The European Commission warned Romania on Wednesday to remove its cap on gas prices or potentially face legal action over the policy, which the EU executive branch said violates the bloc's energy market rules. Gas and power bills for Romanian households, small businesses and public institutions have been capped up to certain monthly consumption levels since November 2021, with suppliers compensated for the difference. In a notice published on Wednesday, the European Commission said the policy violates EU rules on the free formation of wholesale gas prices, since Romania's measure obliges firms to sell part of their production at a fixed wholesale price. "Regulated prices at the level of the EU-wide wholesale market distort price signals and effective market functioning," the Commission said. European wholesale gas prices began climbing in 2021 after Russia limited deliveries. Prices soared to record highs the following year when Moscow further slashed supplies after its February 2022 invasion of Ukraine. Romania's government has two months to respond to the EU warning, after which the Commission can refer the case to the EU's top court, if the matter is unresolved. Ahead of its May 18 presidential election run-off, Romania currently has an interim government which cannot issue decrees or introduce policies. Former Prime Minister Marcel Ciolacu resigned on Monday after hard-right eurosceptic George Simion won the first round of the presidential election re-run. The president elected this month will appoint a new prime minister. In February, the former government extended the gas price cap for a year, and prolonged the power price limits until June, to rein in consumers' bills. Romania produces almost all the gas it consumes domestically, through producers OMV Petrom, state-owned Romgaz and offshore producer Black Sea Oil & Gas.
Real estate developer Globalworth has begun construction on Green Court D, the fourth building in its Green Court office complex in Bucharest’s Aurel Vlaicu area. Scheduled for completion in 2027, the project is now in its preliminary phase, which includes enclosure works and excavation for the basement structure, the company said. The new building will […]
Romania’s National Committee for Emergency Situations decided to distribute drinking water from the state reserves to 13 localities in the counties of Prahova and Dâmboviţa. The area was severely impacted by a drop in water levels at the Paltinu Dam, leading to problems in the water distribution system and affecting over 100,000 people, local hospitals, […]
Rock star Marilyn Manson will return to Romania next summer to perform at Rockstadt Extreme Fest, organizers announced on Tuesday, December 2. He is among the headliners confirmed for the local rock and metal festival, which will take place from July 27 to 31 in Ghimbav, Brașov county. “For the first time ever, Marilyn Manson […]
Romania’s government has assumed responsibility in Parliament for legislation reforming magistrates’ pensions, prime minister Ilie Bolojan announced on December 2. He said the draft law had received the opinion of the High Court of Cassation and Justice, noting that the court’s assessment was negative. It is the government’s second attempt to have the bill promulgated, […]
Romania Education Alliance (REA), the first private school network in the country, announced it has exceeded the milestone of 1,000 students enrolled across its member schools just one year after launch. "The fact that we surpassed 1,000 students in our very first year of activity shows that the REA model addresses a real need in […]
Genesis College, one of the largest private educational institutions in Romania, announced the regulatory approval of the transaction through which the investment firm Mozaik Investments becomes its majority shareholder. The transaction, signed at the end of July, received all necessary approvals from the Competition Council on November 25, and, formally, the entire investment procedure is […]
