Hungarian government officials signed an agreement with their Cyprus counterparts regarding natural gas supply. With this move Hungary is aiming to diversify its supply routes and boost the country’s energy security. The two countries also intend to cooperate on water management technologies in order to improve Cyprus’s water supply. At present, Hungarian gas supply fundamentally comes from Russia. Having signed the agreement, Hungary is trying to enable Cypriot gas to play a

Turawell Kft, an Islandic-Chinese-Hungarian joint venture company (with Singapore based KS Orka as the majority holder) signed an agreement with Erste bank for the financing of the geothermal power plant project in Hungary. The unit is envisioned as a cogeneration plant with 40 MW of electrical and 100 MWth of thermal output. Estimated cost of the project is €141 million. First phase of the project is a planned to provide 3 MW of electrical and 7 MWth of thermal output.. Sour

State-owned Hungarian utility MVM started construction on the 20.6 MW solar farm at Paks estimated at €28 million. MVM Hungarowind is the EPC, while construction works are presumed to last for 6 months. The unit is in line with MVM's ambitious plans of adding over 100 MW of solar capacity in 2018.. Source: Budapest Business Journal #Hungary #MVM #solar

Hungarian utility MVM started construction on the €28 million solar farm at Felsőzsolca, aimed to become the largest in the country. MVM is looking to have 150 MW in renewable energy capacity in the near future and plans to construct a total of 110 solar plants in 2018 having a built-in overall capacity of over 100 MW In addition, Hungarian based oil and gas company MOL announced intentions on investing in three solar farms with an overall capacity of over 18 MW by the end of

General Electric is to supply turbines for two new reactors in the Hungarian nuclear power plant Paks having beaten Russian based Silovye Mashiny on an international tender called by Rosatom. The contract is worth €793 million. GE already won turbine tenders for Finlandʼs Hanhikivi and Turkey's Akkuyu nuclear power plant projects.. Source: Budapest Business Journal #GE #Hungary #Paks #nuclear #Rosatom

Shortly after announcing the planned start of construction on the Paks II nuclear power plant, Hungarian based Magyar Villamos Muvek (Hungarian Electricity Works, MVM) announced a beginning of an ambitious investment program aimed at implementing 108 solar units across the country. The €160 million worth plan will increase the installed solar power plant output by around 100 MW. Two main sites proposed by the project will each have a 20 MW capacity and are estimated to cost j

Construction of the Paks II nuclear power plant is poised to commence at the beginning of 2018. Russian based Rosatom will be the EPC contractor in a project estimated at over €10 billion. Hungarian government confirmed that national companies will receive around €5 billion worth of business. State of Russia will provide a large share of financing in a project aimed to be completed within a six year time frame. Source: Budapest Business Journal #Hungary #nuclear #Rosatom

Nemzeti Közművek (ENKSZ, First National Public Utility Ltd.), a Hungarian state-owned energy company, acquired a gas utility Főgáz. The transation is to be completed by the end of the month and follows the acquisition EDF Démász, an electricity distributor, from French based Électricité de France (EDF) and the acquisitions of ELMŰ and Émász, also electricity distributors, from Germanyʼs RWE. All acquisitions are considered strategic and highlight Hungary's intentions to hold

Hungary is looking to get involved in Nord Stream 2 or South Stream pipeline project with Russia. In addition, Tass reported the two countries are in talks regarding the expansion of the Paks nuclear power plant. Source: Tass #Hungary #Russia