June 20, 2024
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Hungary, Fall of February futures to 170 euros per MWh

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Prices on the Hungarian day-ahead market were relatively stable during the first three weeks of January amid lower-than-average demand and falling gas prices.

The average price for baseload on the day-ahead market averaged around 150 euros per MWh during the work week, but rose to 174 euros per MWh for delivery on January 20, according to HUPX exchange data. They mostly followed the prices in Germany. Spot prices were also affected by lower gas prices.

The prices of futures contracts on the Hungarian HUDEX stock exchange fell continuously in the first half of January, and then recorded an increase.

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February futures were reduced by around 30 euros, to 170.7 euros per MWh, and since January 10 they remained below the threshold of 200 euros per MWh. The premium compared to the German contract for a month in advance decreased to 25 euros.

Futures for the next quarter fell to EUR 177 per MWh, but rose again to EUR 193.3 per MWh on January 20. That is still far below the level of 325 euros per MWh, which was achieved a month earlier, on December 20.

As for the contracts for the next year, they recorded a sharp drop, to 163 euros per MWh, and then a jump, to 195.8 euros per MWh on January 20.

Electricity consumption in Hungary increased compared to the first week of January, but remained below the multi-year average, thanks to relatively warm weather and reduced consumption due to high prices.

On the supply side, there were short interruptions in production at the nuclear power plant, as well as at the lignite and gas-fired units. To make up for the electricity shortfall, Hungary saw strong imports from the Western Balkan countries, which increased production as a result of strong hydropower and wind production.

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