EU bank invests €120m to modernise power network in Hungary

09/10/2020 09:35 Electricity Market

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The financing will cover the costs of the reinforcement of the electricity supply network, refurbishment of substations, overhead lines and underground cables and the installation of advanced meters

The European Investment Bank (EIB) providing an investment of €120 million (£109m) to modernise, digitalise and expand the capacity of the electricity network in Hungary.

 

It has signed a loan agreement with MVM Hungarian Electricity, which will enable the company to test advanced metering schemes, meet the growing demand for electricity in the region, improve the reliability of its supply network and integrate new renewable energy generators.

 

That is expected to improve the quality of living and doing business of around 785,000 customers in Bacs-Kiskun, Bekes, Csongrad-Csanad and Pest counties.

 

The financing will cover the costs of the reinforcement of the electricity supply network, refurbishment of substations, overhead lines and underground cables and the installation of 600 distribution transformers and 210,000 advanced meters.

 

EIB Vice President Czerwinska said: “A reliable and modern electricity supply network is a key precondition for sustainable economic growth. This EIB financing will ensure both people and businesses in south-eastern Hungary continue to enjoy a reliable electrical power supply for decades to come.

 

“We support Hungary’s energy security, increasing the use of renewable energy sources, crucial for successful climate action in Europe. Together with our long term partners in MVM, the EIB is looking forward to continuing to power Hungarian economic and social growth.”

source:energylivenews.com

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