Introduction

As an important part of the energy market liberalization in Hungary, the national TSO MAVIR has established the Hungarian Power Exchange, Company Limited by Shares, as it subsidiary in 2010. HUPX Ltd. is the operator of the organized Hungarian spot power market with leading position in Central and Eastern Europe. HUPX is licenced as a NEMO (Nominated Electricity Market Operator) by the National Regulatory Authority of Hungary (MEKH).

HUPX operating as Hungary’s power exchange for 14 years, steadily increased its number of members and markets in the last years, thereby enhancing its regional role, market liquidity, and transparency. 

In 2024, HUPX reached a significant milestone, strengthening its position in the region like never before. By integrating into ADEX Group and joining forces with the Slovenian BSP South Pool and Serbian SEEPEX power exchanges, the leading power trading hub in the Central Eastern and South Eastern Europe was established.  

Headquartered in Budapest, ADEX Group is now the sole shareholder of BSP, HUPX, and SEEPEX. This structure aims to streamline trading and clearing services while improving customer experience as the integration process unfolds.  

ADEX is committed to further advancing pan-European market coupling in the region, supporting the energy market transition. Through collaboration with its associated companies – ELES, EPEX SPOT, EMS, and MAVIR – ADEX aims to reduce market fragmentation and strengthen the region’s energy network. 

HUPX DAM (Day-ahead market)

On HUPX DAM (day-ahead market) standard hourly and block day-ahead electricity products can be traded. The day-ahead market of HUPX is part of the Single Day-ahead Coupling (SDAC).

The aim of SDAC is to create a single pan-European cross zonal day-ahead electricity market. An integrated day-ahead market will increase the overall efficiency of trading by promoting effective competition, increasing liquidity and enabling a more efficient utilization of the generation resources across Europe.

SDAC allocates scarce cross-border transmission capacity in the most efficient way by coupling wholesale electricity markets from different regions through a common algorithm, simultaneously taking into account cross-border transmission constraints thereby maximizing social welfare.

HUPX IDM (Intraday market)

In order to further develop the Hungarian electricity market, it is essential to ensure that trading and delivery are realized the closest possible to the execution. In recognition of this, HUPX has established the Intraday Market IDM, which has started its operation on 9 March 2016.

To increase the efficiency of the intraday trading, HUPX joined the XBID project and went live with the European Single Intraday Coupling (SIDC) on 19th of November 2019. This resulted in an immediate significant increase in HUPX’s intraday volumes since the generated trading volume in the first half an hour was already equal to roughly 3 times higher than on a usual trading day on the IDM before joining XBID.

HUPX IDA (Intraday Auction Market)

Pricing the intraday capacity, i.e. Intraday Auction (IDA) is part of SIDC and it completes the already existing SIDC market which is currently based on continuous trading method.

The implementation of IDA is required by Article 55 of Commission Regulation (EU) 2015/1222 CACM under “Intra-day capacity pricing”. The aim of the methodology is to price the scarce of cross-border capacities, which cannot be realized in continuous trading. It also further strengthens the competitiveness of EU electricity markets concerning the electricity producing, trading and supply.

Thanks to the effective cooperation between Nominated Electricity Market Operators (NEMOs) and Transmission System Operators (TSOs) the IDA project went live successfully on 13.06.2024 with a big-bang go-live. From that date HUPX is providing the possibility for Market Participants to trading on IDA market.

Official information

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