Romania Solar Photovoltaic (PV) Power Market Outlook 2023÷2032 - Single User

This market report offers an incisive and reliable overview of the photovoltaic sector of the country for the next long-term period, 2022 ÷ 2031. Romania is a country located at the crossroads of Central, Eastern, and Southeastern Europe. It borders the Black Sea to the southeast, Bulgaria to the south, Ukraine to the north, Hungary to the west, Serbia to the southwest, and Moldova to the east. It has a predominantly temperate-continental climate. With a total area of 238,397 square kilometres (92,046 sq mi), Romania is the 12^th largest country and also the 7^th most populous member state of the European Union, having almost 20 million inhabitants. The current cumulative installed PV capacity grew up from 29 MW in 2012 to over 1370 MW in 2021.  The Romanian market has a good chance to add more cumulative installed PV capacity in the next 2 years, especially under net metering and self-consumption commercial and residential installations.

The report provides a complete picture of the market situation, dynamics, current issues and future prospects. You will find more than 120 pages of valuable information in this unique, in-depth analysis of the Romanian photovoltaic market will receive an overview of how the COVID-19 (Coronavirus) recovery, the military conflict in Ukraine and the European Union's decision to make a significant reduction of Russian gas and other energy commodities import will impact it. With comprehensive market data, this report brings clear and concise insights to help investors in their decision-making process. As 2021 and 2022 were challenging years for the photovoltaic industry, the time for making the right decisions during 2023 and the next few years is limited. A fast-changing market environment requires relevant and accurate information. For your convenience, we offer the opportunity for orders with customized report content. Reasons to buy this market report are, but are not limited to:

• Overview of the Romanian political and economic environment
• Solar resource potential in Romania
• Financial Model and Analysis of 50 MW Photovoltaic (Solar PV) Power Plant investment in Romania (IRR, WACC, Payback, NPV, Cash Flow, etc.)
• Over 55 charts, tables and maps
• Overview of Romanian photovoltaic market development 2012 ÷ 2032
• Grid-connected photovoltaic installations
• Future market trends and planned photovoltaic projects for 2023 ÷ 2032
• Market prices of fully permitted and operational photovoltaic projects
• Romanian legal and energy regulatory framework for renewable projects
• Key companies and competitive landscape in the photovoltaic sector
• Review of most relevant financing and supporting incentives
• SWOT Analysis (detailed in 5 pages)

On the next pages, you will see the full table of content of this report. To order this report click on the button "ADD TO CART". If you have any other questions, please do not hesitate to call us on ++44 203 807 0079 or write an e-mail to orders@renewablemarketwatch.com

