Following the continued General Assembly of MVM Ltd. held on 23rd December 2005, the Board of Directors passed a resolution on the transfer of the company’s transmission activities and the related assets to MAVIR Ltd. With this resolution, as a key element of MVM’s Medium-Term Business Strategy, the Hungarian Transmission System Operator was established within the MVM Group on 1st January 2006.
With the establishment of the Hungarian Transmission System Operator, MVM Ltd. has taken a significant step in the process of establishing an integrated national electricity company group. The establishment of the TSO increases the security of electricity supply via a uniform management of transmission network assets and tasks and the simplification of complex internal regulations resulting from the previous fragmented operation. At the same time, the unique position of the Transmission System Operator within the MVM Group guarantees the independence of system operation from market participants in a transparent and non-discriminative manner, which is required both by European Union and Hungarian legislation in order to protect the market. The legal framework of the ITO model, which ensures the simultaneous realisation of benefits arising from integrated operations and compliance with unbundling rules, in accordance with the EU directive, was laid down by the Hungarian Parliament in a legislative amendment passed at the end of 2009. The changeover took place in 2012.
