Energy transition
The energy policy of Romania is focused on minimizing (CO2) emissions by promoting renewable energy sources (RES) and natural gas, augmenting energy usage in transportation, and enhancing overall energy efficiency. By the year 2030, there is a substantial projected decrease in energy production from fossil fuels, with a corresponding emphasis on RES, natural gas, and nuclear power generation.Romania generates over 45 percent of its electricity through hydro and nuclear power plants. The share of energy from renewable sources has remained the same in the last decades fluctuating between 22 and 25 percent. Although noticeable progress was made, between 2021 and 2022, 2.59 billion Romanian lei were invested in future wind power projects. Also, the number of prosumers in Romania has increased over 18 times between 2020 and 2022.
Energy market
The electricity trade brought Romania a 640 million euro deficit in 2022 because of a higher volume of imports than exports. The volume of imported electricity reached 8.55 TWh, with 64 percent being imported from Bulgaria. The biggest electricity export partner for Romania was Hungary, sending 3.77 TWh and recording revenue of over a billion U.S. dollars.The European Union's (EU) average percentage of households unable to adequately warm their home was 6.9 in 2021. Romania was above the EU's average, with 10.1 percent of families at risk of energy poverty. The electricity prices for households in the second half of 2022 amounted to 34.11 euro cents per kWh, but the main energy products consumed were primary solid biofuels and natural gas.
E.ON Energie Romania was the leading energy company in Romania, with a revenue of over 13.7 billion Romanian lei. However, the largest company in Romania by revenue is OMV Petrom SA, the oil and natural gas industry leader.
Romania has rich resources such as natural gas, petroleum, and timber. Its energy sector is growing rapidly. The Neptun Deep Project, the largest gas project in the Romanian Black Sea and the first deepwater offshore project in Romania is expected to be functional by 2025. The project will extract 200 billion cubic meters of gas, doubling internal production and strengthening the company's role as a key player in the energy sector.
