HUPX on track to start operations as planned
The targeted date for HUPX go?live remains the 1st of July, subject to the necessary administrative and regulatory approvals and trading platform simulation results.
HUPX members have received their membership package as well as a draft of the Market Rules, which are currently being reviewed by the Hungarian Energy Office for their approval.
The deployment of the EPEX Trading System, which will be used by HUPX too, will start in May for HUPX members. HUPX members will be invited to participate in the simulation sessions which will allow them to be trained on the new systems and get familiar with its functionalities. This new system is also being implemented right now by EPEX Spot for its own French, German, Austrian and Swiss market areas.
European Commodity Clearing AG (ECC), which provides clearing and settlement not only for all EPEX Spot markets but also for a number of other energy exchanges, will ensure the fulfilment of all trades concluded on HUPX. HUPX members will also be subject to the standard rules and contracts of ECC.
Zoltán MEDVECZKI, HUPX CEO, stresses that he is "very satisfied with the support received from the trading community and confident that HUPX will meet their expectations of establishing an organised power market in Hungary. The trading and clearing solution proposed by HUPX and its partners will provide HUPX members with a reliable and transparent price formation, with access to European state of the art trading and clearing solutions".
"The establishment of EPEX Spot was a major step towards the integration of power markets in Europe. Our cooperation with HUPX is another step which contributes to the harmonisation of the trading and clearing systems", say Jean?François CONIL?LACOSTE, CEO of EPEX Spot, and Dr. Hans?Bernd MENZEL, CEO of ECC.
The website of HUPX is available at the following address: http://www.hupx.hu
About the partners
HUPX Ltd. was established in May 2007 as a subsidiary company of MAVIR Hungarian Transmission System Operator Company Ltd. to execute the operation of an efficient and transparent power exchange. HUPX received its license to operate an organized power market in Hungary from the national regulatory authority (Hungarian Energy Office) on 9th April, 2009.
EPEX Spot SE is a Paris?based company under European law (Societas Europae) with a branch in Leipzig. The product range of EPEX Spot SE encompasses spot power trading for France, Germany, Austria and Switzerland. These countries account for more than one third of the European power consumption. In 2009, 203 TWh were traded on the EPEX Spot power markets by a community of 185 members.
European Commodity Clearing AG (ECC) is a clearing house whose range of services comprises clearing and settlement for exchange and over?the?counter transactions in energy. The Leipzig?based company was established in the year 2006 with the spin?off and transfer of the clearing activities of European Energy Exchange AG (EEX) to this subsidiary. Currently, ECC provides clearing as well as physical and financial settlement of the transactions concluded on APX?ENDEX, CEGH Gas Exchange of Wiener Börse, EEX, EPEX Spot and Powernext.