It is important to note that the National GOs, which were issued in Hungary for producers that receive financial assistance and were not tradable internationally, have been phased out of the market.

HU auction 3/2023 - Auction results

Average prices have kept falling since they peaked during November 2022 but compared to the prices of February there was an increase of around +33% for all technologies except solar that had a milder increase of around +12% that helped the price of solar to converge with that of the other technologies.  The VWAP of Solar was 7.15 EUR/MWh, of Hydro 7.00 EUR/MWh ( and Biomass and Wind around 6.94 EUR/MWh.

HU auction 3/2023 - Historical results

In total, 102.75 GWh were traded, an increase of +3.5% compared to the 99.14 GWh traded in February. The solar volumes remained relatively unchanged at 61.48 GWh (-1.5% compared to February) while hydro volumes shrunk to 8.95 GWh (-43.9%). On the opposite, wind volumes increased to 28.85 GWh (+76.7%) and, in contrast to the auction of February, in this auction biomass volumes (3.47 GWh) were also traded.

The general image of the auctions in HUPX for the last months is that prices peaked in November and since then there has been a decline with prices decreasing monthly by around -6% on average. On the traded volumes, the comparison should start from October onwards, because there was no auction in July and August and therefore the auction of September included quantities produced in a 3-month period. The trend since October was a relatively steady monthly decline of around -65 GWh or around -18.1%. However, in March the traded volumes remain the same as those of February.

Looking at the supply offered and the traded volumes, the only technologies of which the offered volumes were not sold by 100% were biomass (83% sold, 707 GWh unsold) and solar (89% sold, 7,505 GWh unsold). When looking at the sell-side bids for the technologies that had their volumes sold by 100%, the maximum and the minimum bid are equal, leading to the conclusion that there was only one seller for those products. On the other hand, biomass and solar volumes have very divergent sell side bids minimum and maximum, therefore leading to the conclusion that there are many sellers in the sale of these products. 

Overall, trading activity remained steady for this month and prices recovered from the decrease they showed last month.

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HUPX (Hungarian Power Exchange Ltd), the appointed operator for the Hungarian GOs market by MEKH (Hungarian Energy & Utilities Regulatory Agency), held the pan-European auction for Guarantees of Origin (GOs) on 21 March 2023. This is the seventh such auction in history offering EECS GOs (produced from May 2022 to December 2022).

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March 2023 HUPX Pan-European auction

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