Cooperation between the Hungarian power exchange HUPX and EPEX Spot
Budapest/Paris/Leipzig, 17 December 2009 – HUPX, the Hungarian Power Exchange, and EPEX Spot have decided to cooperate towards HUPX’s operational launch, envisaged in July 2010. The scope of this cooperation encompasses trading systems and services. The clearing activities will be handled by European Commodity Clearing AG (ECC), which already provides clearing and settlement for all EPEX Spot markets.
The cooperation between HUPX and EPEX Spot is a major step towards the harmonisation of power markets in Europe, which is strongly supported by market participants. HUPX will actively contribute to a smooth functioning of the Hungarian power market by establishing a reliable price reference and creating a ‘level playing field’ for trading in Hungary.
HUPX members will benefit from the experience and the high standards applied by EPEX Spot in establishing and operating power spot markets. HUPX and EPEX Spot are committed to deliver a trading solution which will provide market participants with liquidity, operational security as well as reliable and transparent price formation.
Jean-François Conil-Lacoste, EPEX Spot Chief Executive Officer, stresses that “EPEX Spot is willing to be a key facilitator in power spot market integration in Europe and the establishment of HUPX as a major player in the region is a key element for the harmonization of power market functioning.“ The experience of EPEX Spot as regional power spot exchange will be very valuable for the Hungarian as well as for the regional power market, in the perspective of further development with neighbouring power exchanges” said Zsolt Bertalan, HUPX Chief Executive Officer. In addition he also mentioned that he also strongly trusts that the expectations expressed by lots of market players for the establishment of a power exchange will be fulfilled.
The date foreseen for HUPX’s launch is July 2010, subject to the necessary administrative and regulatory approvals.
EPEX Spot and HUPX believe in well functioning markets and wish to continue to do their best to get closer to a truly integrated European electricity market in close collaboration with other Power Exchanges and all stakeholders.
EPEX Spot SE is a Paris-based company under European law (Societas Europae). EEX and Powernext each hold 50 percent in the joint company, in which they integrated their entire spot power trading activities. The product range of EPEX Spot SE encompasses spot power trading for France, Germany/Austria and Switzerland. These countries account for more than one third of the European power consumption.
HUPX Ltd. was established in May 2007 as a subsidiary company of MAVIR Hungarian Transmission System Operator Company Ltd. to execute the operation of an efficient and transparent power exchange. HUPX received its license to operate an organized power market in Hungary from the national regulatory authority (Hungarian Energy Office) on 9th April, 2009.