Industry Electricity Number of employees 7,859 | Key people Peter Csiba (CEO) Founded 1948 Type State-owned enterprise | |
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Revenue 646.5 billion HUF (2011) Website mvm.hu/en/Lapok/default.aspx CEO Péter János Horváth (16 Aug 2013–), Csaba Baji (29 Apr 2011–) Profiles | ||
MVM Group (Magyar Villamos Művek Zártkörűen működő Részvénytársaság, literally: Hungarian Electrical Works Private Limited Company) is a Hungarian power company, the largest in the country responsible for the production, distribution and sale of electricity.
The company owns several power plants including the Paks Nuclear Power Plant with a total installed capacity of 2,500 MW and has 3,501 km of transmission lines. In 2011 MVM entered into natural gas industry and interested in the proposed gas pipeline South Stream. The Hungarian power company wants to expand by the Adriatic Sea to import liquid gas from a planned Croatian gas terminal. MVM is also a founder (along with two other state enterprises: Magyar Posta/Hungarian Post and Magyar Fejlesztési Bank/Hungarian Development Bank) of the new Hungarian state-owned mobile phone company MPVI was going to take up in 2012, but the company itself was proven to be too expensive to even start providing service. MVM sold its share to Magyar Posta in December 2013, and the MPVI's board of directors was disbanded on 19 December 2013, finalizing MPVI's incorporation to Magyar Posta.
In the middle of 2012 MVM established a subsidiary for prepare the factual steps of Paks expansion. According to the latest plans the construction will take up in 2017 and the first new unit will be complete in 2023.