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REMARC 2026Romanian Energy Market Annual Report

Data sources

bruegel.orghttp://www.bruegel.org/
ec.Europa.euhttp://ec.Europa.eu/eurostat
eia.govhttps://www.eia.gov/
bp.comhttps://www.bp.com
ember-climate.orghttp://ember-climate.org/
eikon.refinitiv.comhttps://eikon.refinitiv.com/
worldgovernmentbonds.comhttps://www.worldgovernmentbonds.com/
anre.rohttps://anre.ro/
transelectrica.rohttps://www.transelectrica.ro/en/web/tel/home
transgaz.rohttps://www.transgaz.ro/en
roec.bizhttps://roec.biz/
evolve-energy.rohttps://evolve-energy.ro/
opcom.rohttps://www.opcom.ro/acasa/ro
energie.gov.rohttps://energie.gov.ro/
fitchratings.comhttps://www.fitchratings.com/
seepe.grhttps://www.seepe.gr/?lang=en
acer.europa.euhttps://www.acer.europa.eu
oec.worldhttps://oec.world/en
iea.orghttps://www.iea.org/
irena.orghttp://www.irena.org/
entsoe.euhttps://www.entsoe.eu/
eea.europa.euhttps://www.eea.europa.eu/en
pexapark.comhttp://pexapark.com
visualcapitalist.comhttps://www.visualcapitalist.com/
world-nuclear.orghttps://world-nuclear.org/
energy.instrat.plhttps://energy.instrat.pl/
dgpci.mai.gov.rohttps://dgpci.mai.gov.ro/
english.news.cnhttps://english.news.cn/home.htm
serbia-energy.euhttps://serbia-energy.eu/
tradingeconomics.comhttps://tradingeconomics.com/
opec.orghttps://www.opec.org/opec_web/en/
about.bnef.comhttps://about.bnef.com/
goldmansachs.comhttps://www.goldmansachs.com/
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Acronyms and abbreviations

AC
Alternative Current
BEV
Battery Electric Vehicle
CAGR
Compound Annual Growth Rate
CCS
Carbon Capture and Sequestration/Storage CRES
CCUS
Carbon Capture, Utilisation & Storage
CNG
Compressed natural gas
CfD
Contracts for differences
DAM
Day-Ahead Market
DC
Direct Current
ESG
Environmental, Social and Governance
EV
Electric Vehicle
EU
European Union
FEC
Final Energy Consumption
FSRU
Floating Storage and Regasification Unit
FSU
Floating Storage Unit
GDP
Gross Domestic Product
GHG
Greenhouse gases
ICE
Internal Combustion Engine
IDR
Issuer Default Rating
LCOE
Levelized Cost of Electricity
LNG
Liquefied Natural Gas
LPG
Liquefied Petroleum Gas
MCP
Market Clearing Price
NECP
National and Climate Energy Plan
NG
Natural Gas
NII
Non-Interconnected Islands
NIR
National Inventory Report
NNGS
National Natural Gas System
NPEs
Non-Performing Exposures
OECD
Organisation for Economic Co-operation and Development
PEC
Primary Energy Consumption
PPA
Power Purchase Agreement
PV
Photovoltaic
RECAI
Renewable Energy Country Attractiveness Index
RES
Renewable Energy Sources
RRF
Recovery and Resilience Facility
RU
Russia
R&D
Research and Development
SE
Southeastern
SMP
System Marginal Price
SSLNG
Small Scale LNG
TAP
Trans Adriatic Pipeline
Y-o-Y
Year-over-Year
bcm
billion cubic meters
bpd
barrels per day
bn
billion
CO2
carbon dioxide
EJ
exajoule
gr
grams
GJ
gigajoule
GW
gigawatt
GWh
gigawatt hour
ktoe
thousand tonnes of oil equivalent
kW
kilowatt
kWh
kilowatt hour
m3
cubic meter
mcum
million cubic metres
Mt
million tonnes
MtCO2
million tonnes of carbon dioxide
MtCO2-eq
million tonnes of carbon dioxide equivalent
Mtoe
million tonnes of oil equivalent
MW
megawatt
MWh
megawatt hour
m/s
meter pes second
pp
percentage points
sqm
square meter
tCO2
tonne of carbon dioxide
toe
tonne of oil equivalent
tn
tonne
TWh
terawatt hour
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Units and conversion factors: natural gas

Natural gas and LNG

Natural and LNGTo convert
Billion cubic metres NGBillion cubic feet NGPetajoules NGMillion Tonnes oil equivalentMillion Tonnes LNGTrillion British thermal unitsMillion barrels oil equivalent
FromMultiply by
1 billion cubic metres NG1.00035.31536.0000.8600.73534.1215.883
1 billion cubic feet NG0.0281.0001.0190.0240.0210.9660.167
1 petajoue NG0.0280.9811.0000.0240.0210.9520.164
1 million tonnes oil equivalent1.16341.07141.8681.0000.85539.6836.842
1 million tonnes LNG1.36048.02848.7471.1691.00046.4058.001
1 trillion British thermal units0.0291.0351.0500.0250.0221.0000.017
1 million barrels oil equivalent0.1706.0036.0930.1460.1255.8001.000
Units
1 metric tonne= 2204.62 lb= 1.1023 short tons
1 kilolitre= 6.2898 barrels
1 kilolitre= 1 cubic meter
1 kilocalorie (kcal)= 4.1868 kJ= 3.968 Btu
1 kilojoule (kJ)= 0.239 kcal= 0.948 Btu
1 petajoule (Pj)= 1 quadrillion joules (1x10^15)
Source: BP, Approximate conversion factors, Statistical Review of World Energy (July 2021)
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Units and conversion factors: crude oil

Crude oil

Crude OilTo convert
Tonnes (metric)KilolitresBarrelsUS gallonsTonnes/year
FromMultiply by
Tonnes (metric)11.1657.33307.86-
Kilolitres0.858116.2898264.17-
Barrels0.13640.159142-
US gallons0.003250.00380.02381-
Barrels/day----49.8
ProductsTo convert
Barrels to tonnesTonnes to barrelsKilolitres to tonnesTonnes to KilolitresTonnes to gigajoulesTonnes to barrels of oil equivalent
FromMultiply by
Ethane0.05916.8500.3732.67949.4008.073
LPG0.08611.6000.5411.84946.1507.542
Gasoline0.1208.3500.7531.32844.7507.313
Kerosene0.1277.8800.7981.25243.9207.177
Gas oil/diesel0.1347.4600.8431.28643.3807.089
Residual fuel oil0.1576.3500.9911.01041.5706.793
Product basket0.1248.0580.7811.28143.0767.039
Units
1 exajoule (EJ)= 1 quintillion joules (1x10^18)
1 Briitish thermal unit (Btu)= 0.252 kcal= 1.055kJ
1 tonne of oil equivalent (toe)= 39.683 million Btu= 41.868 million kJ
1 barrel of oil equivalent (boe)= 5.8 million Btu= 6.119 million kJ
1 kilowatt-hour (kWh)= 860 kcal= 3412 Btu= 3600 kJ
Source: BP, Approximate conversion factors, Statistical Review of World Energy (July 2021)
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