Hungarian state-owned power wholesaler MVM Zrt. and E.ON AG's (EOAN.XE) local subsidiary Tuesday said they have signed an agreement to jointly operate the integrated natural gas and electricity trading platform Powerforum.
Under the agreement, E.ON will inject 120 million forints ($530,000) into Powerforum, doubling the company's existing capital.
Powerforum was set up by MVM in May 2008 for online electricity trading, and last year the platform's overall volumes amounted to 20% of Hungary's total electricity consumption.
The gas trading segment will be set up by July.
"I believe this [initiative] will attract additional international traders to the Hungarian market," Matthias Keuchel, a member of the board at E.ON Hungaria, said at a press conference.
Hungarian gas transmission and system operator FGSZ Foldgazszallito Zrt. is also planning to set up an electronic platform for trading natural gas and gas transit capacity in 2010, the company said last week.
FGSZ is fully owned by oil and gas company MOL Nyrt. (MOL.BU).