Top Energy Executives 2024 Sample

TOP Executives

The Most Influential Energy Executives in Hungary 2024

Energy Industry

Foreword

For over three decades, the Budapest Business Journal has been the leading English-language voice in providing the latest, in-depth coverage of Hungary’s business world to our readership; from local business leaders to domestic expatriate executives to savvy investors based around the globe. As part of this mission, we publish this supplemental series of Top Executives publications annually to keep our readership informed about the most influential players and the most salient events in a given industry over the course of the past year. This is our 2024 edition of the Top Executives in the Energy Industry.

This publication consists of three parts: special content selected by our expert editorial staff, biographies of and brief interviews with executives of companies involved in the energy industry, and concludes with a listing of energy producers and traders. These listings provide essential information about energy industry companies in Hungary, including net revenue, number of employees, ownership, the top local executive, and contact information.

The namesake section behind the publication series, the biographies and interviews with the top executives in the energy industry, provides a subjective listing (not a ranking) of the sector’s key players. Here, readers can become acquainted with the personalities behind the business, through personal accounts from the country’s leading executives, including their thoughts on crucial questions facing their sector, getting insight into the leaders’ mindset regarding business in the country.

Meanwhile, our editorial section provides the most informative content about developments throughout the energy industry as a whole over the past year. For instance, last year marked the first full year of operation for the Ministry of Energy Affairs. We spoke with Minister of Energy Affairs Csaba Lantos about

the creation and mission of the newly-established ministry. We also heard from Gábor Czepek, a state secretary at the newly-created ministry, who plays a dual role as chairman of the Board of Directors at MVM, Hungary’s principal power company. In order to facilitate the decision-makers at the Ministry of Energy Affairs, the Institute for Energy Strategy was created, which introduces its mandate here. We also included voices representing the environmental side of the sector, such as Dr. Barbara Botos, Ambassador-at-large for Climate at the Ministry of Energy Affairs, who participated on Hungary’s behalf at the UN Climate Change Conference (COP28) in Dubai last year. Hungary’s former President János Áder also makes an appearance, speaking about his roles as head of the Blue Planet Foundation and the host of its podcast. In addition, Róbert Szuchy, managing partner at BSLAW, László Károlyi, chief executive at Legrand, Gábor Matuss, partner at Andersen Tax Advisory Zrt., and a spokesman for SPIE, each provide insight into the role their businesses play in the energy sector and their considerations for the future.

Finally, we have also provided comprehensive articles covering three of the most significant developments in the energy industry in Hungary over the past year, those being the growing importance of the electric vehicle market, the advancement of solar power across the country on behalf of the government, and its efforts to ensure energy security for the country in light of the challenges posed in recent years. Between the listings, biographies, interviews and articles, we hope you find this publication your guide to understanding the energy industry in Hungary in 2024.

Nicholas Pongratz Editor

Independent Ministry Created for Energy Affairs

In conversation with Csaba Lantos, Minister

BBJ: The Ministry of Energy Affairs (EM) was created as a new independent ministry under your leadership from the former Ministry of Technology and Innovation (TIM), what goals were formulated then and where does this process stand today?

Csaba Lantos: The last couple of years were truly extraordinary in many aspects. We have all been busy with the triplet of COVID, war and climate. Once we believed

of Energy Affairs.

we could leave the pandemic behind and restore the good old days, the outbreak of the war in our neighborhood came as a shock. As the political and economic estrangement deepened between Europe and Russia we quickly realized that energy carriers could become rather expensive. Prices broke all-time records and became extremely volatile, making things difficult for countries which were highly dependent on cheap Russian energy. This unfortunate event occurred

A Unified and Integrated Policy Making Structure

A unified and integrated policy making structure requires a coherent and wellfunctioning ministerial staff too. It is historically the task of the state secretary for public administration to be responsible for the operation of the ministry and for the supervision of its undertakings. In the case of the Ministry of Energy Affairs, it encompasses five state secretaries and over 600 colleagues, plus dozens of state owned companies, including the second largest in the entire country, MVM. It is therefore a great honor for me to serve in this role since the establishment of the ministry.

Gábor Czepek, State Secretary, Ministry of Energy, MVM chairman of the Board of Directors

Illustration by U-STUDIOGRAPHY DD59 / Shutterstock.com

Institute for Energy Strategy

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We attempt to bring in new ideas, understand and analyze current developments within the wider energy sector and energy markets, interpret the available information and provide in-depth studies for the benefit of the decision-makers.

