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- Raw&Refined Commodities Kft. - Hungary
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Raw&Refined Commodities Kft. - Hungary
Raw&Refined Commodities is a fully-fledged participant in the Hungarian energy market. At present it possesses all the necessary licenses to trade in electricity:№ 81/2010 dated 18.02.2010 permits market deals with traders and allows electricity supply to final consumers. In addition, Raw&Refined Commodities has its own energy-balancing group within the “MAVIR” system operator in Hungary. The Raw&Refined Commodities management team has received certification having been accredited to ISO 9001:2008 standards for its electricity trading unit.
In 2010 Raw&Refined Commodities Hungary set up an energy-balancing group in Romania to handle the transit of electricity across Romania to its neighbouring countries. The Hungarian energy market is one of the most liberalized and open markets in Europe, both for gas and electricity. Power stations generating electricity may sell output in a free market and sign contracts with both consumers and traders. In June 2010 the Hungarian power spot exchange was opened, that immediately proved its viability by exceeding the expectations of financial analysts, through the volume of transactions from its first day. The very existence of an organized spot market strengthens the liquidity of all those involved in the Hungarian energy sector.
The Hungarian gas market is characterized by the high level of gasification within the country and the resulting high share of gas in the energy balance within the country. Hungary itself does not have sufficient reserves of natural gas to meet internal demand and so has to rely on importing gas from abroad. The key indicator of the degree of liberalization of the gas market is that in 2009, consumers needing more than 100 m³/hour were obliged to buy gas on the open market.