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HomeElectricityHungary to allocate funds to electrcity grid development

Hungary to allocate funds to electrcity grid development

The Hungarian government earmarked more than 160 billion Hungarian forints (428 million euros) to support the development and flexibility of the electricity network, announced the State Secretary of the Ministry of Energy.

Attending the opening of a new substation in southern Hungary, Zsófia Koncz underlined that the goal of the Hungarian government is to strengthen the security of the energy supply, enable access to affordable energy and support local energy production.

She noted that the proportion of solar energy in the Hungarian electricity mix is ​​the sixth highest in the world and the third highest in Europe. In 2022, 1,100 megawatts (MW) of solar capacity were built in Hungary, and by the end of last year, the domestic installed photovoltaic capacity exceeded 4,000 MW, while in the first four months of this year, an additional 700 MW of investment was completed, she highlighted.

Hungary planned to build 6,000 MW of solar capacity by 2030, which now seems attainable within a year or two, and by the end of the decade, the original target can be even doubled, reminded the State Secretary. As she noted, the production record of industrial solar power plants was broken every month since February. And on 1 May, there was a quarter of an hour when the domestic electricity demand was covered by renewable sources at 94 per cent.

The newly opened substation is the first step of a series of investments launched for the development of the electricity network in Hungary with the overall goal of increasing the flexibility of the grid, said the State Secretary.

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