HUPX Hungarian Power Exchange

What HUPX Hungarian Power Exchange does

HUPX Hungarian Power Exchange (legal entity HUPX Zrt.) is the designated Nominated Electricity Market Operator (NEMO) for Hungary, operating organized spot markets for wholesale electricity and renewable energy Guarantees of Origin since 2010. The exchange runs four core products: a Day-Ahead Market (DAM) connected to the pan-European Single Day-Ahead Coupling (SDAC); an Intraday Continuous Market connected to SIDC/XBID; a pan-European Intraday Auction (IDA) market launched in June 2024; and a GO Market auctioning Guarantees of Origin certificates. Trading is delivered via the EPEX SPOT MATS trading system, with 15-minute MTU products introduced on DAM in October 2025 and cross-border capacity computed through JAO/ENTSO-E processes in the Core Capacity Calculation Region.

The business model is a regulated, membership-based exchange. HUPX earns transaction/trading fees from members executing on the spot markets, recurring membership fees for access, and subscription revenue from market data products sold via the HUPX Labs platform (API endpoints, datasets, indices such as ID1, ID3 and VWAP). Approximately 60 members trade DAM and 46 trade intraday, with 80-90% of members being foreign-registered entities; the GO Market serves both Hungarian and cross-border renewable certificate issuers. Adjacent subsidiaries include CEEGEX (Central European Gas Exchange) and HUDEX (Hungarian Derivative Exchange, with power futures now physically delivered through a partnership with EEX following HUDEX discontinuation).

Since December 2024, HUPX has operated as part of ADEX Group (ADEX Szervezett Villamosenergiapiac Holding Zrt.), which consolidates HUPX (Hungary), BSP (Slovenia) and SEEPEX (Serbia) under a Budapest-based holding to create a unified regional spot trading platform spanning Central and South-Eastern Europe. The exchange is privately held, with no venture or public equity funding disclosed.

Name

HUPX Hungarian Power Exchange

Legal name

HUPX Zrt.

Website

https://hupx.hu

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

HUPX Hungarian Power Exchange (HUPX Zrt.) is Hungary's designated NEMO, operating Day-Ahead, Intraday Continuous, Intraday Auction, and Guarantees of Origin markets for energy traders, utilities, producers, and large consumers, now part of ADEX Group.

Ownership category

akta.pro rank

Product category

Electricity Spot Exchange

NAICS

Securities and Commodity Exchanges (52321)

SIC

Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)

akta.pro secondary industries

Wholesale Renewable Power Trading (Day-Ahead, Intraday, Bilateral) (EUAMAMAA), Commercial & Industrial (C&I) DER Aggregation & Load Flexibility (EUAFAHAB)

Keywords

• Electricity spot trading
• Power exchange services
• Guarantees of origin
• Market data subscriptions
• Cross-border market coupling

Headquarters

HQ city

Budapest

HQ country

Hungary

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Digital Commerce or Content

Cost components

Technology or R&D, Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Trading/Transaction Fees: HUPX charges trading fees to members executing trades on its Day-Ahead and Intraday spot markets. The exchange has historically offered fee waivers and discounts to attract new members to the intraday market.
2. Membership Fees: Members pay membership fees to access and trade on HUPX spot markets. New member onboarding processes are managed through the [email protected] contact.
3. Market Data Subscriptions: HUPX sells market data packages (Info User, Data Vendor subscriptions) through the HUPX Labs platform. Packages include API access, data downloads, and cross-product comparison features. Pricing is published on labs.hupx.hu/about_us/pricing.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

HUPX operates Hungary's designated organized electricity spot market, providing electronic trading platforms for Day-Ahead, Intraday Continuous, and Intraday Auction markets connected to the pan-European SDAC and SIDC market coupling initiatives. The exchange also operates a Guarantees of Origin (GO) auction market for renewable energy certificates and offers market data, analytics, and API access through its HUPX Labs platform.

