HUPX Ltd, in cooperation with its partners EPEX Spot SE and European Commodity Clearing AG (ECC), is on track to start the operations of the Hungarian day?ahead power market as planned in July 2010. HUPX Ltd is the sole licensed company to operate an organised power market in Hungary.
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