Page 133 - bne IntelliNews Southeastern Europe Outlook 2025

in above-optimum prices.
Lower electricity production in Romania turned the country into a net importer in January-October 2024. Romania produced only 43.75 TWh electricity in January-October, 8.3% less compared to the same period of 2023 while the total domestic consumption (technological consumption included) edged up by 0.9% y/y to 43.06 TWh. Thus, the country turned into a net importer, with a balance of 1.72 TWh net imports in January-October 2024 compared with 2.66 TWh net exports in the same period of 2023. Specifically, imports surged by 60% y/y to 10.82 TWh, almost a quarter of the domestic production. Exports contracted marginally by 0.6% y/y to 9.10 TWh in the ten-month period.
Many renewable energy projects were registered in 2024, but few were commissioned. The first stage of the contract for difference (CfD) scheme covering 1.5 GW of wind and solar projects is expected to improve execution rate in 2025. About 11,000 MW of solar parks and 4,000 MW of wind energy projects received connection approvals in 2024, but not many large-sized capacities were commissioned. Even so, some 1,700 MW of PV capacity was added including the prosumers’ installations. Separately, the investors understood the benefits of storage capacities and such installations are gradually added either as stand-alone projects or as part of the wind or solar projects aimed at cutting the cost of balancing.
In the nuclear sector, Nuclearelectria is developing three projects: the refurbishment of the first of its two 700-MW (net) reactors at Cernavoda nuclear power plant; the construction of two other reactors; and a small modular reactors (SMR) project. Each of the three projects advanced in 2024. The company’s shareholders are expected to endorse the €1.9bn refurbishment of the first unit, in January. The construction of the third and fourth nuclear units at Cernavoda is proceeding in line with the completion deadline of 2031-2032.
The development of the Neptun Deep offshore gas project by OMV Petrom and Romgaz is also in line with the schedule. The first gas will be delivered in 2027. The construction of the Neptun Alpha production platform for Neptun Deep at Saipem’s sites in Indonesia and Italy is progressing according to schedule, and Neptun Deep is on track for first gas in 2027, officials from OMV Petrom confirmed in a statement on October 2.
7.10 Energy & Power – Serbia
Serbia is gradually diversifying its energy supply, reducing dependency on Russian gas and exploring new partnerships to enhance energy security.
Agreements with Azerbaijan will deliver 400mn cubic meters of gas annually in 2024-26, with an increase to 1 bcm by 2027. The Serbia-Bulgaria gas interconnector, now operational, will transport liquefied natural gas via Alexandroupolis in Greece, eventually fulfilling
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