TABLE OF CONTENTS 3
FOREWORD 8
1 METHODOLOGY AND LIMITATIONS 9
1.1 Research Methodology 9
1.2 Forecast Software and Methodology 13
1.2 Limitations 13
2 EXECUTIVE SUMMARY 14
2.1 Historical and Current Development Overview of Photovoltaic (Solar PV) Power Market in Romania 14
2.2 Romania Solar Resource Potential 14
2.3 Renewable Energy Sources (RES) Policies and Targets 15
2.4 Key Stakeholders Affecting Photovoltaic (Solar PV) Power Market Development in Romania 15
2.5 Market Drivers and Constraints 15
2.6 Recent and Pending Changes in Renewable Energy Law in Romania 16
2.7 Market Forecast Summary 16
3 ROMANIA POLITICAL AND ECONOMIC ENVIRONMENT. PEST ANALYSIS 17
3.1 Basic Country Data 17
3.2 Political Climate and Ruling Party 21
3.3 GDP and Economic Growth 21
3.4 Taxes 24
3.4.1 VAT 25
3.4.2 Income and Corporate Taxes 25
3.4.3 Exemption of excise duty 26
4 CENTRAL-EAST EUROPE (CEE) AND SOUTH-EAST EUROPE (SEE) POWER MARKET 27
4.1 General Electricity Market information 27
4.2 Photovoltaics (Solar PV) in Energy Sector 33
4.3 Single Electricity Market 36
5 CENTRAL-EAST EUROPE (CEE) AND SOUTH-EAST EUROPE (SEE) PHOTOVOLTAIC (SOLAR PV) POWER MARKET 39
5.1 Market Overview 39
5.2 Cumulative Installed Photovoltaic (Solar PV) Capacity and Revenue 40
5.3 Annual Installed Photovoltaic (Solar PV) Capacity 42
5.4 Future Development Trends 42
6 ROMANIA POWER MARKET 44
6.1 Electricity Transmission and Distribution 44
6.2 Electricity Consumption and Generation 46
6.3 Electricity Imports and Exports 50
6.4 Electricity Prices for Business and Households 51
6.5 Renewable Energy Sources (RES) Targets 52
7 ROMANIA PHOTOVOLTAIC (SOLAR PV) POWER MARKET 54
7.1 Why Invest in Photovoltaic (Solar PV) Power in Romania? 54
7.2 Romania Solar Resource Potential 55
7.3 Licensing Period Duration 56
7.4 Regional Substation Capacities for Solar PV Power Projects in Romania 57
7.5 Overview of Photovoltaic (Solar PV) Power Market in Romania 58
7.6 Market Structure Analysis 59
7.7 Investment Trends and Development Roadmap 60
7.8 Competitive Environment in Photovoltaic (Solar PV) Power Market 61
7.9 Profiles of Key Players and Investors in Photovoltaic (Solar PV) Power Market 62
7.10 Cumulative Installed Photovoltaic (Solar PV) Capacity and Revenue 64
7.11 Annual Installed Photovoltaic (Solar PV) Capacity 66
7.12 Market Prices for Photovoltaic (Solar PV) Power Projects in Romania in Development, Ready to Build and Operational (Grid Connected) Condition 66
7.13 Key Cost Structure Elements of Photovoltaic (Solar PV) Power Plant in Romania 67
7.14 Levelized Cost of Energy (LCOE) for Photovoltaic (Solar PV) Power in Romania 68
7.15 Key Photovoltaic (Solar PV) Power Projects in Romania Under Development 69
7.16 Mergers and Acquisitions 72
8 DRIVERS AND CONSTRAINTS OF PHOTOVOLTAIC (SOLAR PV) MARKET IN ROMANIA. SWOT ANALYSIS 73
8.1 Market Drivers 73
8.2 Market Drivers Explained 73
8.3 Market Constraints 74
8.4 Market Constraints Explained 74
8.5 SWOT Analysis 75
9 FINANCIAL ANALYSIS OF PHOTOVOLTAIC (SOLAR PV) MARKET IN ROMANIA 79
9.1 Financing Options of Photovoltaic (Solar PV) Power Projects in Romania 79
9.2 Financial Model and Analysis of 50 MW Photovoltaic (Solar PV) Power Plant investment in Romania (IRR, WACC, Payback, NPV, Cash Flow, ETC.) 84
10 TECHNOLOGY ANALYSIS 89
10.1 Photovoltaic (Solar PV) Technology Overview 89
10.2 Technology Trends 90
11 EUROPEAN RENEWABLE ENERGY POLICY LANDSCAPE 92
11.1 RES Regulations and EU Directives 92
11.1.1 Precedent EU regulations 92
11.1.2 Most recent EU renewable energy policy developments 93
12 ROMANIA RENEWABLE ENERGY SOURCES (RES) LEGAL AND REGULATORY FRAMEWORK 94
12.1 Main Laws and Regulations 94
12.2 Support Schemes 95
12.3 Green Certificates Trading 95
12.4 Changes in Renewable Energy Law in Romania in 2020 96
12.5 Auction (Tender) Procedure for Photovoltaic (Solar PV) Power Plants in Romania 99
12.6 Zoning, Planning and Construction Related Authorizations 100
12.7 Environmental Related Authorizations 100
12.7.1 Natura 2000 Network 101
12.7.2 Clean Development Mechanism (CDM) and Joint Implementation (JI) 102
12.8 Energy Law Authorizations 102
12.8.1 Power Generation Licensing and Unlicensed Power Generation Below 1 MW 102
12.8.2 Grid Interconnection 103
12.8.3 Feed-in Tariff (FIT) 105
12.8.4 Power Off-Take for Green Certificates 106
12.8.5 Power Off-Take under Auction (Tender) Scheme 107
12.8.6 Registers for Green Certificates (Guarantees of Origin) 107
12.9 Future Market Pricing Mechanisms 108
13 KEY STAKEHOLDERS AFFECTING PHOTOVOLTAIC (SOLAR PV) POWER MARKET DEVELOPMENT IN ROMANIA 109
13.1 Government Stakeholders 109
13.2 Non-Government Stakeholders 113
13.3 Electricity Generation, Transmission System Operator (TSO) and Distribution System Operators (DSO’s) 114
14 CONCLUSIONS AND RECOMMENDATIONS 122
15 LIST OF ABBREVIATIONS 124
16 REFERENCES 126
17 DISCLAIMER 128
APPENDIX I. SOLAR RESOURCE MAPS OF EUROPE AND ROMANIA 129

Map 1: Where is Romania on the European Map 17
Map 2: Romania Road Network 18
Map 3: Romania Administrative Regions Map 20
Map 4: Romania Electricity Grids Network 45
Map 5: Solar Irradiation and Solar Electricity Potential for Optimally Inclined Photovoltaic Modules in Romania 55
MAP 7: Romania Natura 2000 Areas Map 101
MAP 8: Solar Irradiation and Solar Electricity Potential for Horizontally Mounted Photovoltaic Modules in Romania 129
Map 9: Solar Irradiation and Solar Electricity Potential for Horizontally Mounted Photovoltaic Modules in Romania 130
Map 10: Solar Irradiation and Solar Electricity Potential for Optimally Inclined Photovoltaic Modules in Europe 131

