The European Bank for Reconstruction and Development (EBRD) is lending €30.8 million to Moldova and its state-owned electricity company Moldelectrica to link the country’s network to that of its European Union neighbour, Romania, by constructing a high-voltage transmission line between the Moldovan city of Balti and the Romanian border, https://euneighbourseast.eu/ informs. Moldelectrica, which is implementing the European Union’s Third Energy Package, will also use the loan to rehabilitate its internal electricity transmission network and build a 400 kV (kilovolt) substation at Balti. The Balti-Suceava project, costing a total of €77 million, is co-funded by the European Investment Bank (EIB), which is also lending €30.8 million. The European Union’s Neighbourhood Investment Platform (NIP) will provide a €15.4 million grant. The project’s aim is to increase Moldova’s energy security by accelerating the country’s integration with the European grid, ENTSO-E, as well as to strengthen the country’s integration with its European neighbours. According to the EBRD, more than 80 per cent of electricity consumed in Moldova came historically from the unrecognised breakaway region of Transnistria, along with imports from Ukraine via a grid connecting several former Soviet republics. Since 2015, Moldova has been working to diversify sources through closer links with Romania, and has one interconnection line to Romania (the Vulcanesti-Issaccea line). With the start of Russia’s full-scale war against Ukraine in 2022, both Moldova and Ukraine quickly synchronised with the European grid. The Balti-Suceava line will further strengthen Moldova’s integration of Moldova with ENTSO-E and increase the country’s energy security.
Romanian tennis player Jaqueline Cristian, ranked 82nd in the world, advanced to the third round of the Australian Open on Thursday, January 16, after defeating Italy's Lucia Bronzetti in two sets 7-5, 7-5. The match lasted two hours and four minutes, according to News.ro. This marks the...
The corporate branch in Romania of PKO Bank Polski, the leader of the Polish banking system, will begin its operational activity on the local market in 2025, according to Ziarul Financiar. The Romanian daily announced in October 2023 that PKO Bank, the largest bank in Poland, with assets equivalent to 70%...
The Romanian Ministry of Energy announced that it notified the Foreign Direct Investment Review Commission (CEISD) regarding the transaction through which Hungary's state-owned energy group MVM intends to acquire the gas and electricity supply division of E.ON Energie Romania,...
At the monetary policy meeting of January 15, Romania’s central bank (BNR) maintained the monetary policy interest rate at 6.5%, which was in line with expectations. Amid persistent inflation risks and with no budget plan drafted by the government, the monetary authority thus prioritized a cautious stance over the need to encourage economic growth. “We […]
Ford Transit & Tourneo Courier, Ford Puma, and the new Dacia Duster led Romanian car production to a record volume of over 560,000 cars, according to calculations by Ziarul Financiar based on information from the car market and Ford Otosan's stock exchange report. The volume thus brings a 10% increase...
Romania's industrial output in the 12 months to November 2024 contracted by 2% y/y, according to data published by the statistics office INS. The contraction was slightly softer (-1.6% y/y) in the core manufacturing sector, with the segment of utilities (-4.4% y/y) dragging down the overall performance. Most likely, the industrial output in Romania ended […]
