MVM Group

Magyar Villamos Művek (short MVM, German Hungarian electricity works, also: MVM Group) is a state-owned power company in Hungary. Despite partial privatization and liberalization of the Hungarian energy market MVM continues to hold a dominant position in the field of power generation and distribution in Hungary.

According to Deloitte's statistics MVM is one of the 10 largest companies in Hungary and among the 40 largest in East Central Europe.

With the Paks nuclear power plant and lignite power plant Matra MVM is (co - ) owner of the two largest power plants in Hungary.

History

The company was founded in 1963 under the socialist central government of Hungary as Magyar Villamos Művek Tröszt ( MVMT - MVM Trust ) was founded. In this society, the existing monopoly since 1954, national power plant Trust and the six regional electricity network operator in Hungary was united.

In this form consisted MVM (T) until 1991, when the Trust as part of the dissolution of the state economy in a group of corporations (MVM Group) under the leadership of a holding company (MVM Zrt. ) Was converted. The MVM Group remained in the new legal form first majority in the Hungarian state-owned. Mid -1990s were individual sub- companies, mostly power plant operating companies, sold or partially privatized.

As part of a privatization initiative of the Hungarian government from the year 2008 the majority of the still (partially) state-owned enterprises in Hungary - including the MVM Group - being gradually privatized.