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Hungarian energy company prepared for transition away from Russian gas: consumers may face price increases
According to MVM, Hungary would be able to ensure gas supply in the future even if Russian gas imports were reduced. The company’s management believes that although security of supply can be maintained in the longer term, the transition will also be felt by consumers.
Hungary’s energy system relies heavily on Russian gas deliveries; therefore, the EU’s planned import ban by the end of 2027 may affect the country particularly sensitively.
Under the decision, restrictions may already apply to short-term pipeline gas contracts from June 2026, meaning that Hungary could be forced to restructure its procurement strategy within a relatively short period of time. The Hungarian government, however, has voiced strong criticism and announced that it will challenge the measure before the Court of Justice of the European Union.
MVM Group’s management nevertheless argues that the state-owned energy company will still be able to supply domestic consumers with natural gas even if Russian imports cease due to the regulatory changes announced by the EU.
Károly Mátrai, CEO of MVM, speaking to Reuters, emphasised that the decoupling would not be without consequences, and that consumers will certainly have to reckon with higher prices in the future.
New suppliers may replace Russian gas
Under the current system, Hungary consumes around 8 billion cubic metres of natural gas per year, purchased partly under a long-term Russian contract and partly on the regional spot market.
However, according to Mátrai, the European market is already capable of providing sufficient alternative volumes to replace the lost Russian gas. He stated that the company is negotiating with several suppliers, although no specific names have been made public.
In addition, MVM has already secured capacity at the Krk LNG terminal in Croatia, where it can book around one billion cubic metres of gas per year. Furthermore, it has concluded agreements with several international energy companies, including Shell and the French company Engie.
Brussel is destroying Europe with this madness! German companies are already moving to China because of the cheap gas prices. Huxit
Stop regurgitating Orban’s lies.
If I were you, I’d check out the German figures showing job losses at the largest companies! In the German automotive industry alone, more than 120,000 employees lost their jobs!They can’t sell their electric cars because of the exuberant purchase price! Which average employer can pay more than €50,000 for a modest E model?German Chancellor Merz will ask the European Commission for a postponement of the 2035 ban on combustion engines to help the German automotive industry recover.On top of that, there are the supply chains for this industry that have caused jobs to be lost as a result!German petrochemical companies are relocating due to high energy prices and uncertain supply! No sun and no wind means no energy, and these are precisely the companies that cannot afford to shut down due to energy uncertainty! There is also a lot of technical unemployment there, which is unsustainable in the long run! The unelected Von der Leyen and her gang of bureaucrats are not destroying Europe just by the Green Deal! Mass immigration by people who replace the European population and who have no added value other than destroying our social security! Social problems due to the blatant refusal to integrate! Von der Leyen is poison for the EU and she is behaving more and more like an autocrat!What is going on in Kiev with the hundreds of billions of € & $ in aid that the comedian and his entourage have already received? All questions that have no answers! Currently, Von der Leyen, Macron, and Merz are pressuring Belgium and Euroclear to transfer €180 billion in Russian assets to Ukraine as a loan! The consequences and implications this holds for Belgium do not interest these gentlemen in the slightest! Very dangerous people and both Merz and Macron are being spit out by the population in their respective countries! In addition, the European Commission is increasingly interfering in matters that are purely a matter of sovereign powers! The only ones who benefit are the European elite who make a big show of themselves in Brussels and fall from one corruption scandal to the next! Qatargate and the recently exposed scandal at the European university where future EU diplomats are trained! They’re just the tip of the iceberg! Her billion-dollar deals with Pfizer CEO Bourla were handled personally by her via text messages.A court ruling 2025/05 by the European Court forces her to release the text messages, but she stubbornly refuses! Transparency is a word this upstart baroness doesn’t know! The higher you think you are, the deeper you fall! To be continued…
Poland, Czechs and other are doing well without Russian energy. Are they smarter than hungarians? I think they are
Smarter than Géza Hegedűs and Hugo Wils for sure 🙂