Orban: EU sanctions against Russia must be rethought to reduce energy costs
Hungarian Prime Minster Viktor Orban stated on Friday that the European Union should reconsider its sanctions against Russia, as they keep energy prices high and hinder the bloc's competitiveness. At their informal summit held last week, the leaders of the European Union signed a statement on competitiveness. "Energy costs must be reduced by any means necessary." In order to lower energy prices, the sanctions must be re-evaluated. Orban stated that U.S. firms pay only a quarter the amount of their European counterparts for gas and electricity. This is a disadvantage which could not be overcome through other means.
Ukraine's Shmyhal talks energy security with Slovakian Fico
Denys Schmyhal, Ukrainian Prime Minister, began Monday talks with Robert Fico of Slovakia. He said the discussions would be centered on infrastructure co-operation, energy security and Kyiv’s peace plan. Fico, along with the Hungarian prime minister Viktor Orban, has been a strong critic of Western military assistance to Ukraine. The location of the meeting was not immediately known. "We will discuss the roadmap" Included in this is cooperation on infrastructure projects, economy and energy security. Shmyhal, on Telegram Messenger, said that Slovakia has always been willing to assist Ukraine in importing electricity.
Hungary Keeps Russian Credit Line for Paks Nuclear Plant
Hungary will keep its 30-year Russian credit line for the expansion of its Paks nuclear plant but could refinance parts of the project from other financial sources if that is justified, Prime Minister Viktor Orban's chief of staff said on Thursday. "We came to the conclusion that we will keep the 30-year Russian credit line ... and will ask the debt agency AKK to consider the most optimal financing condition at each phase of the project when the loan is drawn," Janos Lazar told a news conference. He said alternative refinancing could be from the Hungarian state budget or via solutions offered by the debt agency AKK.
Hungary, Russia to Start New Gas Supply Talks
Hungary has agreed to start negotiating with Russia on gas shipments after its supply deal expires in 2021, Hungarian Prime Minister Viktor Orban said on Thursday after meeting Russian President Vladimir Putin. Orban said Hungary strove for "open and transparent" relations with Russia and was trying to protect its economic and trade links, which have been seriously damaged by the sanctions imposed on Russia since 2014. "Hungary maintains its stance that non-economic problems cannot be handled with economic means ...
Hungary: Paks Nuclear Expansion Does Not Involve State Aid
Hungary's government believes a Russian-backed project to expand its Paks nuclear power plant does not involve state aid, Prime Minister Viktor Orban's office said in a statement to state news agency MTI on Monday. "The Hungarian government is firmly of the view that the Paks II project does not involve state aid, and any rational investor would implement the investment because the expected returns of the project are higher than the cost of capital invested," the statement said. It said Hungary had not…
EU Starts Legal Action Over Hungary Nuclear Project
European Union regulators started legal action against Hungary on Thursday over a contract it awarded to Russia's Rosatom to expand the Paks nuclear power plant, but Hungary said it would press ahead with its plans. The EU's executive Commission has been holding talks to try to resolve differences after Hungary chose Rosatom last year to build two new nuclear reactors, partly financed by a favorably priced Russian loan worth $10.7 billion. "The Commission raised concerns about the compatibility with the EU public procurement rules…
Hungary, EU Agree on Fuel Shipments for Planned Nuclear Plant
Hungary said on Monday it had secured the approval of the European Commission's nuclear fuel agency Euratom for a fuel supply agreement between Budapest and Moscow for a planned expansion of the Hungary's sole nuclear power plant. "The European Commission signed a milestone of a document today," Janos Lazar, Hungarian Prime Minister Viktor Orban's chief of staff, told reporters. Hungary's current nuclear power blocks are expected to run until the 2030s, and the new units would come online in the 2020s.
Hungary Expects Gas Contract Deal from Putin Visit
Hungary should be able to agree long-term gas shipment contracts with Russian President Vladimir Putin during the Russian leader's visit to Budapest next month, Hungarian Prime Minister Viktor Orban was quoted as saying on Friday by national news agency MTI. Orban, speaking to Hungarian public media journalists in Brussels, said that Hungary needed such an agreement and he trusted that he could agree with Russia about the main issues during Putin's visit, due on Feb 17. (Reporting by Marton Dunai/Sandor Peto; Editing by Elaine Hardcastle)
Hungary: Lack of N-S Euro Gasline a Mistake
A lack of a north-south gas pipeline in Europe is a strategic mistake, Hungary's Prime Minister Viktor Orban said on Tuesday, adding that such a project should be part of European Commision President Jean-Claude Juncker's plan to boost growth. Poland, the Czech Republic, Hungary and Slovakia have all proposed a potential north-south pipeline system linking a liquefied natural gas (LNG) terminal on the Baltic Sea with a similar planned facility on the Croatian island of Krk. "It's a strategic mistake for all of Europe…
U.S. Ready to Help Hungary Build Energy Independence
The United States is willing to help Hungary and other European countries build energy infrastructure to reduce its dependence on Russian oil and gas, U.S. Chargé d'Affaires in Budapest André Goodfriend has told Nepszava newspaper. "Relying on Russian sources threatens energy independence," Goodfriend told Nepszava in an interview published on Saturday. Hungarian Prime Minister Viktor Orban has drawn criticism from Western governments for trying to secure supplies of energy and trade for Hungary by doing deals with Moscow. Critics say he should not be cosying up to Russia when it has sent troops into Ukraine.
Hungary PM, Reeling From Pipeline Set-back, Blames Brussels
Hungarian Prime Minister Viktor Orban accused Brussels on Friday of sabotaging the Russian-backed South Stream gas pipeline project, which was scrapped this week in a setback to his strategy of closer ties with the Kremlin. Orban has tried to secure supplies of energy and trade for Hungary by doing deals with Moscow, but that drew criticism from Western governments which say he should not be cosying up to Russia when it has sent troops into Ukraine. Moscow's decision to cancel South Stream - which would have shipped Russian gas under the Black Sea and then north through central Europe - is a loss of face for Orban…
Less Demand, More Renewables Push Down Spot Prices
Forecasts for lower electricity consumption heading into the weekend and expectations for a pick-up in renewable supply pushed spot power prices lower in central and southeastern Europe on Thursday, traders said. On regional exchanges, Czech, Slovak and Hungarian electricity for delivery on Friday fell 6 percent to 44.20 euros ($55.44), while Romanian day-ahead power dropped 7 percent to 43.09 euros. On Wednesday, Romania linked its day-ahead market with those of the Czech Republic, Slovakia and Hungary as part of a plan to improve supplies and make retail prices more stable.
Russia's Relations with Hungary Warm as Ties with West Chill
President Vladimir Putin hailed Hungary as one of Russia's most important partners on Wednesday, giving his seal of approval to a budding relationship with a Soviet-era ally that is worrying some of its European Union allies. While the Ukraine crisis is straining ties between many EU capitals and Moscow, Hungary - which relies heavily on Russia for natural gas supplies - is enjoying a rapprochement with the Kremlin. "We share the attitude of the Hungarian leadership aimed at growing constructive dialogue…
Day Ahead Prices Decline as Wind Expected to Drop
Central European day ahead power prices fell on Friday on low weekend demand but ebbing wind generation levels limited the declines and were expected to support prices at the start of next week, traders said. On regional exchanges, Czech electricity for Saturday fell nearly 9 percent to 31.64 euros ($40.2) per megawatt hour, Slovak day ahead slipped more than 5 percent to 32.83 euros and Hungarian prompt power fell about 3 percent to 37.92 euros. Data from Thomson Reuters Point Carbon showed forecasts…
