MVM renegotiating some long-term purchase contracts

Recycling

The state-owned Hungarian energy group MVM is renegotiating long-term power purchase contracts signed in 2008 and could cancel some, business daily Napi Gazdaság said on Thursday, citing industry insiders. MVM communications director György Felkai confirmed the company had started renegotiating several contracts because of unfavorable market conditions, but would not comment on the possibility of cancellations. MVM CEO Csaba Baji said recently that the company was prepared to sign contracts that allowed further reductions in household energy prices. Hungary's government mandated a 10% cut in household gas, electricity and district heating prices from January 1.

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