MVM Group (Magyar Villamos Művek Zártkörűen működő Részvénytársaság, literally: Hungarian Electrical Works Private Limited Company) is a Hungarian power company, and has a monopoly in Hungary for the production, distribution and sale of electricity.
Synopsis
The company owns several power plants including its most important electricity source: Paks Nuclear Power Plant with a total installed capacity of 2,000 MW and has 3,501 km of transmission lines. This single nuclear power plant provides more than half of Hungary's electrical power. An expansion is currently planned to add an additional two 1200 MW VVER reactors, allowing for Hungary to decrease its carbon emissions and potentially become one of the electricity generators with the lowest carbon emission levels in Europe, along with France and Sweden.
In 2011, MVM entered the natural gas industry and became interested in the proposed gas pipeline South Stream. The Hungarian power company wants to add a connection to the Adriatic Sea to import liquid gas from a planned Croatian gas terminal.
MVM was also a founder (along with two other state enterprises: Magyar Posta and Magyar Fejlesztési Bank