PannErgy Geothermal Power Plants

What PannErgy Geothermal Power Plants does

PannErgy Nyrt. (Budapest Stock Exchange ticker: PANNERGY) is a Hungarian geothermal energy utility that develops and operates deep geothermal district heating projects. The company traces its corporate lineage to Pannonplast, founded in 1922 and listed on the Budapest Stock Exchange since 1994; it pivoted to geothermal energy in November 2007 and today operates four projects: Miskolc and Gy\u0151r (each with ~60 MW thermal capacity), Szentl\u0151rinc (~4 MW), and the Berekf\u00fcrd\u0151 methane co-generation plant (320 kW electric plus 0.4 MW heat). Total installed primary geothermal heat capacity is approximately 125 MW, with seven production wells and six reinjection wells feeding 44 km of district heating transmission pipeline and serving roughly 60,000 households across Miskolc, Gy\u0151r, and Szentl\u0151rinc. The Miskolc system is described as Central Europe's largest geothermal heating plant, and the Gy\u0151r system\u2014delivered in 2015 as a HUF 10+ billion investment\u2014was recognized as a priority renewable resource under a March 2022 contract amendment.\n\nThe underlying technology is a closed-loop deep geothermal system: production and reinjection wells (1,500\u20132,600 m depth) extract thermal water at 85\u2013103\u00b0C, transfer heat via heat exchangers to a secondary loop, and reinject cooled water back into the geological formation without mixing with the district heating circuit. At Berekf\u00fcrd\u0151, methane co-produced with thermal water is used to generate electricity sold to the national grid, with residual heat supplied to local facilities including a thermal bath and public buildings. The company holds a state-granted concession for geothermal research and utilization rights in the Gy\u0151r area (consolidated under Arrabona Koncesszi\u00f3s Kft.) and operates an integrated subsidiary structure covering project development, drilling services (DoverDrill), and operations. ISO 9001:2015 certification applies to the PEGE project management subsidiary, and a Miskolc third production well was completed in November 2024 to add independent reserve capacity.\n\nPannErgy's business model centers on long-term heat supply contracts (15\u201332 years) with municipal district heating utilities (MIH\u0150 Miskolc, Gy\u0151r-Szol) and large industrial customers including Audi Hungaria, Joyson Safety Systems Hungary, and GS Yuasa Magyarorsz\u00e1g. Heat tariffs are regulated by Hungarian authorities (hat\u00f3s\u00e1gi h\u0151d\u00edj), effective from October 1, 2025, with multi-year contract cadence and no resellers or intermediaries. Capital-intensive project development is supported by EU non-repayable grants (approximately HUF 2 billion for Gy\u0151r) and project financing. Revenue for FY2024 was HUF 8,140 million with EBITDA of HUF 3,921 million (~48% margin) and an asset base of HUF 28,683 million; renewable heat sales totaled 1,767 TJ in 2024, displacing 70\u201380,000 tonnes of CO\u2082e annually and over 650,000 tonnes cumulatively since 2011.

Name

PannErgy Geothermal Power Plants

Legal name

PannErgy Nyrt.

Website

https://pannergy.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

PannErgy Nyrt. operates four deep geothermal district heating projects in Hungary (Miskolc, Gy\u0151r, Szentl\u0151rinc, Berekf\u00fcrd\u0151) with ~125 MW installed capacity. The company supplies renewable geothermal heat to municipal district heating utilities serving ~60,000 households and to large industrial customers including Audi Hungaria.

Ownership category

akta.pro rank

Product category

Geothermal District Heating

NAICS

Geothermal Electric Power Generation (221116), Steam and Air-Conditioning Supply (221330), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414)

SIC

Cogeneration Services & Small Power Producers (4991), Heating Equipment, Except Electric & Warm Air Furnaces (3433)

akta.pro primary industry

Geothermal Direct Use Heat Projects (District Heating, Greenhouses, Aquaculture, Industrial Heat) (EUAMAEAG)

akta.pro secondary industries

Geothermal Drilling & Well Construction (Production/Injection, Directional, Well Services) (EUAMAEAB), Geothermal Power Plant Development & IPP (Permitting, Financing, Project Development) (EUAMAEAD), Geothermal Equipment & Component Manufacturing (Turbines, Heat Exchangers, Pumps, ORC Units) (EUAMAEAI), Geothermal Grid Integration & Power Offtake (Interconnection, PPAs, Ancillary Services) (EUAMAEAK)

