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Hungary Solar Photovoltaic (PV) Power Market Outlook 2019-2028

  • ID: 4846841
  • Report
  • Region: Hungary
  • 126 Pages
  • Inea Consulting Ltd
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FEATURED COMPANIES

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  • MATRA
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With a land area of 93,028 km2, Hungary is a landlocked country in Central Europe. It measures about 250 km from north to south and 524 km from east to west. It has 2,106 km of boundaries, shared with Austria to the west, Serbia, Croatia and Slovenia to the south and southwest, Romania to the southeast, Ukraine to the northeast, and Slovakia to the north. The country’s landscape is mostly flat. The population was 9.82 million and the current gross domestic product (GDP) was $155.7 billion as of 2018.

Due to geographical conditions, most of the country’s power demand is met by importing energy from neighboring countries. The majority of the power is imported from Slovakia, Austria, and Ukraine, and the main export countries are Croatia and Serbia. Hungary has good potential for the use of solar energy, as the number of sunny hours in Hungary is between 1,950-2,150 per year at an intensity of 1,200 kWh/m2 per year. It is estimated the theoretical potential could amount to several tens of thousands of MW.

Under Hungary’s National Energy Strategy up until 2030, Hungary will aim at ensuring the long-term security of energy supplies and increasing the share of renewable sources in its electricity generation mix, particularly solar photovoltaic, but also notes that fossil fuels, mainly natural gas, will be necessary for future generations. Developing further nuclear energy capabilities was also outlined as an option to cover demand. The National Energy Strategy stipulates that the construction of new power plants will be required to replace those that will become obsolete in the future. The country’s main strategy to meet the growing need of power is to reduce the energy dependency by increasing the energy efficiency, increased use of renewable resources, natural gas, nuclear sources, and connecting to the European power infrastructure.

Hungary is ranked among the top 10 countries by attractiveness for solar photovoltaic (PV) energy investments among CEE & SEE countries by Renewable Market Watch in their yearly updated "Attractiveness index for solar photovoltaic (PV) energy investments in CEE & SEE countries in 2018". The country’s main strategy to meet the growing need for power is to reduce energy dependence by increasing energy efficiency, increased use of renewable resources and nuclear sources.

First photovoltaic (PV) power plants have been launched into commercial operation between 2012 and 2017, whilst pipeline of over 2,000 MW (2 GW) solar photovoltaic (PV) power projects are progressing in different stages of permitting process for grid connection by 2020. New feed-in tariffs for solar PV power entered into force in Hungary at the beginning of 2017 combined and is expected to pave the way for fast further growth of solar photovoltaic energy market in Hungary.

The report provides a complete picture of the market situation, dynamics, current issues, and future prospects. You will find more than 125 pages of valuable information in this unique in-depth analysis of the Hungary photovoltaic (PV) power market. With comprehensive market data, this report brings clear and concise insights, to help investors in their decision-making process. As 2016 and 2017 were challenging years for the world photovoltaic (PV) energy industry, the time for making the right decisions during 2018 and the next few years are limited. The fast-changing market environment requires relevant and accurate information. For your convenience, the analyst can offer the opportunity for orders with customized report content.

Reasons to buy this market report are, but not limited to:

  • Solar resource potential in Hungary
  • Historical market data provided from 2000 to 2018 and forecasts until 2028
  • Financial Model and Analysis of 5 MW Photovoltaic (Solar PV) Power Plant investment in Hungary (IRR, WACC, Payback, NPV, Cash Flow, etc.)
  • Over 45 charts, tables, and maps
  • Overview of Hungary photovoltaic (solar PV) market development 2008-2028
  • Development scenario of Hungary photovoltaic (solar PV) sector until 2028
  • Major active and upcoming solar PV power plants in Hungary
  • Current market prices of fully permitted and operational solar photovoltaic projects
  • Attractiveness index for solar photovoltaic investments in Hungary and the CEE & SEE countries
  • SWOT Analysis (detailed in 5 pages)
  • Overview of Hungary legal and regulatory framework for RES generation
  • Review of most relevant financing and supporting incentives
  • Project developers, EPC providers, and Consultants in Hungary
  • Key organizations and stakeholders affecting the development of the solar photovoltaic (PV) sector in Hungary
  • Investment potential and opportunities

