Investimental: 60% of Bucharest Exchange’s benchmark BET index made up of energy and utilities companies
Romania’s benchmark BET index, which tracks the major stocks traded on the Bucharest Stock Exchange (BVB), has risen roughly 74% over the past year. Its success is partly explained by its composition, as nearly two-thirds of the index is represented by companies in the energy and utility sectors, according to an analysis by Romanian stock brokerage firm Investimental.
Traditionally considered defensive holdings, highlighting their ability to weather geopolitical crises and other events, listed energy and utilities companies benefited from overlapping geopolitical crises, the prospect of rising global electricity consumption driven by the growth of AI, and Romania’s status as an emerging market.
Issuers such as Romgaz, Transgaz, Hidroelectrica, OMV Petrom, and Premier Energy were also popular with investors over the past year for their investment programs aimed at expanding production capacity and modernizing transmission and distribution networks, according to the analysis cited by Economedia.
Similarly, the delay in investments was penalized by investors. A relevant example is Hidroelectrica, the largest domestic electricity producer, whose shares only returned to their 2024 highs in January 2026. Weaker 2025 results, when net profit fell by around 20% due to drought, were offset by a strong fourth quarter. The recovery trend continued into the first quarter of 2026: the company’s earnings rose by more than 120%, supported by high levels of rainfall.
A distinct case is the entrepreneurial group Premier Energy, whose share price has nearly doubled since the beginning of the year. The key development that propelled Premier Energy’s stock was the recent announcement of the acquisition of Distribuție Energie Oltenia from Australian fund manager Macquarie for EUR 700 million. The transaction could double the operating profit of the group, which is active in renewable energy production, electricity, and natural gas distribution and supply, with operations in Romania and the Republic of Moldova.
The nearly 145% increase in Romgaz shares over the past 12 months, in turn, reflects investor expectations regarding the positive impact that development of the Neptun Deep field may have on the results of Romania’s largest natural gas producer.
Transgaz, last year’s top performer in the BET index, is another direct beneficiary of the Black Sea project. In addition to serving domestic clients, including gas producers and distributors, the company will also ensure regional transit through the BRUA pipeline along the Bulgaria–Romania–Hungary–Austria corridor.
Following modest first-quarter results and its exclusion from the FTSE Russell Emerging Markets Index, OMV Petrom has lagged behind the sector. Although higher oil prices amid the conflict in the Middle East should have supported the company’s performance, the approximately 4% decline in profit during the first three months of 2026 was influenced by exceptional costs related to derivatives, generated precisely by oil price volatility. Nevertheless, last week the company approached historic highs due to its generous dividend policy.
The success of Romania’s energy and utilities companies is easy to track. The best-performing local index since the start of the year is BET-NG, dominated by companies such as OMV Petrom, Romgaz, Hidroelectrica, and Transgaz, with gains of over 28%. By comparison, the BET index posted a gain of approximately 25% over the same period.
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