HUNGARY EU COMPETITION INQUIRY POWER PURCHASE AGREEMENTS
November 1st, 2005
BY KEITH NUTHALLTHE EUROPEAN Commission has opened a formal state aid investigation into Hungary's long-term power purchase agreements, concluded between state-owned electricity network operator MVM Rt and foreign-controlled power generators. These deals say MVM Rt must buy a fixed quantity of electricity at a fixed price, guaranteeing, said Brussels, a "return on investment to the generators without any risk". Because they cover around 80% of Hungary's power market, the Commission fears this leaves "little room for new market entrants". MVM Rt signed these deals ...
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