The Hungarian government has approved a 10% cut in household energy prices, applying to electricity, natural gas and district heating gas. Andras Giro-Szasz, government spokesperson said that all Hungarian households, are to benefit from the price cuts regardless of the amount of energy they consume. Mr Giro-Szasz added that the electricity price cut will benefit 4 million Hungarian households, while the drop in natural gas prices will increase the savings of 3.3 million of them. Hungary privatized most of its energy sector in 2005 to foreign energy firms such as German AG and EON. The companies that bought into the state-owned energy sector have booked profits amounting to 3.5 times the $1.15bn they paid for the companies, says Giro-Szasz.
