Andrei Dominic Gerea, Minister of Energy, Small and Medium-Sized Enterprises and the Business Environment, formerly served as Romania’s Minister of the Economy and has had extensive experience in promoting his country’s sustainable economic growth. He discusses his ministry’s priorities for the energy sector and for Romania’s business environment in general.
European Times: What are your main goals as minister?
Andrei Dominic Gerea: Our focus is on dealing with some overdue issues, especially in the energy sector, where we hope to solve problems rapidly. We will also continue Romania’s privatisation process, including of energy companies, and will pursue many initiatives to upgrade the business climate.
European Times: What is your ministry doing to improve Romania’s energy security?
Andrei Dominic Gerea: Romania is currently 90% energy-independent concerning natural gas and is able to export electricity. Romania continues to seek new gas resources, including shale gas. We are currently exploring the country’s shale-gas resources and waiting for the results of EU studies on fracking. Romania has very strong regulations about drilling because of the country’s long tradition in oil and gas, so safety is paramount.
European Times: What are some new trends in Romania’s energy exports?
Andrei Dominic Gerea: Romania has the capacity to export up to 1500 MW of electricity and is currently exporting 600 MW to Moldova through four connections. A gas pipeline between Romania and Moldova has just been completed and will offer Moldova a chance to import gas from Romania. To extend Romania’s energy exports to other countries, we are working to improve our production capacities. We also want to attract investment in renewable-energy projects. Romania has very strong potential in renewable energy, particularly biomass and thermal energy.
European times: What is your personal message to potential investors?
Andrei Dominic Gerea: Romania’s energy companies are doing well on the stock exchange, which illustrates the investment potential of the energy sector. Romania is very grateful for the foreign investors which have already entered the market here and we welcome more investors. Romania needs around €100 billion in FDI to reach its energy goals. The Ministry of Energy, Small and Medium-Sized Enterprises and the Business Environment will continue to work to enhance Romania’s investment attractions and to improve the business climate. We invite investors and European travellers to come and visit Romania to see for themselves what a beautiful country it is and how many exciting opportunities are available here.
