Romania is no longer as attractive for renewable energy investments as it was four years ago. The country went down 22 places in the renewable energy attractiveness index by EY.
Back in 2011, Romania enjoyed a good 11th position worldwide and was a hot spot for renewable energy investments. Legislation changes and the lack of legal predictability pushed it down the ranking.
While other countries improved laws to attract more investors in green energy, Romania’s changes drove investors away. “To recover the lost ground, Romanian institutions and decisions makers need to put more effort into creating a transparent and credible, long-term energy policy, to balance the investors', consumers' and state's interest in renewable energy production,” said Florin Vasilica, partner with EY and leader of the deal assistance department.
Legislation accuracy had a significant say in changes to the top of the ranking, pushing up countries like India and Egypt, whose Governments made political reforms to support investments.
In Europe, countries like France, Poland and Sweden either changed laws in favor of renewable energies or committed to switching entirely from nuclear power to renewables – the case of Sweden.
Meanwhile, global investments in renewables reached USD 30 billion in 2014, above the investment level in nuclear energy and fossil fuel. The volatile price of oil and geopolitical challenges emphasize the need to diversify energy sources and achieve energy security, the EY Romania representative added.
Corina Chirileasa, [email protected]