“We always had here in Romania a very balanced energy mix so this what we’re trying to keep with the gas, nuclear, hydropower, renewables as much as possible and storage. You cannot have renewables without storage anymore. So, we’re in a very good position but, of course, we need more supply. We want to develop our economy and there is a clear link between the consumption of energy and the development of the industry,” Pruna said.
“We need more investment and that is why – at least in my view – we need to make Romania attractive for investors. We are in a region with the war that is in our borders so at least here in our country we need more stability, and this can be done through legislation that is clear, that is stable, that is friendly for the investors. But yes, there is room for more energy production, and I would say there is a potential not only in terms of need for investments but also in terms of funding. We still have the European funds, the CfD (Contract-for-Difference) mechanism and some other legislation that incentivizes the investments in production and storage,” she said. CfD is a mechanism to incentivize investment in energy production assets with a high upfront cost, by providing stable prices over a long period. They can also be used to protect consumers against high electricity prices, which Pruna says have been a cause for concern in Romania.
Speaking after the opening panel at Energy Week Black Sea conference in Bucharest on April 3, coordinated with NE Global, Pruna reminded that offshore wind legislation has passed in Romania’s parliament and MPs are currently progressing with battery storage consultations as well as an initiative in the Committee for Industries and Services of the Romanian Parliament to cut red tape and bureaucracy.
At the same panel, Eurowind Energy’s Adrian Dobre, Nala Renewables CEO Mike O’Neill, Electrica CEO Alexandru Chirita and Moldova’s National Center for Sustainable Energy Director Ion Muntean explored the evolving regulatory landscape, recent policy changes, and collaborative efforts among the Black Sea countries.
“We heard today in the conference and in the panel, I was part of that bureaucracy and red tape are hindering some of the projects so the expectations from the investors are to reduce bureaucracy and cut red tape,” Pruna explained. “This will help to see more projects all over Romania and this is a positive thing so this is why we launched this initiative in the Committee for Industries and Services and we’re planning to do some consultations with the private sector, with the public authorities to see what we can change in the primary legislation so that investors can focus more on the ideas they have, on their business plan, on implementing projects and not staying always in touch with the authorities and checking deadlines all the time,” the Romanian MP said.
“I think it’s a good initiative, it’s in line also what is discussed now with Brussels that we need to look at the competitiveness of our economy and we need to unlock more projects in terms of energy so that we have competitive prices, and this will also develop further the energy-intensive industry. Also, what was said at the Draghi report is true and that’s why we’re looking at ways to have a more competitive economy also here in Romania,” Pruna said.
Romania gears up for presidential election rerun
The Romanian MP expressed her confidence that the presidential elections in Romania scheduled for May 4 and 18, after the Constitutional Court voided the initial ballot in December following alleged Russian meddling, would not affect the investment climate in the energy sector and Romania will still have a pro-European approach. “I trust that things will go on the right path after the presidential elections in May. Hopefully the outcome will show that Romania is a stability factor here in the Southeast region. I would say in terms of energy, we do have a leading role in the region, and I was saying also about the gas reserves that we’re extracting from the Black Sea. We have an ongoing project in shallow waters but also Neptune Deep and the first gas will come in the beginning of 2027 so there is a lot of potential,” Pruna said.
OMV Petrom, the largest integrated energy producer in Southeast Europe, and ROMGAZ, the largest producer and main supplier of natural gas in Romania, announced on March 25 the spud of the first well for development and production of the Pelican South and Domino natural gas fields in the Neptun Deep block, located 160 kilometers offshore in the Black Sea. According to OMV, the project is progressing according to plan, with first gas estimated for 2027. Neptun Deep will contribute approximately 8 billion cubic meters annually to Romania’s gas production once plateau production is reached.
Turning to Romania’s efforts to become an energy hub, Pruna argued that her country has main advantages to play a key energy role in the region’s energy security. “We have the gas. We’re the first producer in the EU of gas and we have electricity coming from multiple sources. We want to invest in nuclear, we’re welcoming the investment in renewables, we have hydropower. So, all the ingredients are on the table and there is a positive prospective that we can become a hub in the region. But for that, of course, we need more interconnections with the western part of Europe,” she said, reminding that last summer the energy ministers of Greece, Romania and Bulgaria signed a joint letter, calling on the European Commission to prioritize the development of energy interconnections in Southeast Europe.
“We also have this big project supported by the European Commission – the Green Corridor with Azerbaijan, Georgia, Bulgaria, Romania and Hungary that is going to be discussed tomorrow in Baku (April 4) and this is an important project not only for the region but for Europe in general also from geopolitical point of view and I hope that things will move forward,” the Romanian MP said.
According to Azerbaijan’s Energy Ministry, the Informal Steering Committee on Caspian-Black Sea-Europe Green Energy Corridor was held within the 11th Ministerial Meeting of the Southern Gas Corridor Advisory Council and the 3rd Ministerial Meeting of the Green Energy Advisory Council in Baku on April 4.
Romania and the UK boost energy sector cooperation
In his keynote address before the opening panel at Energy Week Black Sea, UK Ambassador to Romania, Giles Portman highlighted Romania’s role in energy security in the region especially considering Russia’s invasion of Ukraine. He highlighted Romania’s role as a regional leader in the energy transition, with record investments in hydro, wind, and solar energy.
Pruma said the UK is playing an important role in the development of renewables in Romania. “They are very present. On the offshore wind legislation at the level of the Committee of Industries and Services, we learned from the UK experience. We did some study trips, and we learned from the legislation, the regulations the United Kingdom had in place, and we took some of the ideas into the legislation here in Romania. So even at the legislative level, we do have a strong connection with the Embassy and the UK but also there are some companies from the UK investing in Romania,” the Romanian MP said and added, “I think this is a very good point and I hope there will be more coming to put their money into renewables here in Romania.”