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Hungarian Electricity Company Aims Further Regional Expansion

| 2021-05-31 < 1 min read

Hungarian Electricity Company Aims Further Regional Expansion

Reading Time: < 1 minute

The net sales of Hungary’s MVM Group amounted to HUF 1,835 billion last year, which is EUR 71,8 million higher than in 2019 and an increase of 91% compared to 2016, János Sum, Deputy Chief Financial Officer of MVM Zrt said told the press. Other numbers are also impressive: profit after tax amounted to EUR 158 million, which is an increase of one billion compared to 2019. This makes MVM the 4th largest company in the country and the 13th largest in Central Europe. MVM contributed EUR 2,15 billion, about 2% of Hungary’s total GDP.

The company group is now planning to increase its presence in the region, and focus primarily on the four Visegrad countries and the western Balkans. After incorporating the Czech Republic’s Innogy, a further two foreign acquisitions are to be announced this year, the company’s CEO György Kóbor said.

MVM has also stressed its commitment to renewable energy and stated that it has big plans for the Mátra Power Plant, which will generate electricity from gas, biomass and waste instead of coal. One of the company’s long-term goals is the construction of a network of charging stations for electric and CNG -powered cars, stretching from the Czech-German border to Transylvania, which could be later used for liquefied natural gas (LNG) and hydrogen as well. Lastly MVM is also planning to enter the Hungarian stock exchange, but the final decision about timing will be made by its owner, the Hungarian state.