Product overview

HUPX Hungarian Power Exchange operates a multi-product electricity trading platform consisting of spot market services: Day-Ahead Market (DAM) connected to European SDAC coupling, Intraday Continuous Market connected to SIDC/XBID, and Intraday Auction Market (IDA) launched in 2024. The GO Market handles Guarantees of Origin certificates. HUPX Labs provides market data access via APIs. Subsidiaries include CEEGEX (gas exchange) and HUDEX (derivative exchange). The exchange is now part of ADEX Group following December 2024 integration of BSP and SEEPEX.

Differentiator

Problem solved

Functional benefit

Brands

• HUPX Labs: Market data platform providing access to trading data, benchmark indices, API endpoints, and analytics for energy market participants.
• HUPX Day-Ahead Market
• HUPX Intraday Continuous Market
• HUPX Intraday Auction Market

Products and services

• HUPX Day-Ahead Market (DAM) Day-ahead electricity spot market for physical delivery trading, connected to the pan-European SDAC market coupling. Supports hourly and quarter-hourly (15-minute MTU) products introduced in October 2025 for delivery day.
• HUPX Intraday Continuous Market Continuous intraday electricity trading platform enabling near-real-time position optimization. Connected to SIDC/XBID European cross-border continuous trading; supports quarter-hourly and hourly products.
• HUPX Intraday Auction Market (IDA) Pan-European Intraday Auction market operational since June 2024, part of SIDC. Provides three daily auctions for cross-border capacity allocation, optimization, and enhanced market competition.
• HUPX GO Market (Guarantees of Origin) Market for Guarantees of Origin certificates verifying electricity from renewable sources. Conducts periodic auctions with participation from multiple countries; expanded to include NECS registry integration in 2024.
• HUPX Labs Platform Modern market data platform providing trading data, benchmark indices, API endpoints, developer guides, inter-product comparison, and analytics for energy market participants.
• MATS Trading System Electronic trading system for HUPX Spot Markets provided by EPEX SPOT. Supports day-ahead and intraday trading operations with API connectivity; replaced the previous ETS system.

Quantifiable outcome

• 58% year-over-year growth in Intraday Market volume in 2023, reaching 6,850 GWh
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature6 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• European Energy Exchange (EEX)coreStrategic or Co-development Partner · 26 February 2026Following HUDEX discontinuation, HUPX and EEX enable Hungarian power futures with physical delivery. EEX offers these products to its members; Hungarian market participants who are EEX members can access Hungarian futures. HUPX provides the physical delivery framework through its spot market infrastructure.
• ADEX Group (BSP South Pool, SEEPEX)coreStrategic or Co-development Partner · 10 December 2024In December 2024, the transaction was completed integrating HUPX (Hungary), BSP South Pool (Slovenia), and SEEPEX (Serbia) under ADEX Szervezett Villamosenergiapiac Holding Zrt., headquartered in Budapest. This creates a unified regional trading platform across three Central and Southeast European countries, strengthening market liquidity, transparency, and efficiency.
• NECS RegistrycoreTechnology or Integration · 24 September 2024HUPX GO Market expanded to include the NECS GO registry from October 1, 2024. This allows members to place collateral in the NECS registry, increasing market flexibility and efficiency. The first GO auction with NECS support saw strong participation with collateral worth 1.11 TWh from 5 countries.
• CerQlarminorGTM or Marketing Partner · 30 August 2024HUPX and CerQlar co-organized a GO market webinar in September 2024 focused on risk management and market developments, with over 180 participants. CerQlar provides risk management insights for GO market participants.
• VolueminorGTM or Marketing Partner · 19 February 2024HUPX and Volue co-hosted a webinar titled 'Leveraging the pan-EU Intraday Auctions markets' in February/March 2024 with over 200 participants. The webinar covered new European intraday auction markets launching June 2024.
• VeytminorStrategic or Co-development Partner · 23 November 2023HUPX Zrt. and Veyt collaborated to host the 'Guarantees of Origin Market: Outlook for Q4 2023 and 2024' webinar, attracting 180+ participants. Veyt supports the GO Market's visibility and data services for Guarantees of Origin certificates.
• EPEX SPOTcoreTechnology or IntegrationHUPX spot markets use the EPEX SPOT MATS trading system. EPEX provides the technical trading infrastructure for the HUPX Day-Ahead and Intraday markets, including the new pan-European Intraday Auctions (IDA) launched June 2024.
• JAO (Joint Allocation Office)coreTechnology or IntegrationJAO publishes cross-border capacity calculation results for the Core Capacity Calculation Region, including the IDCC parallel runs. HUPX participates in Core region flow-based capacity calculations coordinated by JAO.
• NEMO CommitteecoreStrategic or Co-development PartnerHUPX, as a NEMO, participates in the NEMO Committee which coordinates pan-European market coupling (SDAC and SIDC). The Committee's CEO joint statements reaffirm commitment to European electricity market integration.
• ENTSO-EcoreStrategic or Co-development PartnerEuropean Network of Transmission System Operators for Electricity coordinates the European electricity network and market coupling. HUPX participates in initiatives coordinated by ENTSO-E including Core Consultative Group meetings and IDCC processes.
• MAVIR (Hungarian Transmission System Operator)coreStrategic or Co-development PartnerMAVIR is the Hungarian TSO that works with HUPX on market coupling, cross-border capacity allocation, and Shadow Auction processes. HUPX and MAVIR jointly participate in XBID/SIDC and SDAC market coupling initiatives.

