Hungary, Serbia and Slovenia will start operating a regional electricity market in 2024, the Hungarian Ministry of Energy announced on Thursday, MTI reports.

For this purpose, by the end of 2024, a holding company based in Budapest will be established, which will be owned by the transport and system operators from Hungary, Serbia and Slovenia.

European trading platform EPEX SPOT, which will provide the technology for the new regional electricity exchange, will also hold a stake. The new exchange will cover the regions of Central Europe and the Northern Balkans, according to Agerpres.

The Hungarian Ministry of Energy stated that this regional cooperation will boost the value of the Hungarian Power Exchange (HUPX), the day-ahead electricity market in Hungary, on which transactions equivalent to 60-70% of domestic consumption are brokered.