Energy Business Motion

HUPX celebrates 10-year anniversary


HUPX Hungarian Power Exchange Ltd., the operator of the organized Hungarian spot power market celebrates its 10th anniversary on 20th of July 2020. HUPX was established in 2010 by the national TSO MAVIR, and dedicated to play an important part in the energy market liberalization in Hungary, with the objective to provide reference price and an exchange trading platform. Since its launch, the Exchange has been successfully operating in a highly competitive environment and reaching one important milestone after another by continuously innovating and putting a strong emphasize on further developing its platforms and services.

HUPX started its operation on 20th of July 2010, with 11 members registered on its day-ahead market trading 2.3 GWh on the first day of operation. In 2020, the average daily traded volume is 69 GWh, while monthly volumes are steadily overpassing 2TWh, and the number of admitted members is 60, making HUPX one of the most liquid power exchange in the region.

Over the past decade, HUPX continuously worked on providing further improved services to its members and accomplished many important milestones. Developments included the launch of HUPX’s physical futures market in 2011; joining the Czech-Slovak-Hungarian Market Coupling in 2012 which evolved to the day-ahead four markets market coupling (4M MC) of the Czech Republic, Slovakia, Hungary and Romania in 2014; and the establishment of HUPX’s intraday market in 2016.

Since 2016, HUPX intraday market has been providing opportunities for its members to reduce their need for imbalance energy, to optimize power generation closer in time to delivery and to manage forecast errors or unforeseen power plant outages. 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. Joining XBID resulted in an immediate significant increase in HUPX’s intraday volumes. An average month after XBID launch roughly equals to 77 GWh traded monthly volume in 2020.

Moreover, in accordance with the provision of CACM Regulation, HUPX has acquired the NEMO (Nominated Electricity Market Operator) designation from the Hungarian NRA in 2015, which was renewed in 2019 and extended for an indefinite term. With this, HUPX is entitled to carry out all the integration projects with other European parties - PXs, NRAs and TSOs - with the objective of achieving a single pan-European energy market.

Over the past ten years, HUPX grew into a well-recognized group of energy exchanges by successfully operating an organized spot markets for natural gas and a regulated market platform for Hungarian electricity and gas futures products.

HUPX’s first subsidiary, CEEGEX Central Easter European Gas Exchange started its operation in 2013 and gradually became a dynamically developing spot gas market with 34 TWh traded volume achieved in 2019. With its activity CEEGEX supports efficient portfolio management, provides new supplementary sources and offers advanced risk management options to its members.

HUDEX Hungarian Derivative Energy Exchange, the youngest member of HUPX Group started its operation on 3rd of January 2018, offering Hungarian power and natural gas future products. From the start, HUDEX introduced an automated clearing solution, extended its product line, brought new market makers to both of its power and gas segments and recently introduced unique discounts for OTC trades thus offering the lowest transaction fees available on the market.

Reflecting on 10 years in business HUPX CEO, Mr. György Istvánffy said, “It would have been hard to believe that when we started the company with just eight people and only one market, that we would end up where we are today. That has taken a lot of effort and dedication. But I’m proud to say that today we can rightfully be pleased with our achievements and the attraction we’re seeing in each one of our markets.”

Fulfilling its mission, HUPX Group has been effectively contributing to the development of the Hungarian electricity and gas markets, the efficiency of total domestic production and the moderation of the electricity prices for consumers. Furthermore, with its liquidity and reference price the Exchange takes an appreciated, leading place in Hungary and in the CEE and SEE regions.

Looking into the future of HUPX, Mr. Istvánffy added, “Being driven by constant innovation and the aim of staying laser-focused on servicing our niche has been a big driver in our success. Over the past ten years, we have developed our services, increased our product range, trading volumes and number of participants. All these to operate a trading platform that suits our customers’ needs the best. It is in this spirit that we plan to continue our operation in the next decade as well.”

For more information on HUPX’s products, services and market data visit:


Dijana Martinčić

Head of Sales

+36 1 304 1098