MVM becomes sole universal energy provider

Energy Trade

State-owned energy company MVM has wound up a deal to acquire 100% of E.ON Áramszolgáltató, German-owned E.ON's local electricity distributor for the regulated retail market, making it the only universal provider on the natural gas and the electricity market, according to a report by state news wire MTI.

The sale of E.ON Áramszolgáltató does not affect customers on the competitive market that have a contract with E.ON Hungária Group. E.ON Group will continue to provide electricity services to them in the future, MVM and E.ON said in a joint statement on Thursday.

MVM and E.ON reached an agreement on the acquisition in February. MVM Group owns a 25% stake in E.ON Hungária. The companies said the current agreement supports the long-term strategies of the two groups and helps them optimize their portfolios.

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