Budapest incapable of covering rising electricity prices that cost extra EUR 490 million

The rise in the price of electricity is costing the Budapest city council an additional HUF 200 billion (EUR 490.7 million), Socialist city councillor Csaba Horváth said on Wednesday.

Speaking to reporters ahead of a meeting of the City Assembly, Horváth called on the government to compensate Budapest transport company BKV for its rising energy costs.

Budapest is incapable of covering its rising energy costs on its own, he said, adding that like national railway company MÁV, BKV should also receive state support. Horváth noted that Budapest residents pay HUF 20 billion-25 billion (EUR 48.8 million-61 million) in taxes each day.

Everything possible must be done to conserve energy, but compensation is also needed, he said.

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Source: MTI