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PwC Study: direct investments in the renewable energy sector of Romania is estimated at 7 billion euros
The value of total direct investments in the renewable energy sector of Romania is estimated at seven billion euros, with most these being made in imported equipment, shows the study drawn up by PricewaterhouseCoopers, entitled 'The impact of Support Schemes of Renewable Energy in Romania and Lessons Learnt from EU Countries,' presented on Wednesday in a press conference by the Association of Large Industrial Energy Consumers (ABIEC).
According to the document, some 25 to 35pct of the total investments in the renewable energy sector generates multiplication effects in the Romanian economy. In this respect, in 2014, as many as 5,250 jobs were created, but only a small part of these will be kept for the whole lifetime of the equipment.
In terms of economic and social impact, the data show that large electricity consumers contributed 8.1 billion euros (some 5.8pct) to the GDP of Romania, in 2011. They also contributed 930 million euros to the state budget and local budgets that year, having generated over 5pct of state revenues from profit tax, tax on properties, excise duties and royalties.
The PwC report also shows that in 2014 Romania had the third-biggest impact of the support scheme on the price of consumer among the 28 countries of the European Union (EU28), and the second-biggest impact of transport/distribution costs on the end-consumer, namely 141pct.
Among the EU28 countries, Romania has the third-biggest impact of the support scheme on the price of end-user within the selected group of countries.
According to the PwC report, between 2011 and 2015 electricity exports increased by more than 300pct and, at the same time, end-domestic consumption remained at a constant level during this period.
In 2014, Romania was in line with industrial countries, with the cost after protection measures being similar to that of Poland, the UK and Italy, but higher than in Germany and France, the document reads.
The said analysis was conducted to assess the impact of support schemes for renewable energy in Romania, in the context of similar schemes in the EU.
The support scheme of the energy produced from renewable sources was introduced in 2008 to back meeting the EU 2020 target on energy consumption from these sources. The EU 2020 target on the share of renewable energy in final energy consumption (24pct) was already reached by Romania in 2013 and surpassed in 2014, up to 26.27pct, by 9pct above the European target.