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HUPX Hungarian Power Exchange Company Limited by Shares

HUPX Ltd.

Hungarian Power Exchanges takes an appreciated, leading place in the Central-Eastern-European region.

Lobbying Activity

Response to European Sustainability Reporting Standards

7 Jul 2023

HUPX Zrt. (in the followings: HUPX) welcomes the revision of the sustainability reporting standards. HUPX is the operator of the Hungarian organized spot power market and the operator of the first pan-European organized guarantee of origin market. Regarding ESRS E1 HUPX acknowledges the important role of guarantee of origin in the calculation of energy mix and GHG emissions under Scope 2. This role is underlined by the increasing number of organized guarantee of origin markets within the European Union: in the last five years 7 new marketplaces opened in 6 EU countries. Therefore, its crucial to further strengthen the system of guarantee of origin in line with RED II (Directive 2018/2001 of the European Parliament and of the Council on the promotion of the use of energy from renewable sources). Such strengthening process should eliminate diverging policies, i.e., prohibit the use of location-based methodology or other instruments for the tracking the source of electricity. With the right and clear policy signals the liquidity of the guarantee of origin market can grow further, which can stabilize price signals, thus obliged companies can procure guarantee of origin more efficiently in terms of cost, time and process. This ultimately brings social welfare for the consumers of the European Union. Detailed feedback can be found in the attached file (based on template).
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