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The Foreign Investors Council emphasizes the need to foster investments in the romanian energy sector


Bucharest, 9th of June, 2015


The Foreign Investors Council (FIC) raised awareness on the need to promote investments in the energy sector and on the legislative and regulatory challenges the industry is facing to attract further investments in the modernization of this essential sector of the Romanian economy during a Conference organized on June 9th, 2015.

The event was opened by Mr Tudor Constantinescu, Principal Adviser at DG Energy of the European Commission, who presented recent developments regarding the energy sector at the European level.

Eric Stab, Toni Volpe and Gabriel Selischi presented the investments carried out by foreign companies over the past twelve years, the benefits they generated, the further investment needs of the sector and the public policies and regulatory approaches which are required to foster a continuous and sustained interest of investors.

The most significant investment effort has been made by foreign investors so far. The work done by the Energy Task Force of the FIC highlighted that:
  • foreign investors operating in the energy sector have invested more than 22 billion euro in Romania since 2002, which contributed massively to the modernization of an area that used to be significantly underfinanced;
  • energy companies where foreign investors play a significant role have contributed around 3 billion euro to the State’s budget in 2014 from VAT, income tax, royalties, excises and employers’ payments;

The energy sector is undergoing significant transformations. The overall European market situation, the legislative changes that impacted renewable energy sources considerably, the discovery of new gas resources, the prospects of further liberalization of energy markets, the required compliance with EU environmental targets as well as the planned energy strategy will deeply impact the way energy markets will function in the coming years.

This transformation has to be sustained though in the decade ahead of us by significant investments in new energy assets. The implementation of these investments represents the most important challenge to be adequately addressed by State Authorities and energy companies operating in Romania today and tomorrow.

The investments done so far by foreign companies do therefore represent only a part of the overall effort which is required by the modernization of the energy sector. Some segments (such as coal mining, energy efficiency or thermal electricity generation) have attracted very low investments compared to their needs. The government has estimated that the sector requires an overall investment effort of 70 to 100 billion euro until 2035.

Direct foreign investments are the most likely source which could provide financing for such significant investment effort in the coming years.

To attract new investments in the energy sector however, Romania needs to put in place a market which is stable, predictable and transparent in terms of implementation of public policies and regulatory frameworks. To be appealing for investments in the long run, the sector has to be liberalized and less bureaucratic, reconciling the important aspect of short-term affordability of energy prices with the critical issue of long-term security of supply.

Eric Stab, FIC Vice-President and Chairman of the Energy Task Force, emphasized that "foreign investors already contributed 22 billion euro to the modernization of the Romanian energy sector and will keep doing so, in the interest of the security of supply and the competitiveness of Romania and its economy, as long as positive and incentivizing messages will be conveyed to attract them".

A copy of the FIC presentation can be downloaded at the following link:
http://www.fic.ro/FIC_Fostering_Investments_in_the_Energy_Sector.pdf

ABOUT:

The Foreign Investors Council (FIC) is an association of the leading investors in Romania. The FIC was established in 1997 when it officially began its activity with 25 companies as members.

Today, the FIC has 117 member companies whose cumulated investments in Romania represent approximately two thirds of the total foreign direct investment made since 1990.

The FIC members provide a variety of goods and services and have created almost 200,000 direct and indirect jobs for the Romanian economy.

In almost 20 years of activity, the FIC has proven to be a constant presence and a valuable dialogue partner with objective and professional approach regarding the problems about the Romanian economy development and improving the business environment.

Foreign Investors Council (FIC) - www.fic.ro


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