Energy Governance in Hungary

Szabó, J.; Weiner, Csaba; Deák, András

doi:10.1007/978-3-319-73526-9_13-2

Cited by 3 publications

(4 citation statements)

References 14 publications

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“…As the manifestation of these results, Borowski (2022) found that recent EU efforts towards a zero-carbon economy can be suppressed by the fact that several member states are compelled to prioritize fossil resources previously set aside. In the case of Hungary, this phenomenon bears the risk of further, at least temporarily, increasing energy dependency, which is supported by the relatively low share of renewable-based energy production (Szabo et al, 2021). It is, however, counteracted by the initiatives of the Hungarian government previously demonstrated to support the green transition in and out of the banking sector; among others, the emphasis placed on the exploitation of solar energy can be considered the way out (Kumar et al, 2021).…”

Section: Discussionmentioning

confidence: 99%

Perspectives by green financial instruments – a case study in the Hungarian banking sector during COVID-19

Boros

Lentner

Nagy

et al. 2023

Banks and Bank Systems

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Recently, the management of the green financial sector has been widely influenced by global socio-economic concerns such as the COVID-19 pandemic and the energy crisis. The purpose of this paper is to evaluate, besides their environmental attitude, what opinions and experiences the affected stakeholders have about the sustainability-related processes in the Hungarian banking sector in the early 2020s. To assess this subject extensively, two questionnaire surveys were conducted in two consecutive years (2020/2021 and 2021/2022), involving 600 and 1,600 participants randomly chosen from banking databases, respectively. The results indicate that both residential and corporate participants have various but broadening knowledge of green financial instruments. Hungarian residential customers have pointed out the inconveniences of the most popular green loan product (Green Home Program), while there appears a distinct difference in green investment preferences between the two groups of respondents. Hungarian stakeholders are quite eco-conscious, and so are banks adopting sustainability and climate risk assessment actions, however, the implementations have much potential to exploit. Respondents also identify the energy crisis-related risks, while their trust in the banking system remains high even under volatile circumstances. These findings demonstrate that the Hungarian green banking sector has a high degree of crisis resistance with residential and corporate stakeholders behind giving trust and thereby the driving force toward the successful green transition.

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Section: Discussionmentioning

confidence: 99%

Perspectives by green financial instruments – a case study in the Hungarian banking sector during COVID-19

Boros

Lentner

Nagy

et al. 2023

Banks and Bank Systems

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“…The study provides empirical evidence on when, how, and to what extent profits were accumulated in and siphoned off from Hungary by German energy giants. In doing so, the article offers an alternative reading to existing analyses on Hungarian privatization (Mihályi, 2010) and re-nationalization (Mihályi, 2019), as well as extended recent narratives about Hungarian energy policies (Szabo et al, 2020) and energy companies’ financial analyses (Felsmann, 2014).…”

Section: Discussionmentioning

confidence: 99%

“…The consumer price reduction has been a popular government decision, but it did not solve energy poverty issues (Bouzarovski et al, 2016). In addition, as Szabo et al (2020) emphasize, losses resulting from household provision cannot be easily cross-financed from energy prices for business consumers since Hungary necessitates low energy prices as a cheap manufacturing location in global value chains. Serious tensions related to the financing of infrastructural investments and the energy transition—already exacerbated during the energy price hike of 2021/2022—can already be foreseen.…”

Section: Accumulation Strategies Of German Energy Companies In Hungar...mentioning

confidence: 99%

“…Previous academic scholarship has only partially covered the radical transformation of Hungarian energy. The literature has focused on the description of the privatization and re-nationalization processes (Mihályi, , 2019, the geopolitics of dependence on foreign-mostly Russian-energy sources, the role of European Union (EU) energy policies (Szabo and Deák, 2021;Szabo et al, 2020), changes in terms of energy governance (Kerekes et al, 2019), the scalar changes of electricity provision (Fabók, 2018), and households' energy vulnerability (Bouzarovski et al, 2016). Less attention was paid to the company level (Felsmann, 2014(Felsmann, , 2019, which meant firms' accumulation strategies were also not properly studied.…”

Section: Introductionmentioning

confidence: 99%

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Financialization, dependence, and state regulation: The accumulation strategies of German energy companies in Hungary

Czirfusz

2023

European Urban and Regional Studies

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In recent years, geographical scholarship has paid an increasing amount of attention to the accumulation strategies of energy and public utility companies. This article contributes to these debates by emphasizing the multiscalar nature of profit extraction by transnational energy companies through financialization, dependent power relations, and state regulation regarding transnational energy companies. Empirically, this article analyzes German energy companies’ activities in Hungary. These energy giants bought Hungarian gas and electricity providers, networks, and power plants during the privatization waves of the 1990s, and largely left the Hungarian market after the 2010s re-nationalization process. Previous literature emphasized nation-state agency in the Hungarian energy sector’s development. This study—based on an analysis of companies’ annual reports, media coverage, and financial statements—draws attention to firm-level strategies in understanding techniques and strategies of accumulation by German energy companies in Hungary.

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