Energy Business Motion

Personal change in the position of CEO at HUPX


After almost four successful years, the Chief Executive Officer of HUPX Hungarian Power Exchange Ltd., Mr. Péter Tóth resigned. Mr. György Istvánffy – Head of Market Development at HUPX – is taking over as Acting CEO.

Mr. Tóth arrived at HUPX in July 2016, thus has served as the CEO of HUPX Ltd. for the past four years, during a period of active developments. Besides the CEO position at HUPX, he fulfilled the role of Chairman of the Supervisory Board of CEEGEX Central Eastern European Gas Exchange Ltd., a subsidiary of HUPX that operates the organized spot natural gas market in Hungary. In addition, he acted as Chairman of the Board of HUDEX Hungarian Derivative Energy Exchange Ltd, also a subsidiary of HUPX that operates derivative power and gas markets under regulated market license.

Under his leadership, both group-level revenue and EBITDA data doubled, several major projects have been successfully implemented and HUPX Group reached numerous important milestones, such as the foundation of the Hungarian financial market for derivative energy products (HUDEX) in 2017, joining the European Single Intraday Coupling (SIDC) project in 2019. Furthermore, CEEGEX became a significant gas market in the CEE region, while HUPX DAM index reinforced its role as the key reference for the energy trading community of SEE countries.

Parent company MAVIR Ltd. and HUPX Group takes this opportunity to appreciate the commitment and contribution made by Mr. Tóth and wishes him the very best in his future endeavors.

To ensure smooth business continuity, Mr. György Istvánffy, Head of Market Development at HUPX is taking over the position as Acting CEO. After gaining energy market experience at a big4 consulting firm, he started working at HUPX in 2012. He has shaped the Market Development activities of HUPX, with various additional assignments in other fields such as Market Operations, Market Surveillance, as acting CEO of CEEGEX, and as supervisory board member of HUDEX.

Mr. Istvánffy has been responsible for many successful HUPX projects including the launch of 4M MC day-ahead market coupling with Romania, Slovakia and Czech Republic, launching of HUPX Intraday Market, acquiring NEMO nomination for HUPX, establishing HUDEX, joining XBID intraday market coupling project. He is involved in several working- and steering groups of various international projects aiming to create the EU’s internal energy market.