Successful Launch of Hungarian Power Exchange
HUPX has successfully launched the Hungarian day-ahead power market in partnership with EPEX Spot and ECC as planned on 20 July 2010. The launch of HUPX clearly meets the expectations of the market community to establish an organised market in Hungary.
Budapest, Paris, Leipzig, 21/07/2010 - The first auction of the day-ahead power market took place on 20 July on the organized HUPX market. Seven out of the ten already admitted members participated on the first trading day for delivery on the next day on the Hungarian hub. The total volume exchanged on HUPX was 2,278 MWh, with a base load price of 47.80 EUR/MWh. Today 21 July the total volume exchanged was Further members are finalizing the admission procedures and should join the exchange in the coming weeks.
HUPX uses EPEX Trading System, the trading platform used by EPEX Spot on the French market and soon on the German/Austrian and Swiss markets. ECC offers clearing services. This cooperation contributes to the harmonisation of the trading and clearing systems in Europe.
HUPX will provide a transparent and reliable reference price in Hungary. This will facilitate further regional integration of the Eastern European electricity market.
Zoltán MEDVECZKI, HUPX CEO, stresses that he is “very satisfied with the first trading day and that the coming new members will increase the liquidity further. We are confident that HUPX will become a reference power market in central Europe”.
About the partners
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.
EPEX Spot SE is a Paris-based company under European law (Societas Europaea) with a branch in Leipzig. 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. In 2009, 203 TWh were traded on the EPEX Spot power markets by a community of 185 members.
European Commodity Clearing AG (ECC) is a clearing house whose range of services comprises clearing and settlement for exchange and over-the-counter transactions in energy. The Leipzig-based company was established in the year 2006 with the spin-off and transfer of the clearing activities of European Energy Exchange AG (EEX) to this subsidiary. Currently, ECC provides clearing as well as physical and financial settlement of the transactions concluded on APX-ENDEX, CEGH Gas Exchange of Wiener Börse, EEX, EPEX Spot, HUPX and Powernext.