French utility company Veolia confirmed on Monday that it has entered into an agreement to purchase a 430-megawatt gas-fired power plant in Hungary from Uniper, a German energy corporation, according to Reuters.
The combined-cycle power plant located in Gönyű, in the north-west of Hungary, plays a vital role in providing flexible electricity generation capacity, according to Veolia.
This flexibility is becoming increasingly important as more intermittent renewable energy sources are being utilized and European nations require adaptable baseload capacity that can be quickly activated or deactivated to maintain grid stability.
The acquisition was carried out through Veolia’s subsidiary in Hungary, while the financial aspects remain unrevealed. The completion of the transaction is contingent upon securing the required approvals and adhering to the relevant regulations, as stated by the company.
