Romania Renewable Energy Market Size (2024 - 2029)

Romania Renewable Energy Market Size Summary

The renewable energy market in Romania is poised for growth, driven by supportive government policies and the decreasing costs of solar panels and wind turbine installations. Despite the initial setbacks caused by the COVID-19 pandemic, the market has rebounded to pre-pandemic levels. The Romanian government has implemented various initiatives to bolster the renewable energy sector, particularly solar energy, aligning with European Union mandates on greenhouse gas emissions. These efforts include financial incentives and mechanisms like the Contract for Difference scheme, which stabilizes electricity prices for producers. Such policies are expected to significantly enhance the adoption of renewable energy sources, helping Romania achieve its ambitious goal of generating a substantial portion of its electricity from renewables by the end of the decade.

Romania's energy landscape is undergoing a transformation, with a shift from traditional hydrocarbon sources to renewable energy, particularly hydropower and solar energy. Hydropower remains the dominant renewable energy source, yet there is considerable potential for expansion, as only a fraction of its capacity has been utilized. The country's renewable energy market is moderately fragmented, with key players including General Electric Company, Energias de Portugal SA, Enel SpA, Siemens Gamesa Renewable Energy SA, and CEZ AS. Recent developments, such as the acquisition of rights to build a large photovoltaic plant and the approval of a significant wind project, underscore the dynamic nature of the market. These initiatives are expected to contribute to Romania's goal of increasing the share of renewables in its energy mix, fostering further growth in the sector.