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Detail – Energy Country Profile

Hungary considers nationalising 6 or 7 energy utilities

Hungarian Prime Minister is considering nationalising 6 or 7 energy utilities, in order to lower energy prices and to boost the economy. The companies' names were not revealed but major European players such as E.ON, EDF, Eni, RWE or GDF SUEZ are active in Hungary.

Ruling party Fidesz is facing elections in 2014 and is tightening its grip over the energy sector. In January 2013, the government cut utilities prices for households by 10% and announced upcoming heating price reductions for November 2013. Two months later, state-owned power utility MVM bought E.ON Földgáz Trade, Hungary’s largest gas supplier and has gas procurement contracts with domestic and foreign producers, from E.ON.

Source: 24 September 2013