MVM Group (Magyar Villamos Művek Zártkörűen működő Részvénytársaság, literally:Hungarian Electrical Works Private Limited Company) is aHungarianpower company, and has a Hungarian monopoly for the production, distribution and sale ofelectricity.
| Company type | State company |
|---|---|
| Industry | Electricity |
| Founded | 1948 (1948) |
| Headquarters | , |
| Revenue |  646.5 billionHUF (2011) |
68,100,000 euro (2018)  | |
| Owner | Hungary (100%state ownership) |
Number of employees | 7,859 (2011) |
| Website | mvm |
Synopsis
editThe company owns severalpower plants including its most important electricity source:Paks Nuclear Power Plant with a total installed capacity of 2,000 MW and has 3,501 km oftransmission lines. This single nuclear power plant provides more than half of Hungary's electrical power. An expansion is currently planned to add an additional two 1200 MWVVER reactors, allowing for Hungary to decrease itscarbon emissions and potentially become one of the electricity generators with the lowest carbon emission levels in Europe, along with France and Sweden.
In 2011, MVM entered thenatural gas industry and became interested in the proposed gas pipelineSouth Stream. The Hungarian power company wants to add a connection to theAdriatic Sea to importliquid gas from a plannedCroatian gas terminal.
MVM was also a founder (along with two other state enterprises:Magyar Posta andMagyar Fejlesztési Bank) of the new Hungarian state-ownedmobile phone company MPVI, but the company proved too expensive to start. MVM sold its share to Magyar Posta in December 2013, and MPVI's board of directors was disbanded on 19 December 2013, finalizing MPVI's incorporation to Magyar Posta.
In the middle of 2012, MVM established a subsidiary for prepare the factual steps ofPaks expansion. According to the latest plans the construction will take up in 2021 and the first new unit will be complete several years later.
In October 2020 MVM Group purchased fromMDAX-listedGEA Group the Hungarian firm that holds the intellectual property of theHeller-Forgodry cooling tower system, named EGI.[1][2][3]
In August 2022 the Hungarian government issued a construction permit for the MVM Group to build a twinVVER-1200-reactor extension to thePaks NPP, which already has four reactors of theVVER-440 type. The contractor isRosatom and the expected completion date was scheduled for 2030.[4][5] The contract is majority supported by a Russian state loan.[5]
In August 2023,Qatar agreed to supply Hungary withLNG starting in 2027.[6] MVM started talks withQatarEnergy LNG about quantity, pace and shipment.[7][8]
Leadership
edit- Peter Csiba[citation needed]
- György Kóbor (2020)[1]
References
edit- ^abBiró, Zsófia (31 October 2020)."MVM Group acquires Enexio Hungary opening business opportunities also in China". CeenergyNews.
- ^"It's Official! We Have a New Company Name. Renaming of ENEXIO Hungary Zrt. to MVM EGI Zrt". MVM EGI Zrt. 6 January 2021.
- ^"Hungary: MVM acquired 100% ownership of Enexio Hungary". 2 November 2020.
- ^Gulyas, Veronika (26 August 2022)."Hungary Boosts Russia Energy Links With Nuclear Plant Permit". Bloomberg News.
- ^ab"Construction licence issued for Paks II". World Nuclear Association. World Nuclear News. 26 August 2022.
- ^Gyori, Boldizsar (2023-08-18)."Hungary will receive LNG from Qatar starting in 2027".Reuters. Retrieved2023-09-21.
- ^"Hungary inks deal for Qatari gas".www.al-monitor.com. 2023-08-18. Retrieved2023-09-21.
- ^Qarjouli, Asmahan (2023-08-20)."Qatar's amir lands in Hungary as energy talks top agenda".Doha News. Retrieved2023-09-21.