Report Subscription:
  • Customers of a Single User License will receive up to 1 free update of the report if they order up to the end of February 2020
  • Customers of a 1-5 User License will receive up to 2 free updates of the report if they order up to the end of February 2020
  • Customers of an Enterprise License will receive up to 3 free updates of the report if they order up to the end of December 2019











































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FEATURED COMPANIES

  • Canadian Solar
  • China Sunergy (CSUN)
  • Jinko Solar
  • MATRA
  • ReneSola
  • RWE
  • MORE

FOREWORD

1 METHODOLOGY AND LIMITATIONS
1.1 Research Methodology
1.2 Limitations

2 EXECUTIVE SUMMARY
2.1 Historical and Current Development Overview of Photovoltaic (Solar PV) Power Market in Hungary
2.2 Hungary Solar Resource Potential
2.3 Key Stakeholders Affecting Photovoltaic (Solar PV) Power Market Development in Hungary
2.4 Market Drivers and Constraints
2.5 Recent and Pending Changes in Renewable Energy Law in Hungary
2.6 Market Forecast Summary

3 HUNGARY POLITICAL AND ECONOMIC ENVIRONMENT. PEST ANALYSIS
3.1 Basic Country Data
3.2 Political Climate and Ruling Party
3.3 GDP and Economic Growth
3.4 Taxes
3.4.1 VAT
3.4.2 Income and Corporate Taxes

4 CENTRAL-EAST EUROPE (CEE) AND SOUTH-EAST EUROPE (SEE) POWER MARKET
4.1 General Electricity Market information
4.2 Photovoltaics (Solar PV) in Energy Sector
4.3 Single Electricity Market

5 CENTRAL-EAST EUROPE (CEE) AND SOUTH-EAST EUROPE (SEE) PHOTOVOLTAIC (SOLAR PV) POWER MARKET
5.1 Market Overview
5.2 Cumulative Installed Photovoltaic (Solar PV) Capacity and Revenue
5.3 Annual Installed New Photovoltaic (Solar PV) Capacity
5.4 Future Development Trends

6 HUNGARY POWER MARKET
6.1 Electricity Transmission and Distribution
6.2 Electricity Consumption and Generation
6.3 Electricity Imports and Exports
6.4 Electricity Prices for Business and Households
6.5 Renewable Energy Sources (RES) Targets

7 HUNGARY PHOTOVOLTAIC (SOLAR PV) POWER MARKET
7.1 Why Invest in Photovoltaic (Solar PV) Power in Hungary?
7.2 Hungary Solar Resource Potential
7.3 Licensing Period Duration
7.4 Regional Substation Capacities for Solar PV Power Projects in Hungary
7.5 Overview of Photovoltaic (Solar PV) Power Market in Hungary
7.6 Market Structure Analysis
7.7 Investment Trends and Development Roadmap
7.8 Competitive Environment in Photovoltaic (Solar PV) Power Market
7.9 Profiles of Key Players and Investors in Photovoltaic (Solar PV) Power Market
7.10 Cumulative Installed Photovoltaic (Solar PV) Capacity and Revenue
7.11 Annual New Installed Photovoltaic (Solar PV) Capacity
7.12 Market Prices for Photovoltaic (Solar PV) Power Projects in Hungary in Development, Ready to Build and Operational (Grid Connected) Condition
7.13 Key Cost Structure Elements of Photovoltaic (Solar PV) Power Plant in Hungary
7.14 Levelized Cost of Energy (LCOE) for Photovoltaic (Solar PV) Power in Hungary
7.15 Key Photovoltaic (Solar PV) Power Projects in Hungary
7.16 Mergers and Acquisitions

8 DRIVERS AND CONSTRAINTS OF PHOTOVOLTAIC (SOLAR PV) MARKET IN HUNGARY. SWOT ANALYSIS
8.1 Market Drivers
8.2 Market Drivers Explained
8.3 Market Constraints
8.4 Market Constraints Explained
8.5 SWOT Analysis

9 FINANCIAL ANALYSIS OF PHOTOVOLTAIC (SOLAR PV) MARKET IN HUNGARY
9.1 Financing Options of Photovoltaic (Solar PV) Power Projects in Hungary
9.2 Financial Model and Analysis of 5 MW Photovoltaic (Solar PV) Power Plant investment in Hungary (IRR, Discount rate, Payback, NPV, Cash Flow, ETC.)

