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HUPX turnover set to reach 4 TWh this year

Turnover of electricity products on the Hungarian Power Exchange (HUPX) is expected to reach almost 4 TWh this year or about 10% of domestic consumption, managing director Zoltan Medveczki said at a conference on Tuesday.

HUPX, which is indirectly owned by the Hungarian Electricity Works (MVM), started trade of electricity products a year and a half ago. The bourse has committed to launching a gas exchange by the start of 2013.

HUPX’s clearing system is used even by brokers who do not trade on the exchange, which is unprecedented in Europe, Mr Medveczki said at the conference organised by IIR-Magyarorszag. Between four and five brokers active in the region are still expected to join the system, he added.

Hungary’s large gas storage capacity as well as the fact that Gazprom’s long-term contract for deliveries to Hungary expires after 2015 are both advantages for the gas exchange HUPX is setting up, Mr Medveczki said.