Hungary must enter investment-intensive era in energy sector

Hungary must enter a more investment-intensive era in the energy sector, and the government plans to increase spending by five-fold in the next seven years compared with the past seven years, the minister for energy affairs said on Wednesday.

Csaba Lantos said in an interview to news portal Index that investments must be focused in three areas: renewable energy, network development, and infrastructure that improves flexibility.

Security of supplies, affordability and sustainability are the most important aspects of the current energy sector, he said.

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“Energy sovereignty is one of our greatest dilemmas because our country is one of the most dependent within Europe. We must move towards energy sovereignty, even if this is not the most economical solution in the given period,” he added.

Hungary’s electricity consumption is currently 44 terawatt hours, and around 70 percent of it is produced in the country, but there is strong import-dependence, he said. According to current calculations, 68 terawatt hours must be reached by 2030 in order to meet total demand, which in itself represents a 55 percent increase, he added.

Gas consumption dropped by 17 percent last year, which was a considerable success, he said. Within this, there was a 25 percent drop in December, in the heating season, which showed that households and companies were adapting to the situation, he added.