SARAJEVO, Feb 7 (Reuters) - Serbia’s power bourse SEEPEX said on Wednesday it will merge its spot power business with Hungarian counterpart HUPX in a bid to foster a competitive, transparent and reliable electricity market in central and southeast Europe.
The bourse said the deal was part of a wider agreement between the exchanges and grid operators of the two neighbouring countries, as well as the Paris-based EPEX SPOT which helped establish the bourses.
EPEX SPOT, as well as Hungarian and Serbian grid operators MAVIR and EMS, will act as shareholders of the newly established power exchange, SEEPEX said in a statement. The new power exchange will be based in Budapest and Belgrade.
The launch timetable will be announced later, SEEPEX said.
Traders hope the establishment of the new exchange will lead to price convergence, provide access to broader power markets, improve security of supply and boost liquidity. (Reporting by Maja Zuvela; editing by Jason Neely)