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MVM, E.ON sign agreement to jointly operate electricity, gas trading

  The state-owned Hungarian Electricity Works  (MVM) and the Hungarian unit of German utilities giant E.ON on Tuesday signed an agreement to jointly operate electricity and gas market trading system operator Powerforum.

Under the agreement, E.ON will match Powerforum’s existing registered capital of HUF 120 million with a capital injection.

Powerforum operates an online trading platform for electricity, but will add gas deliveries to its products in July. With the move, MVM will “stick its foot in” the gas market, said MVM CEO Imre Mártha.

E.ON Földgáz Trade chairman Matthias Keuchel said the start of a gas section would be a big advantage.

In 2008, electricity contracts worth HUF 160 billion, or about one-fifth of the entire market, were exchanged using Powerforum’s trading system. MVM and E.ON hope the company will take a similar share of transactions on the gas market. (MTI-Econews)