Hungary’s MVM to join RWE in €800 mln project

Recycling

Hungarian power wholesaler MVM plans to join German utility RWE in a project worth €800 million ($1.24 billion) to expand capacity at RWE’s plant in northern Hungary, national daily Népszabadság reported.

The paper, citing MVM Chief Executive Imre Mártha, said MVM was planning a joint venture with RWE to finance the project which would boost capacity at the coal-fired Mátrai Erőmű by 440MW, or 50%, by 2013. RWE has a 50.92% stake in Mátrai Erőmű, while state-owned MVM holds 25.51%. The paper said MVM sought a majority stake in the joint venture.

Mátrai Erőmű, the second-biggest power generator after a 1,860-megawatt nuclear power plant in Paks, would neither confirm nor deny the report, the paper said. If completed, the capacity expansion would coincide with the completion of a 2,400 megawatt gas-fuelled power plant, the biggest in Hungary, planned by gas wholesaler Emfesz. That project is worth an estimated €1.5 billion. (Reuters)

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