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