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Governing program: Energy priorities - nuclear agreement with U.S., Black Sea gas, energy investment fund

November 30, 2021

Developing a nuclear program based on U.S. technology, unblocking the Black Sea gas projects and setting up an energy investment fund are some of the goals set out in the Energy chapter of the 2021-2024 Governing Program pledged by the PNL-PSD-UDMR coalition."Decarbonising the energy supply in line with the EU target of cutting greenhouse gas emissions by at least 40 percent from 1990 levels can only be achieved by increasing the nuclear production capacity," the document states.To this effect, one of the strategic objectives is promoting energy investments, particularly in the field of clean energies, such as completing Cernavoda reactors 3 and 4, upgrading Cernavoda Unit 1 and introducing advanced nuclear technologies in the context of the Romania - U.S. intergovernmental partnership."With Romania committing under its National Recovery and Resilience Plan to phasing out coal from energy production by 2032, and following the initialing in October 2020 of the Agreement between the Government of Romania and the Government of the United States of America on cooperation regarding the Cernavoda nuclear power projects and civil nuclear energy, the development of a medium and long-term National Nuclear Program, which would include the development of new nuclear power capacities using small modular reactors with U.S. technology, is absolutely imperative," the representatives of the PNL-PSD-UDMR coalition said.The document also provides for the establishment of the Romanian Energy Fund, a public investment vehicle organized in accordance with the general framework applicable to sovereign development and investment funds, and in line with international best practice standards on energy, owned by the Romanian state through the Ministry of Energy.Amid rising electricity and natural gas prices, the continuation of the state's intervention through regulatory measures is necessary for maintaining a decent standard of living of the population which is largely affected by the high subsistence costs, including housing utilities, yet without affecting energy investments.Other priorities are the implementation of measures to ensure energy security in the context of the EU programmatic guidelines for decarbonising and reducing greenhouse gas emissions, and strengthening energy security as regards fuel and natural gas supplies, by setting up a mandatory stockpiling system in accordance with European legislation.The program also provides for unlocking the Black Sea offshore natural gas projects and expanding gas and electricity networks, investments in renewable energy and "participation in European initiatives to encourage the development of hydrogen technologies, in order to reach the threshold of economic competitiveness and widespread use, with a key contribution to energy security and investment in modern, mature technological solutions that have been sufficiently tested to operate in conditions of economic efficiency."

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