REMARC2026
Romanian Energy Market Annual Report
CIGA Energy Advisory & HAEE
CIGA Energy Advisory
CIGA Energy Advisory (CEA), a proud member of the RCI Holding, is a specialized boutique advisory firm delivering high-impact solutions across the energy value chain. Drawing on more than 25 years of group experience and a portfolio of over 3,000 completed projects in 18 countries, RCI Holding combines deep sector expertise with innovation-driven consulting.
CEA has become a trusted advisor for shaping strategies and operations in electricity, gas, district heating, and sustainable energy solutions. With a multidisciplinary team and strong regional partnerships, and guided by ESG principles and a commitment to decarbonization, CEA empowers clients to align with European Green Deal objectives while ensuring competitiveness, resilience, and energy security. Projects delivered throughout the CSE region allow CEA to leverage lessons learned from different economic environments and varying levels of client size and maturity. Recent years saw CEA become an advisor of choice for international investors in RES projects, having also supported hundreds of assessments and transactions in this field.
RCI Holding supports governments, regulators, utilities, and private investors in navigating today’s complex energy landscape. Its services span regulatory and market advisory, project finance, renewable energy development, energy trading, balancing responsibility, and digital innovation, including advanced forecasting, AI/ML applications, and cybersecurity. The company also provides technical assistance, project preparation, and owner’s engineering services for large-scale infrastructure projects.
Hellenic Association for Energy Economics
HAEE was founded in 2015 in Greece and has a global orientation welcoming the participation of researchers and practitioners from around the world interested in energy, environmental and economic related subjects. It acts as an independent consulting body for national and international organizations to whom it provides a broad contribution on issues related to energy, economics, policymaking and theory.
Through meetings and joint initiatives HAEE also provides a means of professional communication and exchange within its members and the authorities defining the Greek energy policy. HAEE organizes meetings amongst experts and specialists interested in networking - organizes conferences and seminars on both national and international levels - promotes training initiatives in the energy and economic sector - provides researches, studies and other services for its members.
HAEE promotes the understanding of energy, environment and economy related topics within universities and encourages the participation in the Association’s activities of young students who are invited to seminars and conferences and can make use of the IAEE library for their academic works. HAEE is financially supported by member dues, contributions for research activities carried out for companies and bodies involved in the energy field, and by the sale of conference proceedings as well as conference fees and other initiatives.
Hellenic Association for Energy Economics (HAEE) brings together all those who study, debate and promote the knowledge of energy, environment and economy in our country. HAEE is the Greek affiliate of the International Association for Energy Economics (IAEE), which is a non-profit research and professional organization acting as an interdisciplinary forum for the exchange of ideas and experiences among energy experts.
Foreword by CIGA Energy Advisory
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Foreword by BCR
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Foreword by HAEE
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Coordinator & research team
Coordinator
Zoltán Nagy-Bege, Energy Market director at CEA, brings more than 16 years of experience at the Romanian Energy Regulatory Authority (ANRE), where he held senior leadership positions, including Vice President and Director across several key departments such as the Natural Gas Market, Energy Efficiency, Renewable Energy and Cogeneration, and Thermal Energy. He also contributed in non-executive roles, serving as a member of the Regulatory Committee.
Over the past two years, he has led the regulatory practice at Ciga Energy Advisory, where he has been responsible for a range of projects focused on energy markets and regulatory policy.
Research Team
CEA Team
Luciana Cotutiu is the Deputy Director of the European Finance Department at RCI. With over 20 years of experience in public administration, she coordinated the preparation of programming documents by conducting informal negotiations with the European Commission services for 2014-2020 and 2021-2027 as well as for the National Recovery and Resilience Plan. She has an in-depth knowledge of the institutional mechanisms at European and national level, of the political and regulatory aspects related to the financing of national strategic projects. Luciana stands out for her expertise in the field of programs with both European and international funding, with a deep knowledge of the working methods of national, regional and central authorities. She also has a deep knowledge of the management cycle of projects financed from European funds managed directly by the European Commission.
Raul Toma, Managing Partner at EVOLVE, has more than 25 years of expertise in power utility sector, in DSOs and in services provided for distribution operators, experience in wholesale electricity market: forecasting and acquisition of electricity, experience in electricity metering: AMR systems, smart metering, experience in identifying, determining and reducing losses in electricity distribution grid and experience in providing services to distribution operators in terms of electricity measurement and field detection of fraudulent electricity consumption
HAEE Team
Prof. Dr. Kostas Andriosopoulos is Af. Professor in Finance and Energy Management and the Director of the HELLENiQ ENERGY Center for Sustainability and Energy @Alba Graduate Business School. Kostas is a member in various professional and academic associations, including President of the Energy Committee of the American Hellenic Chamber of Commerce; Founder, former Chairman and active Member of the BoD of the Hellenic Association for Energy Economics; board member of the Global Gas Center - World Energy Council as a Gas and LNG markets expert; member of the board of the International Association for Energy Economics (IAEE); founding board member of the Financial Engineering and Banking Society. As of August 2018, he is the Country Manager of Akuo Energy in Greece.
Konstantinos Sfetsioris is Senior Project Manager at Hellenic Association for Energy Economics. He holds an MSc in Mechanical Engineering with a postgraduate degree in Energy Production and Management from National Technical University of Athens. Since 2019, he has been an Advisor to the General Secretariat for Energy & Mineral Resources at the Ministry of Environment and Energy. He is a Regular Member of the Committee for the drafting of the National Hydrogen Strategy.
Ilias Tsopelas holds a bachelor (BSc) and a master’s (MEng) degree in Mechanical Engineering from the National Technical University of Athens (NTUA). He is currently working as a Research Associate at the Hellenic Association for Energy Economics (HAEE), participating in EC-funded projects. His research profile focuses mainly on energy system modelling and analysis, and energy and climate policy assessment. He also has a computational research background.
Executive summary
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Executive summary (continued)
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Contents
- 01Country Profile11
- 02Electricity19
- 03Renewables & Storage31
- 04Natural Gas43
- 05Oil & Refining55
- 06Energy Transition69
- 07Green Finance79
- 08Special Focus: Nuclear89
- Data sources93
- Acronyms and abbreviations94
- Units and conversion factors95