Energy Business Motion

Dr. Mátyás Vajta appointed as CEO of HUPX


Dr. Mátyás Vajta is appointed as the new CEO of HUPX Hungarian Power Exchange Ltd., effective 1st of August 2020.

Following the decision of the Supervisory Board of MAVIR Ltd., the sole shareholder of HUPX Ltd., Dr. Mátyás Vajta was appointed as the new CEO of HUPX Hungarian Power Exchange Ltd. The energy markets expert with professional career in Hungarian TSO- MAVIR and HUPX, will take over the CEO position from 1st of August 2020.

 “My main goal as the newly appointed CEO of HUPX is on one hand to continue the core activity of the company which is providing exchange trading platform in a transparent and non-discriminatory manner, setting the reference price for Hungary and the region by effectively contributing to the development of the Hungarian energy market, and to continue being a progressive player of the energy industry. On the other hand leading the future projects at HUPX, thus continuing the market coupling projects in order to facilitate the development of the Hungarian and the region’s electricity market and the integration of European electricity markets are amongst the challenges I’m looking forward to cope with.
I strongly believe in cooperation and teamwork. I think that the key factor of success is to find and agree on our common goals and create the atmosphere of trust. This is how I intend to work within HUPX Group and with our partners and stakeholders” said Mátyás Vajta after his appointment.

Dr. Mátyás Vajta, CEO of HUPX, graduated as a lawyer from Catholic University of Péter Pázmány and as a lawyer-economist from Budapest University of Technology and Economics. His career at HUPX started ten years ago in 2010, when Mr. Vajta became the Head of Market Surveillance and Back Office at the newly founded Hungarian Power Exchange, where he worked for two and a half years. He continued his professional path in the field of energy by working in the Hungarian Transmission System Operator – MAVIR Ltd. from 2013. At MAVIR, he fulfilled important positions as the Head of Department of Renewable Energy Sources and Director of Market Operations. In 2018, he was the CEO of KOM Central Smart Metering Ltd., a subsidiary of MAVIR Ltd.

During the past decade, Mr. Vajta took part in several electricity market related projects. As one of the first employees in HUPX, he played an important role in building HUPX Ltd. as a company and was part of the implementation of the day-ahead and physical futures markets of the PX. He was also involved in the creation of the CZ-SK-HU and 4M market couplings, and the XBID LIP15 project. Being the Director of Market Operations he represented MAVIR in numerous international projects such as the Single Day-Ahead Coupling (SDAC), the Single Intraday Coupling (SIDC), the Core Capacity Calculation Region, the Core Flow-based Market Coupling project, the DE-AT-PL-4MMC (“Interim Coupling”) project and actively participated in several working groups of ENTSO-E.

Dr. Mátyás Vajta shall be returning to HUPX after eight years, this time as the CEO of HUPX Hungarian Power Exchange Ltd.


After the resignation of former CEO, Mr. Péter Tóth in June 2020, Mr. György Istvánffy, Head of Market Development took over the position as Acting CEO for the period of 1st of June 2020 – 31st of July 2020 and will continue leading the Market Development Department. Parent company MAVIR Ltd. and HUPX Group appreciate the readiness and contribution made by Mr. Istvánffy during the transition period.


HUPX Hungarian Power Exchange Ltd., the operator of the organized Hungarian spot power market celebrates its 10th anniversary this year. HUPX started its operation as the subsidiary of MAVIR Ltd., on 20th July 2010, with 11 members registered on its day-ahead market. Over the past ten years, HUPX grew into a well-recognized and highly liquid group of energy exchanges, by successfully operating an organized spot markets for power and natural gas and a regulated market platform for Hungarian electricity and gas futures products.