Hungary to join Serbia, Slovenia in Adex power exchange

"This step fosters the energy transition and the consolidation of the fragmented markets and serves as facilitator to rollout the pan-European Market Coupling in the future. For market participants this means new access to a one-stop shop for trading and clearing in Slovenia, Serbia, and Hungary," Adex Group said in a statement on Monday, adding it becomes the most liquid spot power trading hub in this geographical area.

"Following the approvals by the relevant authorities the go-live of the enlarged Adex Group is expected to happen in the second half of 2024."

In December 2022, Slovenian electricity grid operator Eles inaugurated the first regional power exchange for Central and Southeastern Europe (CSEE) jointly with Serbian peer Elektromreza Srbije (EMS) and the European Power Exchange (EPEX SPOT). Adex was established through the corporate merging of Slovenian physical day-ahead market and intraday market operator BSP SouthPool and Serbian licensed market operator SEEPEX, with the group’s headquarters in Ljubljana and main permanent offices in Ljubljana and Belgrade.

Hungarian electricity system operator MAVIR now joins founding memebers Eles, EMS, and EPEX SPOT in the ownership structure of Adex Group, which is designed and open for further partners to join.

With HUPX becoming its third fully-owned subsidiary, after BSP and SEEPEX, Adex Group's headquarters will relocate to Hungary's Budapest in the second half of 2024, Adex Group said.

"Energy exchanges within Adex Group, headquartered in Budapest, will bring together the expertise of multiple companies along with harmonized exchange rules, trading and clearing solutions," as per the the statement.

Adex Group added that over 60 members trade electricity at BSP and SEEPEX spot markets, with trading volume at Adex Group’s markets reaching 16.3 TWh in 2023.

In January, Hungarian foreign affairs and trade minister Peter Szijjarto expressed hopes that the joint regional electricity exchange of Hungary, Slovenia and Serbia would launch in the first half of 2024, once the Hungarian parliament granted its approval.