Monday, December 21, 2015

Hungary: Geothermal District Heating Project Cancelled

PannErgy says it will cancel geothermal project in Hungary (Budapest Business Journal)

The geothermal project at Gödöllő (Courtesy PannErgy)
Hungarian Geothermal energy company PannErgy is discontinuing its geothermal project at Gödöllő, near the capital, after reassessing implementation risks, the company said in a statement published on the Budapest Stock Exchange (BSE) on Friday, Hungarian news agency MTI reported.

The company noted risks arising from emerging commercial and business uncertainties, the possible lack of appropriate sized heat off-taking partners, the low off-take and commercial heat price – as well as extensive availability (to competitors) of non-refundable European Union grants.

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