Scale indicators9 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• SEEPEX: Serbian power exchange operating day-ahead and intraday spot markets. SEEPEX became part of ADEX Group alongside HUPX in December 2024, and is a directly comparable NEMO-level spot exchange in South-Eastern Europe.
• EPEX SPOT: European Power Exchange operating day-ahead and intraday spot markets across multiple countries. EPEX is a direct competitor in cross-border spot trading and is also HUPX's technology provider via the MATS trading system, making it the closest functional peer.
• BSP South Pool: Slovenian power exchange operating day-ahead and intraday spot markets. BSP was integrated together with HUPX into ADEX Group in December 2024, and is a directly comparable NEMO-level spot exchange in the CEE region.

Emerging players

• IBEX (Independent Bulgarian Energy Exchange): Bulgarian power exchange operating day-ahead and intraday spot markets. IBEX is an emerging peer with comparable NEMO-style spot functions in a neighboring SEE market, smaller in scale than HUPX but operating similar product architecture.

Broad incumbents

• Nord Pool: Largest European power exchange operating day-ahead and intraday markets across Nordic and Baltic countries and the UK. Nord Pool is a broader incumbent comparable to HUPX in core exchange operations and cross-border coupling, but at significantly larger scale and geographic reach.
• European Energy Exchange (EEX): EEX operates pan-European power and gas derivatives markets and is the leading European energy exchange. EEX now offers Hungarian power futures with physical delivery via HUPX, making it both a partner and a much larger incumbent competitor for cross-border liquidity and member mind-share.

Regional players

• TGE (Towarowa Giełda Energii): Polish power exchange operating day-ahead, intraday and derivatives markets. TGE is a regional peer serving a comparable electricity-trading function in an adjacent CEE market, with a broader product stack including gas and property rights.
• OPCOM: Romanian power exchange operating spot and balancing markets. OPCOM is a regional peer in the CEE/SEE corridor, comparable in NEMO-level spot trading but operating in a different national jurisdiction than HUPX.
• SEMOpx: Irish and Northern Irish power exchange operating day-ahead and intraday SEM markets. SEMOpx is a regional peer running comparable spot exchange operations but in a different geographic market (island of Ireland).
• EXAA (Energy Exchange Austria): Austrian energy exchange operating day-ahead spot markets and ancillary services. EXAA is a regional peer serving a comparable NEMO function in a neighboring CEE country with overlapping cross-border capacity to Hungary.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hupx
• Facebookfacebook.com/HungarianPowerExchange

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HUPX Hungarian Power Exchange