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Romania has been making significant strides in developing its renewable energy market. The country has recognized the importance of diversifying its energy mix and reducing its dependence on traditional fossil fuels. This energy transition was possible after a decade of rapid technological advancement and a favourable regulatory environment. Additionally, factors such as aim of achieving energy independence, decreasing costs of renewable energy sources and increasing competitiveness of battery energy storage technologies are expected to contribute to accelerated renewable deployment in the coming years. Furthermore, as concern for climate change and support for environmental, sustainability and governance (ESG) considerations grow, the demand for clean and green power is expected to increase from almost all end-users.
The renewable energy market consists of establishments primarily operating renewable electric power generation facilities. Power generation can come from a variety of sources, including solar energy, wind energy, small hydro, bioenergy, geothermal and marine. The electrical energy generated in these establishments is provided to electric power transmission systems or to electric power distribution systems.
In the current energy mix of Romania, hydropower accounts for more than a third of the country's electricity production, followed by coal (18.1%), wind power (15.9%), fossil fuels (15.1%), nuclear power (7.5%), solar energy (7.5%), and biomass related (0.8%).
In 2023, the nation added 624 MW of power generation capacity. Solar energy made up the largest chunk of Romania’s new power production capacity with the addition of 496 MW. Apart from solar, 72 MW of capacity was added with wind turbines, while hydrocarbon technology contributed another 56 MW. With this, the cumulative installed renewable energy capacity of Romania reached 11,682 MW.
Renewable energy investments are gaining momentum in Romania, bolstered by the government's improved financial standing for supporting such projects. With access to EUR 16 billion in grants from the European Union's Modernisation Fund, the government is well-positioned to finance various renewable energy initiatives.
The conducive business environment in the renewable energy sector is attracting major companies to invest in Romania's energy landscape. Notably, in December 2023, LONGi, a major company in global solar technology, announced a significant stride by securing a 576 MW sales agreement with Nofar Romania. This agreement, utilizing the latest generation of high- energy efficiency modules, represents a landmark moment for LONGi's entry into Romania and stands as the country's largest solar energy agreement to date.
The Romanian government intends to increase energy generation from onshore wind and photovoltaics ahead of 2030 in order to hasten Romania's green transition and rid the country of Russian fossil fuels as soon as possible.
Romania is located in an area with high solar potential, with 210 sunny days per year and an annual solar energy flux ranging from 1,000 to 1,300 kWh/m2/year. From this total, 600 to 800 kWh/m2/year is technically feasible. The Black Sea coast, Northern Dobruja, and Oltenia are Romania's most important solar regions, with an average of 1,600 kWh/m2/year.
By the end of 2023, the installed capacity of solar photovoltaic in Romania was 1,894 MW.
Romania intends to add 7 GW of new renewable power capacity by 2030, with solar accounting for more than 3.7 GW of that total. Overall, renewables would account for 34% of the country's energy consumption by the end of the decade.
Wind energy generation has grown rapidly in Romania, owing to the high wind potential and supportive policies for renewable energy production. Romania's wind energy potential is thought to be the highest in Southeast Europe, with an estimated 14,000 MW capable of generating around 23 TWh per year.
In 2023, the nation added 72 MW of wind power capacity, taking the cumulative installed wind power capacity of the nation to 3,087 MW.
In the last decade (2010–2020), globally, electricity generation from all sources has increased by 2.2%, from 21,570 terawatt hours to 26,823 terawatt hours. During the same period, power generation from renewables increased by 15.25%. Regulatory support by various countries has played an essential role in the growth of the global renewable energy market. Renewable energy tax credits and subsidies, competitive auctions, and feed-in tariffs helped reduce costs and spur deployment.
Since 2010, the cost of solar photovoltaic (PV) electricity has fallen by 85%, and the costs of both offshore and onshore wind electricity have fallen by about 50%. Both of these clean energy sources have reached a stage where they are now cost-competitive with fossil fuel electricity.
In fact, renewables were the only energy source for which demand surged in 2020 despite the pandemic, while consumption of all other fuels declined. The share of renewables in the total energy mix grew from 3.53% in 2010 to 11.73% in 2020 and is expected to grow to about 34% by 2030.
At the COP28 climate summit held in Dubai in December 2023, Romanian President Klaus Iohannis made a commitment to boost his country's photovoltaic (PV) generation capacity to over 8 GW by 2030. This ambitious goal represents a significant sixfold increase compared to the 1.39 GW of solar capacity in Romania as of 2020.
Romania is moving toward a more affordable, secure, and environmentally friendly energy system, in line with European policy, by deploying renewable energy sources. The European Green Deal is largely responsible for the decarbonization of the energy sector. As a member of the European Union (EU), Romania is aligned with this commitment. All EU member states, including Romania, are tasked with reducing their absolute greenhouse gas (GHG) emissions by 55 percent compared to 1990 levels by the year 2030.
Romania's attractiveness for renewable energy investments has declined in recent years, owing in part to a lack of adequate government support and regulations. According to the latest EY Renewable Energy Country Attractiveness Index, despite ranking among the top 40 most attractive countries in terms of renewable energy in 2015 (34th place), Romania fell below this in 2023 to 39th place.
Important steps were taken in 2020 to revitalize Romania's renewable energy sector. After being banned for nearly eight years, the Ministry of Economy, Energy, and Business Environment revoked the long-term bilateral power purchase agreements (PPAs) in May 2020. These amendments are part of Romania's commitment to the European Commission to deregulate its energy market on January 1, 2021, in order to stimulate investment in new electricity generation.
Changes to Law 220/2008 Establishing a System for Promoting Electricity Generation from Renewable Sources (the Renewable Law) are currently being debated in Parliament, with the goal of improving some of the existing energy infrastructure aspects, such as capacity transfers and leases and green certificate rights.
The new report from Blackridge Research on Romania Renewable Energy Market comprehensively analyses the Renewable Energy Market and provides deep insight into the current and future state of the industry.
The study examines the drivers, restraints, and regional trends influencing Romania Renewable Energy Market demand and growth.
The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the Renewable Energy Market, important commercial developments, trends, regions, and segments poised for fastest growth, competitive landscape, and market share of key players.
Further, the report will also provide Renewable Energy Market size, demand forecast, and growth rates.
The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.
The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.
This report discusses the overview of the market, latest updates, important commercial developments and structural trends, and government policies and regulations.
The report provides Romania Renewable Energy Market size and demand forecast until 2029, including year-on-year (YoY) growth rates and CAGR.
The report examines the critical elements of Romanian renewable energy industry supply chain, its structure, and participants.
Using Porter's five forces framework, the report covers the assessment of the Green Energy industry's state of competition and profitability.
The report dissects the Romanian Renewable Energy Market into various segments based on type (solar, hydro, wind, bioenergy, and others which include tidal power, geothermal energy, etc.). A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.
Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.
Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for a "bespoke" market segmentation to better align the research report with your requirements.
This report presents detailed profiles of Key companies in the Romanian Green Energy industry. In general, each company profile includes - overview of the company, relevant products and services, a financial overview, and recent developments.
The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.
The study also discusses the strategies adopted by leading players in the industry.
Executive summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.
The report begins with an executive summary chapter and ends with Conclusions and Recommendations.
Get a free sample copy of Romania Renewable Energy Market report by clicking the "Download a Free Sample Now!" button at the top of the page.
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. PESTLE Analysis
5. Market Segmentation & Analysis
6. Competitive Landscape
7. Key Company Profiles
8. Conclusions and Recommendations
Abbreviations
Additional Notes
Disclaimer
Report - Romania Renewable Energy Market Outlook to 2029.pdf
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