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Energy

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Record Power Consumption in the Heatwave

D&T
Jun 23, 2021

Domestic electricity consumption has soared to record levels in the heatwave, and in the coming days the summer peak load on the Hungarian electricity system could be broken again, the financial website portfolio.hu reports. Looking at the summer of 2021, it was for the first time this Monday at noon that the national system load […]

Further Growth in Renewable Energy Production

D&T
Jun 20, 2021

The Hungarian Energy and Public Utility Regulatory Authority (HEA) has published its report summarizing the preliminary energy statistics of last year. According to the report, Hungary continues to rely heavily on imports, but solar power generation has increased significantly. As the report points out, a significant part of Hungary's primary domestic energy use was provided […]

Outstanding First Quarter Results at ALTEO

D&T
May 17, 2021

In the Management’s opinion, Q1 2021 results have massively confirmed ALTEO’s strategy along with the successful investment projects of the recent period. As results for 2020 also showed, the COVID pandemic still has only moderate impact on ALTEO’s profitability compared to other, more pro-cyclical sectors, thanks in part to the protective measures put in place […]

Geothermal District Heat Generation Project in Budapest

D&T
Apr 4, 2021

The Budapest district heating company FŐTÁV and the Icelandic group Arctic Green Energy have signed a cooperation agreement for the construction of geothermal district heat generating units. The project may save up to 21,000 tons of CO2 emission a year in Budapest. The first large scale (up to 10-20 MWh) geothermal project is to be […]

Old Hydro Plant Renovated by ALTEO

D&T
Dec 14, 2020

ALTEO Plc. has completed the renovation of the Gibárt Hydroelectric Power Plant, which has been operating as a monument for more than 100 years, in order to ensure the further long-term, reliable and economical operation of the power plant. The company renovated and modernized the power plant with an investment of HUF 1.2 billion, during […]

Innovative Energy Storage System

D&T
Dec 12, 2020

The E.ON Hungária Group has developed an innovative energy storage system, unique at European level, in Zánka at Lake Balaton. With the help of the mobile storage system, the electricity produced with renewable resources can be stored flexibly and used according to the given needs. In addition, this solution makes connecting solar systems to the […]

Energy Sector Prepared for the Winter Months

D&T
Dec 1, 2020

The supply of consumers was ensured during the heating period, as by the end of the storage period, more than 6.4 billion cubic meters of natural gas were available in the storage facilities, and on the last day of the autumn, on November 30, there were plenty of 6 billion cubic meters. However, a statement […]

Hungary Joins European Battery Market Race

D&T
Nov 18, 2020

Hungary takes the lead in Central Eastern Europe to join the European Battery industry’s goals to secure a successful green transition within the automotive and energy sector with a strong battery industry in order to achieve the national as well as the European climate-goals.  The Hungarian Ministry of Innovation and Technology in cooperation with EIT […]

Alteo Doing Well Despite the Pandemic

D&T
Nov 16, 2020

Despite the pandemic,the Hungarian energy service provider firm ALTEO continued to grow, reaching sales of nearly HUF 5.5 billion in the 3rd quarter of 2020. A quarterly report by the company says that since a significant portion of the profitability of ALTEO’s activities is less vulnerable to changes in the economic cycle, the principal focus […]

ALTEO Reports Significant Growth of Revenues

D&T
Aug 31, 2020

In the first half 2020, both the revenue and net after-tax profit increased significantly at the Hungarian energy company ALTEO Group. The 33% increase in sales revenue was accompanied by a 120% rise in after-tax profit. A report by the Group says the growth achieved not only reflects the success in investment and acquisition activities, […]

ALTEO Buys Wind Power Generation Firm

D&T
Aug 18, 2020

Hungarian-owned energy service and trading company ALTEO Plc. has concluded a stock purchase agreement for the acquisition of Pannon Wind Power Generator Ltd. for HUF 1,153,000,000 from EIH Ltd. The execution of the stock purchase agreement is the first step in the transaction. The ownership of the business interest in Pannon Ltd. will be transferred […]

Increasing Electricity Consumption in Hungary

D&T
Jun 23, 2020

Hungary's electricity consumption has been growing steadily over the last ten years, reaching 45.7 terawatt hours last year after 45.4 terawatt hours the previous year, mainly due to the rapid spread of electricity-powered household and industrial technologies and digitization. The Hungarian Independent Transmission Operator Company Ltd. (MAVIR) also reports that last year, winter peak loads […]

Hungary to Receive Gas from Croatian LNG Terminal

D&T
Jun 9, 2020

MFGK Croatia d.o.o., the Croatian subsidiary of Hungarian Gas Storage Ltd. (MFGK), part of the MVM Group, has signed a package of agreements to book a capacity of up to one billion cubic meters of gas annually for a period of almost seven years in the Krk LNG terminal in Croatia from January 1, 2021. […]

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