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Romania Energy Report - Q1, 2014

  • May 2014
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 50 pages

This report covers the data released mainly during Q1'14 - and in the first months of Q2, mainly regading full-2013 data and preliminary Q1'14 data. Besides the statistics office's data, we have collected and compiled statistics from Eurostat - who recently added JODI dataset among its official series, from the national energy market regulator ANRE and from the market operator OPCOM. Notably, JODI data were updated under Eurostat release and ANRE resumed releasing detailed monthly data on natural gas use.



The government is at the point where it plans to have updated the national long-term energy strategy. The previous version was drafted before the crisis and it became obsolete mainly because the energy consumption outlook changed dramatically. The gross energy consumption decreased by 9% y/y in 2013 and reached the lowest level in decades. There are indeed different trends among the energy sources - but generally the energy efficiency is going to increase as the energy price goes up. This was particularly visible in the natural gas sector, where Romania became nearly self-sufficient just by freeing the regulated price of the domestic gas. We are still far from having a functioning gas market, but the demand seems to be highly elastic to price as the inefficient use of gas in chemical industry plunged sharply recently as the prices increased.



The renewable energy sector also undergoes major regulatory changes. Romania's President Traian Basescu endorsed the amendments to the renewable energy support scheme defined under the law 220/2008. The move aims to respond to the government's claims that the electricity prices would otherwise rise dramatically. Romanian energy market regulator ANRE has decided that no overcompensation correction should be operated as of January 2015 under the renewable energy support system, since the investment and operation costs per MW of installed capacity are in line with the target profitability ratios of 10-12% (depending on technology used). ANRE has also set a renewable electricity mandatory quota of 11.1% for 2014, reducing it from 15% under the law 220/2010.



Key Points:

oNuclear power critical for Romania's energy strategy - draft govt document; coal to provide self-sufficiency while among green power - biomass should be encouraged.

oHidroelectrica picks up Morgan Stanley and Raiffeisen to manage 15% IPO, but the company re-enters insolvency meanwhile

oDomestic intake of primary energy decreased by only 4.3% y/y to 29.5mn toe in 2013

oCrude oil refinery intake bottoms out after record low in 2012;

Table Of Contents

Romania Energy Report - Q1, 2014
Executive Summary x

x. MACRO UPDATE x

GDP rises by x.x% y/y in Qx after x.x% advance in 2013. x

SandP upgrades Romania's rating to investment grade. x

x.x REGULATORY x

Romania enacts amendments to renewable energy support scheme on March xx. x

Regulator says no need of overcompensation adjustment for renewable energy support. x

... and cuts 2014 renewable energy target to xx.x% from xx%. x

Government to waive renewable energy surcharge for large power users only under tough conditions. x

Romania hikes car fuel excise tax, promises money back to transporters. x

x.x STRUCTURAL REFORMS - PRIVATISATION x

Nuclear power critical for Romania's energy strategy - draft govt document. x

Government to launch xx% IPO at major coal-fired power complex CE Oltenia in autumn 2014. x

Power distributor Electrica's xx% IPO starts on June xx - sources. x

Romanian market regulator sets x.xx% after-tax rate of return for power distribution. xx

State to auction xx.x% in its largest refinery in summer 2014. xx

Hidroelectrica picks up Morgan Stanley and Raiffeisen to manage xx% IPO... xx

... but its IPO turns uncertain after the company enters insolvency. xx

x.x RAW ENERGY RESOURCES xx

x.x DOMESTIC USE OF RAW ENERGY xx

Romania's use of primary energy down x% y/y in 2013. xx

x.x DOMESTIC ENERGY PRICES xx

x. OIL, PETROLEUM PRODUCTS xx

x.x DOMESTIC FUEL PRICES xx

x.x QUARTERLY UPDATED STATISTICS xx

x.x REGIONAL OUTLOOK: CAR FUEL PRODUCTION/DEMAND; BY COUNTRY xx

x.x CORPORATE ROUND-UP xx

ENI sells Romanian fuel distribution network Agip to Hungary's MOL. xx

OMV Petrom to auction EUR xxxmn oil drilling contracts. xx

Romania admits Constanta-Trieste oil pipeline project not viable. xx

OMV Petrom reports xx% rise in 2013 profit to nearly EUR x.xbn... xx

... but its profit drops xx% y/y in Qx 2014. xx

Russia's Lukoil starts offshore explorations in Romania in August. xx

OMV Petrom and ExxonMobil acquire xx% in Romania's Black Sea deep water block Midia XV. xx

x. NATURAL GAS xx

Energy regulator says completes gas market liberalisation. xx

Natural gas price for Romanian industrial users might decrease - energy minister. xx

Romania considers more adjustments to natural gas market. xx

x.x QUARTERLY UPDATED STATISTICS xx

A. DOMESTIC PRODUCTION VS. IMPORTS xx

Government recommends local gas producers to operate at full capacity amid crisis in Ukraine. xx

x.x CORPORATE ROUND-UP xx

OMV Petrom says Qx natural gas sales down xx% y/y. xx

Romgaz reports xx.x% lower net profit in 2013. xx

x. POWER xx

x.x QUARTERLY UPDATED STATISTICS xx

Romania's electricity consumption shrinks x% in 2013. xx

Romania's net electricity exports hit xTWh in 2013. xx

x.x POWER MARKETS xx

Romania to open special trade floor for large power users. xx

x.x USE OF ELECTRICITY IN ECONOMY xx

x.x CORPORATE ROUND-UP xx

Nuclear plant operator plans EUR x-x.xbn refurbishment by xxxx. xx

Power plant CE Oltenia to set up JV with Chinese partner in June. xx

E.ON abandons plans for xxxMW thermal power plant in Romania. xx

Nuclearelectrica sells xx% of annual output to small-sized Slovenian power trader. xx

