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Gov't Declares State Of Emergency In Energy

HUNGARY

Spox for Hungarian prime minister's office Gergely Gulyas has confirmed that the gov't has enacted a 'state of emergency in energy'. Says that PM Viktor Orban has approved seven measures aimed at ensuring winter energy supply, and authorised the foreign minister to purchase additional gas.

  • Bloomberg reports that households using above-average amounts of gas and electricity will have to pay market rates from August onwards (currently households pay under 20% of market rates).
  • Storage capacity currently at 44%, with efforts to increase local gas production from 1.5bn cubic metres to 2bn.
  • Extends lifespan of certain blocs of its nuclear powers plants, increases lignite production, and restarts energy production at Matrai coal power plant.
  • Export ban imposed on energy resources apart from those stored in Hungary by foreign firms or other nations.
While the EU is coming up with its own contingencies for winter, there will be concerns in Brussels that Hungary's actions could spark a race across the bloc to shore up domestic gas supplies, pitting countries against one another. Could also see some calls grow louder for sanctions on Russia to be rolled back in order to facilitate greater energy flows ahead of winter in what would be v controversial development.
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