Oil company Chevron will pay the National Agency for Mineral Resources (ANRM) $ 73,450,000 following the termination of three concession oil concessions without complying with the financial obligations of the Oil Law. Following the decision of the International Court of Arbitration of the International Chamber of Commerce in Paris (ICC Paris), the most important international commercial arbitration institution, Chevron is obliged to pay ANRM the amount of USD 73,450,000, plus the legal interest rate set at the NBR + 8%, calculated from 23 October 2014 until the date of full payment, as well and the arbitration costs incurred by ANRM....more »

The National Institute of Statistics report shows that primary energy resources in Romania increased by 4.0%, between January 1st and November 30, 2017 while those of electricity decreased by 3.2% as compared to the same period of previous year....more »

Dutch company NERO Renewables plans to install 362 wind turbines at 3 different sites in South-East Romania, with a total capacity of approximately 1.000 megawatt, generating up to 3 terawatt hour per annum. NERO, which stands for ‘Netherlands – Romania’, plans to developo 3 wind farms in Romania, that will be directly connected to the national high voltage grid and will annually inject 3 terawatt hours (TWh) of renewable energy into the European grid, extractable in any of the EU member states. The project is directly connected to the high voltage grid and, as a result of the Integrated Single Market for Electricity (starting mid 2018), the generated power can be bought by any company in any European country....more »

The Association of Romanian Electricity Suppliers - AFEER organized the 3rd edition of its annual conference on the effects and challenges of the new market liberalization. "The liberalization of the energy market remains a topic of relevance. All of us - market participants, consumers, authorities - we have questions, we are looking for answers. Under the conditions of rising energy prices, switching to a free market for a consumer can become an advantageous option. On the other hand, in the face of new challenges, suppliers are forced to reinvent themselves, to come up with new products and services to keep customers close and to constantly conquer new customers, "said Mr. Ion Lungu, President of AFEER....more »

The Competition Council is willing to accept the exemption of renewable energy and Black Sea gas producers from the stock exchange trading rule said Bogdan Chiriţoiu, the president of the institution in the Energy Transition conference in Bucharest. "The problem that we have in Romania is that the large electricity producers are state-owned and large state-owned companies are suspect of corruption, hence the ban that these companies can make long-term bilateral contracts because we are afraid of what they would do, what would happen to these contracts if we let the big state producers complete them," Chiriţoiu said. ...more »

The European Investment Bank (EIB) is lending EUR 50m to Transgaz, the national gas transmission company of Romania, to finance the construction of a new European gas transmission corridor to increase security of gas supply and to reduce energy dependence by making it possible to diversify gas supply routes and sources. This operation is backed by the European Fund for Strategic Investments (EFSI) under the Investment Plan for Europe (IPE) announced the EIB. ...more »

The revitalization of two of the major companies in which the state is a shareholder, the Oltenia Power Complex and the Hunedoara Energy Complex, as well as the completion of an investment of 23.5 million lei in the CE Oltenia, are among the objectives accomplished by the current Cabinet in the field of energy....more »

The liberalization of the electricity and natural gas markets is an important contribution to Romania's convergence process towards the Euro Zone, in order to avoid consumer shocks, said Emil Calota, the vice-president of the National Regulatory Au...more »

The Romanian Energy Efficiency Forum, the most important annual event dedicated to the development of sustainable energy programs, reached its fourth edition. At the discussion table came key people in this sector, from Government representatives, specialists from project developers, large profile companies, and banks that can fund this sector. Organized by the Romanian Association for the Promotion of Energy Efficiency (ARPEE), together with GOVNET Conferences, the debate highlighted both legal bottlenecks and the present opportunities in energy sector, concrete project financing solutions and examples of good practice at the local level....more »

Romania currently has the richest energy mix in the region, if not in Europe, and should be used as such, Energy Minister Toma Petcu said, adding that the Energy Strategy of Romania is a project that can represent our country at least in the next 20 years. The document is under discussion at the Ministry of the Environment. My goal is to transform the Romanian Energy Strategy in law, move it to Parliament for discussions and approval. ...more »