Keywords

• Geothermal district heating
• Renewable heat supply
• Deep geothermal drilling
• Baseload renewable energy
• Industrial heat supply

Headquarters

HQ city

Budapest

HQ country

Hungary

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Geothermal Heat Sales: Sale of geothermal heat energy to municipal district heating companies and industrial customers through long-term heat supply contracts. Revenue is based on regulated heat tariffs (hatósági hődíj) set by Hungarian authorities, supplemented by commercial agreements with industrial partners. Primary revenue driver with 1,767 TJ renewable heat sold in 2024.
2. Electricity Generation (Berekfürdő): At Berekfürdő facility, methane accompanying gas from thermal wells is used to generate electricity (320 KW capacity) sold to the national grid, and heat sold to local facilities including the thermal bath and public buildings.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

PannErgy develops, owns, and operates deep geothermal district heating systems and a methane-fueled cogeneration plant that produce and sell renewable heat energy (and limited electricity) to municipal district heating companies and large industrial customers in Hungary. Its four operational projects — Miskolc, Győr, Szentlőrinc, and Berekfürdő — extract thermal water from depths of 1,500–2,600 meters, transfer heat via heat exchangers to district heating networks, and reinject cooled water back into geological formations, delivering weather-independent baseload renewable heat under long-term supply contracts.

Product overview

PannErgy operates four geothermal energy projects across Hungary: the Miskolc and Győr geothermal systems (the company's largest facilities with 60 MW thermal capacity each), the Szentlőrinc geothermal system (4 MW), and the Berekfürdő power plant (320 KW electricity + 0.4 MW heat from methane). The Miskolc system is Central Europe's largest geothermal heating plant. The company provides renewable geothermal heat to district heating networks serving approximately 60,000 households and industrial facilities, while Berekfürdő generates electricity from extracted methane gas.

Differentiator

Problem solved

Functional benefit

Brands

• PannErgy Geotermikus Erőművek Zrt. (PEGE): Subsidiary providing project management services in geothermal energy field, certified to MSZ EN ISO 9001:2015 quality standard
• PannErgy Koncessziós Kft.
• Arrabona Geotermia / Arrabona Koncessziós
• Miskolci Geotermia
• Szentlőrinci Geotermia
• Berekfürdő Energia
• DDEnergy

Products and services

• Miskolc Geothermal System The largest geothermal heating plant in Central Europe, providing renewable heat supply to the city of Miskolc through a system of three production wells, three reinjection wells, heat exchangers, and district heating pipelines. Features 60 MW thermal capacity serving approximately 33,000 households. Awarded GeoPower Market's Best Heating Project 2013 international award.
• Győr Geothermal System A HUF 10+ billion investment providing geothermal heat to Győr through three production wells, two reinjection wells, a 17-kilometer heat transmission pipeline, and the Bőny Heat Centre. Supplies district heating to approximately 24,000 homes and 1,000+ other customers, providing at least 80% of heating energy to the Audi Hungaria factory complex. Up to 67,000 tonnes annual GHG reduction at full capacity.
• Szentlőrinc Geothermal System A geothermal system consisting of one production well and one reinjection well serving approximately 900–1,000 homes in Szentlőrinc. Delivers heat through a heat center with 4 MW thermal capacity, fully replacing natural gas-based district heating under a 15-year heat supply contract with the municipal government.
• Berekfürdő Power Plant A facility that utilizes methane gas accompanying thermal wells for electricity and heat generation. Generates 320 kW electrical power (sold to the national grid) and 0.4 MW thermal power, selling heat to local consumers including the Berekfürdő Thermal Bath and public buildings. Displaces approximately 12,000 tonnes CO2e annually through methane capture.

