Hungary-Slovenia-Serbia regional electricity exchange deal inked

A joint Hungary-Slovenia-Serbia electricity exchange can start operating from the second half of the year, boosting the security of supply for all the countries involved, Péter Szijjártó, the minister of foreign affairs and trade said after the relevant deal was signed in Budapest on Tuesday.

Today’s agreement was “excellent news”, Szijjártó said at a joint press conference held with Serbian energy state secretary Veljko Kovacevic and Slovenian energy minister Bojan Kumer, after the signing of the BlueSky Project.

He said security of supply would strengthen, making trade in electricity between the countries “fast and barrier-free.” The deal also creates a larger market with a favourable impact on prices, he added.

He said the deal concerned cooperation between EU member states and an EU candidate country, “so we have taken another step in the direction of realising the energy integration” of the Western Balkans into the EU.

The minister noted that

a German-French energy exchange company backed the initiative, guaranteeing that the system would always be up to date.

He said nuclear energy most efficiently served Hungary’s electricity supply, which is why the government had decided to expand capacities.

He also referred to expanding solar power capacities, which he said had grown eightfold in the last five years.

“Our goal is to create energy systems in the region that are as integrated as possible,”

he said, emphasising electricity supply, as demand was expected to increase by 50% in central Europe by 2030.

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