The government argued in the justification for the legislation that energy security and energy prices have become "the most important issue" in Hungary and in Europe.
The new ministry was established by renaming the Technology and Industry Ministry.
The head of that ministry, Lászlo Palkovics, resigned earlier in November. Csaba Lantos, whose background is in energy trading, has been tapped to head the Ministry of Energy Affairs.
The legislation approved on Tuesday also renames the Construction and Investment Ministry the Construction and Transportation Ministry and spins off the Economic Development Ministry from the Prime Minister's Cabinet Office.
Márton Nagy currently oversees economic development policy as a minister without a portfolio.
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