Chart 1: Romania Real GDP Growth for the Period 2012 ÷ 2032 in % (including forecast) 22
Chart 2: Romania GDP Growth Compared to EU-27 for the Period 2012 ÷ 2032 in % (including forecast) 23
Chart 3: Corporate Tax Income in Selected Central-East Europe (CEE) and South-East Europe (SEE) Countries 25
Chart 4: Physical Energy Flows Values in GW in Central-East Europe (CEE) and South-East Europe (SEE) in 2022 28
Chart 5: Breakdown of Electricity Production by Source Type in the EU-28 in 2022 (in %) 30
Chart 6: Average Base Load Electricity Price in Selected European Countries (€/MWh): 2012 – 2022; Renewable Market WatchTM 31
Chart 7: Forecast for RES Generation Capacity by Source Type in the EU to 2030 (in GW) 32
Chart 8: New Installed and Decommissioned Power Capacity by Source Type in the EU in 2022 (MW) 33
Chart 9: Age of Power Plants in Europe in 2022 34
Chart 10: Share of New Power Generation Capacities Added in the EU 27 in 2022 (MW) 35
Chart 11: Annual Installed Power Generating Capacity (MW) and Renewable Share (in %) 2012 – 2022 in the EU 36
Chart 12: Number of Filled Patents for Solar PV Technologies in CEE & SEE Countries 2012 – 2022, EPO PATSTAT 39
Chart 13: Cumulative Installed Capacity of Photovoltaic (Solar PV) Power Plants (in MW) in Central-East Europe (CEE) and South-East Europe (SEE) 2012 ÷ 2032, including forecast 40
Chart 14: Cumulative Revenue of Photovoltaic (Solar PV) Power Plants (in Millions USD) in Central-East Europe (CEE) and South-East Europe (SEE) 2012 ÷ 2032, including forecast 41
Chart 15: Annual Installed Capacity of Photovoltaic (Solar PV) Power Plants (in MW) in Central-East Europe (CEE) and South-East Europe (SEE) 2012 ÷ 2032, including forecast 42
Chart 16: Romania Power Market Structure 44
Chart 17: Share of RES electricity from Total Installed Power Capacity in Romania in 2021 47
Chart 18: Romania Total Annual Electricity Consumption (in TWh) 2012 ÷ 2022 48
Chart 19: Romania Power Generation Capacity Breakdown by Source (Fuel) Type in 2021 49
Chart 20: Electricity Imports and Exports in Romania 2012 ÷ 2032 (in a million kWh) including forecast 51
Chart 21: Romania Targets for Renewable Energy Sources by 2030 (in %) set by National Renewable Energy Action Plan (NREAP) 53
Chart 22: Chart: Number of Filled Patents for Solar PV Technologies in Romania 2012 – 2022, EPO PATSTAT 61
Chart 23: Cumulative Installed Capacity of Photovoltaic (Solar PV) Power Plants in Romania (in MW) 2012 ÷ 2032, including forecast 64
Chart 24: Cumulative Revenue of Photovoltaic (Solar PV) Power Plants in Romania (in Millions EUR) 2012 ÷ 2032, including forecast 65
Chart 25: Annual Installed Capacity of Photovoltaic (Solar PV) Power Plants in Romania (in MW) 2012 ÷ 2032, including forecast 66
Chart 26: Levelized Cost of Energy (LCOE) for Photovoltaic (Solar PV) Power and Other Renewable Technologies in Romania by 2030 (in €) 68
Chart 27: Romanian SEFF Structure 80
Chart 28: Cumulative Cash Flows and Break-Even Point of 50 MW Photovoltaic (Solar PV) Power Plant Investment in Romania 87
Chart 29: Photovoltaic (Solar PV) System Price Evolution (€/Wp) 2002 ÷ 2022 90
Chart 30: Market Shares by Sales of the Distribution System Operators (DSOs) in Romania in 2022 114

Table 1: Electricity Prices for Business and Households 52
Table 2: Support Schemes for RES Generation in the EU Countries and Romania 54
Table 3: Market Prices for Photovoltaic (Solar PV) Projects in Romania for 2013 – 2032 in Development, Ready to Build and Operational (Grid Connected) Condition (2022 Update) 67
Table 4: Key Cost Structure Elements of Photovoltaic (Solar PV) Power Plant in Romania in 2022 68
Table 5: Database with Major Operational, Under Construction and Planned Photovoltaic (Solar PV) Projects in Romania 70
Table 6: Key Financial Parameters of 50 MW Photovoltaic (Solar PV) Power Plant Investment in Romania 85
Table 7: Key Financial Viability Indicators of 50 MW Photovoltaic (Solar PV) Power Plant Investment in Romania (IRR, NPV, Payback, Benefit-Cost) 85
Table 8: Project Costs and Savings (Income) Summary of 50 MW Photovoltaic (Solar PV) Power Plant Investment in Romania 86
Table 9: Yearly Cash Flows of 50 MW Photovoltaic (Solar PV) Power Plant Investment in Romania (Pre-tax, After-tax, Cumulative) 87
Table 10: Crystalline Module Price Trend in 2022 91