s energy trade.

In a strategic move to bolster HUPX’s standing amid EU regulatory shifts and market consolidation, the Hungarian government has endorsed the creation of a Budapest-based holding company. This entity, set to be operational by the end of 2024, will be a collaborative effort between the electricity system operators of Hungary, Serbia, and Slovenia, along with EPEX SPOT for technological support.

Highlighting the importance of energy independence, especially in Central Europe’s oil and gas scarce landscape, Hungarian Foreign Affairs and Trade Minister Péter Szijjártó lauded the creation of this integrated electricity exchange as a historic step in regional energy collaboration. Anticipated to commence operations before mid-year, post regulatory approvals, the exchange aims to bolster regional energy security.

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This trilateral initiative not only strengthens Hungary’s control over its energy resources but also opens doors for Hungarian businesses in the Balkans, aligning with energy transition services. Hungary’s commitment to enhancing its energy infrastructure is evident in its steady expansion of cross-border connections since 2010, including a recent pact with Slovenia to build the final segments of needed natural gas interconnectors, further fortifying its energy network.

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