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RWE: Hungary's number one fan
01 November 2002
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Hungary's Eu53.3 million ($54 million) TVK Eromu, inside-the-fence, industrial steam/power project reached financial closed on 19 September. Lead sponsored by RWE-owned EMASZ, with 74% of TVK Eromu, and with the offtaker TVK (one of the largest central European petrochemicals players) as 26% shareholder, the steam/electricity cogen deal is a private industrial contract ? the second in Hungary to date and almost a carbon copy of the first, the BorsodChem deal which was also RWE-sponsored.
It is a small deal and, according to observers of the Hungarian power market, unlikely to be repeated if power liberalisation in Hungary goes ahead on schedule next year. However, the project sets a standard for future private cogen deals should liberalisation go off the rails for a second time: state energy monopoly MVM's inability to liberalise contributed to both AES and Tractebel taking Hungary's privatisation holding company APV to court for damages last year....
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