10 TECHNOLOGY ANALYSIS
10.1 Photovoltaic (Solar PV) Technology Overview
10.2 Technology Trends

11 EUROPEAN RENEWABLE ENERGY POLICY LANDSCAPE
11.1 RES Regulations and EU Directives
11.1.1 Precedent EU regulations
11.2 Renewable energy mandatory targets for CEE & SEE countries set out by the EU
11.2.1 Interim targets set out by the EU
11.2.2 National support schemes flexibility allowed by the EU and progress reporting
11.2.3 Energy Community (EC) Treaty
11.3 EU 2030 framework for climate and energy policies
11.3.1 Targets
11.3.2 Coherence of policy instruments
11.3.3 Fostering the competitiveness of the EU economy

12 HUNGARY RENEWABLE ENERGY SOURCES (RES) LEGAL AND REGULATORY FRAMEWORK
12.1 Main Laws and Regulations
12.2 National Energy Strategy 2030
12.3 Zoning, Planning and Construction Related Authorizations
12.3.1 Zoning Plans Procedure
12.3.2 Building Permit (Construction License) Procedure
12.4 Environmental Related Authorizations
12.4.1 Natura 2000 Network
12.4.2 Clean Development Mechanism (CDM) and Joint Implementation (JI)
12.5 Energy Law Authorizations
12.5.1 Power Generation Licensing
12.5.2 Grid Interconnection
12.5.3 Power Off-Take
12.5.4 Green Premium (Premium Tariff)
12.5.5 Feed-in Tariff
12.5.6 Net-Metering
12.5.7 Green Certificates (Guarantees of Origin)
12.6 Changes in Hungarian Renewable Energy Law from 2016 and 2017
12.6.1 New Renewable Energy Support Scheme (System) - METAR
12.7 Future Market Pricing Mechanisms

13 KEY STAKEHOLDERS AFFECTING PHOTOVOLTAIC (SOLAR PV) POWER MARKET DEVELOPMENT IN HUNGARY
13.1 Government Stakeholders
13.2 Non-Government Stakeholders
13.3 Electricity Generation, Transmission System Operator (TSO) and Distribution System Operators (DSO’s)

14 CONCLUSIONS AND RECOMMENDATIONS

15 LIST OF ABBREVIATIONS

16 REFERENCES

17 DISCLAIMER
APPENDIX I. SOLAR RESOURCE MAPS OF EUROPE AND HUNGARY

18 APPENDIX II. CALCULATIONS DESCRIPTION TO FINANCIAL MODEL

List of Maps, Charts, and Tables
Map 1: Where is Hungary on the World Map
Map 2: Hungary Road Network
Map 3: Hungary Administrative Regions Map
Map 4: Hungary Electricity Grids Network
Map 5: Solar Resource Map of Hungary
Map 6: Solar Irradiation and Solar Electricity Potential for Optimally Inclined Photovoltaic Modules in Hungary
MAP 7: Hungary Natura 2000 Areas Map
MAP 8: Solar Irradiation and Solar Electricity Potential for Horizontally Mounted Photovoltaic Modules in Hungary
Map 9: Solar Irradiation and Solar Electricity Potential for Horizontally Mounted Photovoltaic Modules in Hungary
Map 10: Solar Irradiation and Solar Electricity Potential for Optimally Inclined Photovoltaic Modules in Europe

