Magyar Telekom exits retail energy market

Telco

Magyar Telekom has announced its withdrawal from the retail electricity market, effective November 1, 2017, according to state news wire MTI.

Magyar Telekom started selling energy to its retail and corporate clients in 2010, after the market was deregulated. The telcoʼs non-core business boosted results until government-mandated utilities price cuts caused margins to narrow.

Magyar Telekom spun off its corporate energy business into a joint venture with MET Holding AG from the start of last year. The announcement of the withdrawal from the retail electricity market was made on Monday.

ADVERTISEMENT

Hungary PMI Edges up to 47.4 in September Analysis

Hungary PMI Edges up to 47.4 in September

Ukraine Suspends OTP Status on 'Sponsors of War' List Ukraine Crisis

Ukraine Suspends OTP Status on 'Sponsors of War' List

Karikó and Weissman Receive 2023 Nobel Prize in Medicine Science

Karikó and Weissman Receive 2023 Nobel Prize in Medicine

Pálinka Added to EU-Japan Geographical Indication Deal Drinks

Pálinka Added to EU-Japan Geographical Indication Deal

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.