Quantifiable outcome

• 70-80,000 tonnes CO2e displaced annually (2024)
• +5 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• GS Yuasa Magyarország Kft.minorStrategic or Co-development Partner · 1 November 2018Geothermal heat supply agreement with Japanese-owned battery manufacturer. PannErgy constructed transmission pipeline up to factory heat center separation exchanger.
• Hungarian State (Concession Agreement)coreStrategic or Co-development Partner · 6 February 2017Concession agreement with Hungarian State granting geothermal energy research rights for Győr area. Subsequently transferred to Arrabona Geotermia Kft., later Arrabona Koncessziós Kft.
• Győr-Szol Zrt.coreStrategic or Co-development Partner · 25 September 201415-year heat supply contract with Győr municipal district heating company. Geothermal provides approximately 40% of heat for 24,000 homes and 1,000+ customers. March 2022 agreement gave geothermal priority over other energy sources.
• Joyson Safety System Hungary Kft.minorStrategic or Co-development Partner · 1 January 20145-year renewable heat energy supply contract for one of Borsod-Abaúj-Zemplén county's largest industrial consumers. Customer's entire heat energy requirement met from geothermal sources.
• AUDI HUNGARIA Zrt.coreStrategic or Co-development Partner · 20 December 201317+15 year geothermal energy supply agreement with Audi Hungaria Zrt. for clean geothermal heat to the Audi factory in Győr. DDEnergy Termelő és Szolgáltató Kft. (subsidiary) executes the contract. At least 80% of factory heating energy supplied.
• Berekfürdő ÖnkormányzataminorStrategic or Co-development Partner · 30 September 2010Acquisition of Berekfürdő Energia Termelő és Szolgáltató Kft. from municipal government. Uses methane from thermal wells for power and heat generation.
• MIHŐ Kft.coreStrategic or Co-development Partner · 1 August 2009Joint venture partnership with Miskolc municipal government-owned MIHŐ Kft. Established Miskolci Geotermia Zrt. project company in August 2009 for supplying renewable thermal energy to Miskolc. PannErgy holds 100% of project company.
• Szentlőrinc Város ÖnkormányzatacoreStrategic or Co-development Partner · 1 November 2008Joint project company Szentlőrinci Geotermia Zrt. established with municipal government. 15-year heat supply contract (extendable by 5 years) for town district heating replacement.

Scale indicators14 records

Recent moves12 records

Expansion highlights4 records

Broad incumbents

• E.ON SE: European energy utility with geothermal exploration interests (e.g., Groß Schönebeck) and renewable-heat activities. Adjacent to PannErgy as a large incumbent moving into deep geothermal heating.
• Veolia Environnement: Global environmental services and district-energy operator with district heating networks across Europe. Comparable to PannErgy as a long-term operator of municipal and industrial heat-supply infrastructure.
• ENGIE: French multinational utility with geothermal district-heating operations in the Paris Basin and broader renewable and district-energy portfolio. Comparable to PannErgy's direct-use heat model as one of several activities inside a global utility.
• Enel Green Power: Global renewables arm of Enel Group operating geothermal power generation in Italy (Tuscany) alongside wind, solar, and hydro. Overlaps with PannErgy in geothermal generation but at much larger scale and broader portfolio mix.

Direct peers

• Stadtwerke München (SWM): Munich municipal utility operating the Riem and Pullach geothermal district-heating projects. Directly comparable to PannErgy as a municipally-anchored geothermal heat supplier scaling baseload renewable heating in a European city.
• Orkuveita Reykjavíkur (Reykjavik Energy): Icelandic municipal utility running geothermal district heating for the Reykjavik capital region. Comparable to PannErgy as a public, municipally-tied operator of large-scale geothermal heating assets with regulated tariffs.
• MVV Energie AG: German utility operating multiple geothermal district-heating systems (e.g., Unterhaching, Isar-Amper) supplying renewable heat to municipalities. Comparable to PannErgy as a regulated, district-heating-anchored geothermal operator with long-term municipal supply contracts.
• HS Orka hf: Icelandic geothermal utility producing power and supplying district heating to municipal and industrial customers. Comparable to PannErgy's combined Berekfürdő heat-and-power model and Hungarian district-heating operations.

Emerging players

• GP JOULE: German renewable energy developer with district-heating and geothermal activities. Comparable to PannErgy as a project-developer building renewable-heat supply assets for municipalities and industry in continental Europe.
• Mannvit hf: Icelandic engineering and consulting firm with deep geothermal drilling and district-heating project expertise. Comparable to PannErgy's DoverDrill subsidiary in drilling capability and to its project-development know-how.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/pannergy

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries9 records

Funding overview

Funding rounds1 record

Investors1 record

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 PannErgy Geothermal Power Plants