As the world races to decarbonize, a new report from the global research firm Wood Mackenzie delivers a sobering message: the goal of reaching net-zero emissions by 2050 is slipping out of reach. Surging power demand, driven by artificial intelligence, electrification, and industrial recovery, combined with geopolitical instability, is pushing global warming toward 2.6°C by […]
Hungary has signed its longest-ever liquefied natural gas (LNG) supply agreement, striking a ten-year deal with French energy company ENGIE, even as Prime Minister Viktor Orbán refuses to heed U.S. calls to cut Russian energy imports. Foreign Minister Péter Szijjártó announced in Budapest that state-owned utility MVM CEEnergy will purchase 400 million cubic metres of […]
Hungary is under pressure from both the U.S. and the European Union to cease importing Russian fossil fuels, with Budapest contending that alternative energy sources are insufficient to replace its pipeline supplies. The push for Hungary to reduce its reliance on Russian energy is complicated by the country's close relationship with Russia and its reliance […]
In the wake of a meeting between Hungarian Prime Minister Viktor Orbán and Russian President Vladimir Putin, Gazprom, the state-owned Russian energy giant, has announced its intentions to bolster natural gas shipments to EU-member Hungary. This decision has come at a time when the European Union (EU) is actively striving to reduce its dependency on […]
Hungary’s economic competitiveness to a very large extent hinges on the government’s ability to ensure energy security for the country, according to the German Chamber of Commerce. In addition to energy costs, the security of supply is also for crucial businesses operating in Hungary. German foreign direct investment is a key engine of Hungary’s economy. […]
Solar FM Ltd. will produce a rotating support structure for solar panels. The company has won a HUF 1.5 billion grant for the almost HUF 3 billion investment in Komló, S Hungary, under the Economic Development and Innovation Operational Program (Ginop) Plus, which uses EU funding. According to the information provided to MTI by the […]
Energy procurement and security is yet another matter where the Hungarian government and Brussels are taking diverging paths. Budapest has firmly rejected proposals for a mandatory joint EU gas procurement and a solidarity mechanism at the Energy Council in Luxembourg this week and the Cabinet of Prime Minister Viktor Orbán is dead set against a […]
Even though this year is marked by rampant inflation, soaring energy prices and sharply increasing interest rates, the economic situation is set to deteriorate in 2023. According to Economy Minister Mihály Varga, the worst is yet to come for the country’s economy. A recent international survey revealed that a third of European workers see the […]
Natural gas consumption fell by 22% in August compared to last year, the lowest level in the last eight years, the Hungarian Energy and Public Utility Regulatory Authority (MEKH) said on Tuesday in its latest report. They stressed that with the further increase in Serbian supplies, domestic storage facilities received 10% more gas in August […]
As a result of the development of about EUR 88 million, the large aluminium and energy company Hydro will create 70 new jobs by building a foundry with a capacity of 90,000 tonnes next to its Hungarian pressing plant. Hungarian taxpayers contribute to the costs with about EUR seven million according to a government decision. […]
