Romania is facing a staggering reality as its electricity prices surge relative to purchasing power, revealed in a recent report by the Romanian Court of Accounts, disclosed by Digi24. In the EU, Romania witnessed the most substantial electricity price hike, soaring by a staggering 112.35% in the latter half of 2022.
Economic data from 2019 unveils a new development: Romania has transitioned into a net importer of electricity, with a notable trade balance deficit of EUR 735.8 million from 2019 to 2021 in this sector.
Despite ambitious targets to amplify renewable energy production by 1,816 MW in 2022, Romania has barely touched 0.64% of this goal. The report pinpoints a stark reality, citing the commissioning of only two new renewable-based power generation facilities in the past six years, boasting a mere installed capacity of 15.56 MW. Alarmingly, the unit costs incurred by Romanian renewable electricity producers have surged, contrasting with a global downward trend.
Moreover, in June 2023, Romania's exclusion from the Renewable Energy Country Attractiveness Index, a compilation of the top 40 countries drawing investments in the energy sector, raised concerns. The national electricity consumption reported a notable dip of 6.32%.
A pivotal revelation from the report highlights Romania's lack of a national energy strategy, a blueprint necessary to define the sector's goals and map a path to achieve them in the medium and long term.