Hidroelectrica to sell xx small hydropower plants. xx

Romanian coal-fired power group CE Oltenia borrows EUR xxxmn for upgrade... xx

... and invest EUR x.xxbn in coal extraction. xx

Romanian nuclear company to build xxxMW thermal power plant with Chinese partner. xx

Romania, Turkey to consider again undersea power cable project. xx

Romgaz, power generator Oltenia to join EUR x.xbn hydropower project. xx

Romania's renewable energy output to rise by xx% in 2014. xx

Romania's renewable energy installed capacity hits x.xxGW at end-Feb. xx

CEZ ready to sell xxx% of xxxMW wind farm in Romania. xx

Feed-in tariff regulations for small green energy producers in Romania still in limbo. xx

EDP Renovaveis gets EUR xxmn loans from EBRD, BSTDB for xxMW solar project. xx

China's Sunowe completes xxMW solar farm in Romania. xx

Italian investor earmarks EUR xxxmn for PV farm in Romania. xx



Figure x: Raw energy resources intake; thous. tonnes oil equivalent, quarterly. xx

Figure x: The breakdown of raw energy resources; 2013. xx

Figure x: The breakdown of raw energy resources; 2006 xx

Figure x: Domestic energy intake of energy, thousands toe; annual, last quarterly/annual data. xx

Figure x: Brent Europe oil price expressed in USD, EUR per barrel. xx

Figure x: Car fuel retail prices in Romania vs. Brent Europe [USD, EUR, RON]. xx

Figure x: Balance of crude oil and petroleum products, [tonnes, rolling xx months]. xx

Figure x: Inland deliveries of oil products, [tonnes, rolling xxM]. xx

Figure x: Sales of petrol/gasoline and diesel in Romania, vs. CEE [thous tonnes]; see region's definition. xx

Figure xx: CEE region's petrol/gasoline sales in CEE [see definition]; structure by country. xx

Figure xx: CEE region's diesel sales in CEE [see definition]; structure by country. xx

Figure xx: Romanian's petroleum products balances [petrol, diesel, quarterly]; export, import, production, demand. xx

Figure xx: Production of petrol/gasoline, diesel in Romania, vs. selected CEE [thous tonnes]; see CEE definition. xx

Figure xx: CEE region's petrol/gasoline production in CEE [see definition]; by country. xx

Figure xx: CEE region's diesel production in CEE [see definition]; 2005-2011; structure by country. xx

Figure xx: Natural gas use, from domestic sources vs. import [qtrly, mn mx]. xx

Figure xx: Power generation, by source (mn MWh). xx

Figure xx: Dynamics of main electricity market segments [TWh]. xx

Figure xx: Electricity use in economy vs. GDP. xx

Figure xx: Use of electricity in households. xx

Figure xx: Prices, volumes on futures and DAM markets [RON] xx

Figure xx: Price in future vs. day-ahead markets [avg., EUR/MWh] xx

Figure xx: Graphic representations of the electricity use by economic sector. xx



Table x: Gross energy intake dynamics; 2006 vs 2013 xx

Table x: Raw energy resources: consumption, production, self-sufficiency; latest annual data. xx

Table x: Raw energy resources: consumption, production, self-sufficiency; latest quarterly data. xx

Table x: Primary energy resources, original balance from INS adjusted for the exports of electricity and petroleum products; annually 2000-, thousand tonnes oil eq.. xx

Table x: Consumer prices - energy, expressed in nominal terms, real terms, euros and US dollars [average for years]. xx

Table x: Crude oil and petroleum products balance, annually and last quarterly data, thousand tonnes. xx

Table x: Petrol, diesel sales in selected CEE countries [thous tonnes; annually, latest quarterly]. xx

Table x: Petrol, diesel production in selected CEE countries [thous tonnes; annually, latest quarterly]. xx

Table x: Petrol, diesel imports in selected CEE countries [thous tonnes; annually, latest quarterly]. xx

Table xx: Natural gas: inland delivery, production and imports; annually, latest quarterly. xx

Table xx: Domestic use of natural gas, latest annual data [by type of cunsumer; plus charts] xx

Table xx: Energy balance - natural gas [2007-2012, mn mx] xx

Table xx: Energy balance - natural gas [2007-2012, tonnes of oil equivalent / toe] xx

Table xx: Structure of the domestic electricity market [TWh]; by free/regulated and residential/non-residential segments. xx

Table xx: Electricity simplified balance quarterly, mn MWh. xx

Table xx: Wholesale electricity market breakdown, annual latest quarterly. xx

Table xx: Future and DAM markets; annual, latest quarterly - volumes, prices [RON] xx

Table xx: Future and DAM markets; annual, latest quarterly - volumes, prices [EUR] xx

Table xx: Use of electricity, by main economic sectors; mn KWh; annually. xx

Table xx: Energy balance - electricity [2007-2012, MWh] xx

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