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Retail electricity prices to rise by 2.9%

The retail price of electricity for end-users in Hungary will rise by an average 2.9% on January 1, Transportation, Telecommunications and Energy Affairs Minister Csaba Molnár told MTI.

Molnár said that the rise in the cost of retail electricity would produce an average increase of HUF 180 in household monthly power bills.

MVM Trade, the trade unit of the state-owned Hungarian electricity wholesaler MVM, announced earlier on Wednesday that it would cut the wholesale price of electricity for residential, public and small-business consumers by 7.6% on January 1. MVM noted that the price reduction will decrease its profits by an expected HUF 16 billion.

The cut in the wholesale price does not necessarily entail lower electricity prices for consumers, because the price of electricity includes service and grid-usage fees as well. Grid usage fees will rise by an average 6.2% on January 1 according to an earlier decree. The reduction could, however, slow the increase in prices. (MTI – Econews)