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Hungary to review power purchase contracts

Hungary's government supports a review of the country's long-term power purchase agreements with electricity distributors, Napi Gazdaság reported, citing András Batiz, a cabinet spokesman. An ongoing probe by European Union regulators is in line with the Hungarian government's intentions, Batiz said, according to the newspaper. Hungary will also seek to reduce the retail price of
electricity, he added. The EU on November 10 started probing agreements that cover about 80% of Hungary's power market, saying they may harm competition. E.ON AG runs three of the country's six power distributors, two are owned by RWE AG and one by Electricité de France SA.