Chart 1: Hungary Real GDP Growth (in %) for the Period 2008-2028 (including forecast)
Chart 2: Hungary GDP Growth Compared to EU-28 for the Period 2008-2028 (including forecast)
Chart 3: Corporate Tax Income in Selected Central-East Europe (CEE) and South-East Europe (SEE) Countries
Chart 4: Physical Energy Flows Values in GW in Central-East Europe (CEE) and South-East Europe (SEE) in 2019
Chart 5: Breakdown of Electricity Production by Source Type in the EU-28 in 2019 (in %)
Chart 6: Share of Renewables in Electricity Generation in Selected Central-East Europe (CEE) and South-East Europe (SEE) Countries, 2019 (in %)
Chart 7: Average Base Load Electricity Price in Selected European Countries (€/MWh): 2008 -2019; Renewable Market WatchTM
Chart 8: Forecast for RES Generation Capacity by Source Type in the EU to 2020 and 2030 (in GW)
Chart 9: New Installed and Decommissioned Power Capacity by Source Type in the EU in 2019 (MW)
Chart 10: Age of Power Plants in Europe in 2019 in MW
Chart 11: Share of New Power Generation Capacities Added in the EU 28 in 2019 (MW)
Chart 12: Annual Installed Power Generating Capacity (MW) and Renewable Share (in %) 2000 -2019 in the EU
Chart 13: Net Installed and Decommissioned Power Generation Capacity in the EU 28 for 2019 (GW)
Chart 14: Number of Filled Patents for Solar PV Technologies in CEE & SEE Countries 2008 -2019, EPO PATSTAT
Chart 15: Cumulative Installed Capacity of Photovoltaic (Solar PV) Power Plants (in MW) in Central-East Europe (CEE) and South-East Europe (SEE) 2008-2028, including forecast
Chart 16: Cumulative Revenue of Photovoltaic (Solar PV) Power Plants (in Millions €) in Central-East Europe (CEE) and South-East Europe (SEE) 2008-2028, including forecast
Chart 17: Annual Installed New Capacity of Photovoltaic (Solar PV) Power Plants (in MW) in Central-East Europe (CEE) and South-East Europe (SEE) 2008-2028, including forecast
Chart 18: Hungary Power Market Structure
Chart 19: Share of RES Electricity (incl. Large Hydro) from Total Installed Power Capacity in Hungary in 2019
Chart 20: Hungary Total Annual Electricity Consumption (in TWh) 2008-2019
Chart 21: Hungary Power Generation Capacity Breakdown (in %) by Source (Fuel) Type in 2019
Chart 22: Number of Filled Patents for Solar PV Technologies in Hungary 2008-2019, EPO PATSTAT
Chart 23: Cumulative Installed Capacity of Photovoltaic (Solar PV) Power Plants in Hungary (in MW) 2008-2028, including forecast
Chart 24: Cumulative Revenue of Photovoltaic (Solar PV) Power Plants in Hungary (in Millions €) 2008-2028 including forecast
Chart 25: Annual New Installed Capacity of Photovoltaic (Solar PV) Power Plants in Hungary (in MW) 2008÷ 2028, including forecast
Chart 26: Levelized Cost of Energy (LCOE) for Photovoltaic (Solar PV) Power and Other Renewable Technologies in Hungary
Chart 27: Cumulative Cash Flows and Break-Even Point of 5 MW Photovoltaic (Solar PV) Power Plant Investment in Hungary
Chart 28: Historical and Forecasted Utility Solar PV System Pricing ($/Wdc) 2009-2019
Chart 29: Market Shares by Sales of the Distribution System Operators in Hungary in 2019

Table 1: Electricity Prices for Business and Households
Table 2: Support Schemes for RES Generation in the EU Countries and Hungary
Table 3: Substations in Hungary
Table 4: Market Prices for Photovoltaic (Solar PV) Projects in Hungary for 2019-2028 in Development, Ready to Build and Operational (Grid Connected) Condition (2019 Update)
Table 5: Key Cost Structure Elements of Photovoltaic (Solar PV) Power Plant in Hungary 2019
Table 6: Database with Major Operational, Under Construction and Planned Photovoltaic (Solar PV) Projects in Hungary
Table 7: Key Financial Parameters of 5 MW Photovoltaic (Solar PV) Power Plant Investment in Hungary
Table 8: Key Financial Viability Indicators of 5 MW Photovoltaic (Solar PV) Power Plant Investment in Hungary (IRR, NPV, Payback, Benefit-Cost)
Table 9: Project Costs and Savings (Income) Summary of 5 MW Photovoltaic (Solar PV) Power Plant Investment in Hungary
Table 10: Yearly Cash Flows of 5 MW Photovoltaic (Solar PV) Power Plant Investment in Hungary (Pre-tax, After-tax, Cumulative)
Table 11: Crystalline Module Price Trend in August 2019
Table 12: Green Premium (Premium Tariff) Support Scheme for Solar PV in Hungary
Table 13: Feed-in-tariffs for Solar PV in Hungary
Table 14: Net Metering Support Scheme for Solar PV in Hungary

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  • MATRA
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