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PODGORICA (Montenegro), December 4 (SeeNews) - Montenegro's energy regulatory agency RAE has picked the Hungarian Derivative Energy Exchange (HUDEX) as a reference energy market for the formation of end-user electricity prices for household customers until 2022, it said.
The agency will use the three-month average price of daily futures obtained on the basis of band and peak energy settlement prices on the HUDEX for the months of September, October and November of each 2019, 2020 and 2021, RAE said in a notice on Tuesday.
Before making the decision, the agency has inspected the data from the energy exchanges of countries located near Montenegro, namely Serbia's SEEPEX, Croatia's CROPEX, Slovenia's SOUTHPOOL and Hungary's HUPEX. RAE has chosen HUPEX as it was the only exchange where trading in electricity futures takes place, the agency noted.
According to Montenegro's legislation, end-user electricity prices for household customers cannot rise above the weighted electricity price achieved in the previous year and the futures prices for the following year on a reference energy exchange chosen by RAE.