Bulletin: MVM Group Credit Profile Remains Manageable Despite Danube River Drought

This report does not constitute a rating action. PARIS (Standard&Poor?s) Aug. 12, 2026--MVM Energetika Zartkoruen Mukodo Reszvenytarsasag (MVM; BBB-/Negative/--) has temporarily reduced the output of its Paks nuclear power plant in Hungary due to low water levels because of the severe drought on the Danube River. This will erode MVM?s rating headroom, but at this stage we expect it to remain manageable thanks to its diversified earnings. The Danube is experiencing a severe and historic drought, resulting in critically low water levels in Hungary that are significantly disrupting the cooling capacity at MVM?s Paks nuclear plant. The plant was consequently running at only 11% capacity as of Aug. 10. The plant, with 2 gigawatt capacity, accounts for about

...August 12, 2026 This report does not constitute a rating action. PARIS (Standard & Poor's) Aug. 12, 2026--MVM Energetika Zartkoruen Mukodo Reszvenytarsasag (MVM; ###-/Negative/--) has temporarily reduced the output of its Paks nuclear power plant in Hungary due to low water levels because of the severe drought on the Danube River. This will erode MVM's rating headroom, but at this stage we expect it to remain manageable thanks to its diversified earnings. The Danube is experiencing a severe and historic drought, resulting in critically low water levels in Hungary that are significantly disrupting the cooling capacity at MVM's Paks nuclear plant. The plant was consequently running at only 11% capacity as of Aug. 10. The plant, with 2 gigawatt capacity, accounts for about 47% of MVM's generation capacity, and nuclear typically contributes some 40% of Hungary's power supply. MVM's generation segment reported EBITDA of about Hungarian forint (HUF) 92 billion in 2025, or about 12% of its reported...

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