The market for renewable energy in Romania is expected to register a CAGR of about 2.5% in the forecast period. Factors, such as the encouraging government policies and the need to meet the demand for power using renewables to decrease dependency on fossils to decrease carbon footprints are the significant factors contributing to the growth of the market. With the commitment of Romania to generate about 30% of electricity with renewables by 2030, significant growth in renewables is expected. The declining costs of renewable technologies are becoming competitive with fossil fuel sources, and additional subsidies on renewables are driving the renewable market further. On the other hand, very stagnant growth in renewable due to the absence of any initiatives and limited land and limited power capacity by variable renewable energy sources, there can be a fall in the growth of renewable.
– Although the growth in wind energy in Romania was stagnant till 2019. With about 1000 MW of consented wind projects, wind energy is expected to contribute significantly to the total volume of power generated.
– With a significant potential in solar energy, Romania has about 1000 MW of installed capacity of solar energy, which is expected to grow during the forecast period, residentially and commercially.
– Romania, with its ambitious upcoming renewable projects, is expected to achieve its target of generating 30% of electricity from renewables by 2030. It successfully achieved its target of renewable share before the deadline.
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Key Market Trends
Breakthrough from Stagnant Wind and Solar Market
– In 2017, with a share of 7.5% of the total renewable energy generation from solar photovoltaic (PV), producing 1,856 Gigawatt-Hour (GWh) of electricity, solar photovoltaic (PV) became a prime source of energy in the Romanian energy market.
– On the other hand, with geographical advantages, Romania successfully installed more than 3000 MW of wind energy by 2018, which is expected to grow further at a considerable rate.
– In 2020, Complexul Energetic Oltenia, a Romanian coal-fired power producer, announced to build a PV capacity (310 MW) across four sites at one of its facilities. Projects like these are aiding Romania to generate green energy by reducing carbon footprints.
– Although since 2016, there have been no significant additions in both solar and wind projects, which drove the growth of energy generated from renewable to stagnancy in 2020, with few ambitious projects and policies, the share of renewable energy is expected to increase.
– Upgradation to high-efficiency wind turbines is necessary. The companies have been able to install taller wind turbines, due to improvements in the wind turbine materials used. Moreover, these new turbines have larger blades and, hence, can sweep more area than the smaller turbines.
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