2022 undoubtedly shook up the European, as well as the Hungarian, energy sector. Before that, prices were flat for a long time, stock markets were fairly predictable, and energy routes were reliable.

Many would say that this era was overall quite convenient both for traders and buyers, and especially for governments with long-term contracts in hand. However, the war on the eastern edges of Europe dramatically changed the landscape at home and elsewhere in Europe too. Traditional trading routes and methods ceased to operate and worldwide supply chains were interrupted. Catchwords of detachment, decoupling, energy sovereignty and green transition emerged, while it was unclear for a period of time if European countries would be able to substitute the cheap Russian fossil fuels and provide energy for their homes, cars, businesses and economies. While previously sustainability was the key word, now security of supply came to the foreground. Suddenly, European heads of states and ministers rushed to all corners of the world in search of diversification.

THE MINISTRY

In this troubled environment it became apparent that the management of this crisis would require extraordinary efforts from decision-makers and private stakeholders. The recognition of a need for a new governmental structure therefore came quickly, hence the Ministry of Energy Affairs was established in December 2022,

Sustainable Outcomes at COP28

Dr. Barbara Botos is currently serving as Ambassador-at-large for Climate at the Ministry of Energy. The Budapest Business Journal spoke with her about her recent participation at the UN Climate Change Conference (COP28) in Dubai from November 30 to December 13, 2023. We asked her about her role in the conference, milestones that had been achieved, as well as whether she was satisfied with results and how they are being implemented in Hungary.

BBJ: As Hungary’s Climate Ambassador what was your role in the UN Climate Change Conference (COP28) in Dubai?

Barbara Botos: As an Ambassador-at-large for Climate at the Ministry of Energy I am part of a large network comprising climate envoys from all European Union member states. Additionally, I have the privilege of representing Hungary in the Green Diplomacy Network (GDN). These networks are overseen by the European External Action Service (EEAS), which is the European Union’s (EU) diplomatic service.

Since 2011, the EEAS has been responsible for implementing the EU’s Common Foreign and Security Policy with the aim of fostering peace, prosperity, security, and the interests of Europeans across the globe. It oversees the EU's diplomatic engagements with other countries outside the bloc and conducts EU foreign and security policy to enhance the coherence and efficacy of EU foreign policy. Consequently, this endeavor amplifies Europe's worldwide impact in the realm of climate change as well.

Prior to COP28 and during the event, we diligently pursued our objectives by meticulously crafting demarches for the global network of EU "embassies" (delegations). These demarches aimed to convey the EU’s position on climate negotiations and other climate related issues, such as providing a comprehensive elucidation of the EU’s Deforestation Regulation (EUDR) or the Carbon Border Adjustment Mechanism (CBAM).

The EUDR imposes strict rules in terms of due diligence to all companies wishing to place affected products on the European market, or to export them. The CBAM is the EU’s landmark tool to put a fair price on the carbon emitted during the production of carbon intensive goods that are entering

Dr. Barbara Botos

Solar Power to the People

In helping Hungary achieve its climate goals and greater energy independence, one of the most significant developments over the past year has been in solar power. According to the latest data from MAVIR, Hungary's solar energy capacity reached 5,649 MW by the end of 2023. This increase marks a calendar-year record for Hungary and the roughly 1,632 MW added to solar power capacity last year amounted to more than one and half times the capacity additions recorded in 2022.

Photo by Aleksandar Malivuk / Shutterstock.com

Energy Security Through Supply Diversification

Sanctions placed on Russia, since the country invaded Ukraine in February 2022, have only exacerbated a global energy crisis initially brought on by supply chain shocks caused by the COVID-19 pandemic.

Tax Optimization Could Reduce Energy Sector Burdens

Gábor Matuss, Partner at Andersen Tax Advisory Zrt., has been advising the energy sector for almost 20 years. He has served in this capacity through the economic crisis of 2008-2009, the boom period that followed and the global energy market's more recent upheavals. The Budapest Business Journal spoke to him about the short-term challenges and risks facing the sector.

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Hungary Charging Ahead With Electric Vehicle Ambition

Over the past year, Hungary has become one of the leading countries in Europe with regards to electric vehicles (EVs). Not only have their numbers on the country’s streets been increasing, in addition to the ever expanding network of EV charging stations, but the government has taken a very active role in making the Central European country the European center for manufacturing the electric batteries that will power these vehicles.

Photo by BigPixel Photo / Shutterstock.com

ENERGY EXECUTIVE BIOGRAPHIES

Photo by belizar

/ Shutterstock.com