Renewable energy producers report imbalance costs in the tens of millions of lei, direct exports are blocked and guarantees of origin are not recognized in the EU. Parliament has called for public consultations, the Ministry of Energy promises solutions, and the business environment demands immediate protection mechanisms.
The gap between the pace of legislative reforms and the real capacity of the market to absorb them has reached Parliament. On May 25, 2026, the Committee on Economy, Budget and Finance organized a public consultation with renewable energy producers (RES), the Ministry of Energy and OPEM.
The discussions revealed a structural contradiction: the market rules transposed from European legislation were designed for liquid markets with functional balancing mechanisms. Such conditions do not exist in Moldova.
More than five months after the first transaction on the OPEM platform, Moldova’s organized electricity market remains largely dysfunctional. The closing price in the day-ahead market (DAM) is formed administratively rather than by the intersection of supply and demand. There are few active participants.
And renewable energy producers (RES) – with a total installed capacity exceeding 1,000 MW – bear the financial risks posed by an imbalance pricing model, the inability to export and the lack of any protection mechanisms in the nascent market.
Illiquid market
The actual state of the DAM can be described unambiguously: the platform is technically functional but does not generate economically meaningful prices. In most time intervals, there are no simultaneous offers to sell and buy.
The European algorithm Euphemia, integrated into the OPEM platform taking into account the link to the EU market, does not determine the equilibrium point of supply and demand. The price is set through administrative formulas and the DAM functions as a formal mechanism rather than a market.
The reasons are obvious. The market is still dominated by bilateral contracts awarded directly, mainly by Energocom under the public service obligation. Volumes under bilateral contracts do not pass through the OPEM platform and the DAM still lacks the necessary critical mass.
Of the 96 companies licensed to supply, only three operate in the competitive segment, with their combined share less than 2.1%. Market concentration makes it impossible to form a sufficient number of counterparties for competitive transactions.
The Ministry of Energy acknowledged this situation at a workshop on April 29, 2026 and presented a number of measures: an obligation for Energocom to procure a share of the required electricity on organized markets, extension of this obligation from 2027 to universal service providers and providers of last resort, introduction of temporary market-making mechanisms, minimum bidding requirements and volatility management tools. Supervision and monitoring – through ANRE.
DAM closing time: 12:00 blocking access to regional markets
The second technical aspect raised by the business community: the DAM closing time set for 12:00 noon, in accordance with paragraph 96 of the RPEE (Regulile Pieței Energiei Electrice – Electricity Market Rules).
Argument: in conditions of reduced liquidity on the local market, a producer that has not been able to sell all the volume available on the OPEM platform does not have enough time to redirect volumes to regional markets – OPCOM (Romania) or Ukrainian. Proposal: move the closing time from 12:00 to 10:00, providing an additional two-hour interval to manage uncontracted positions and book available capacity on cross-border markets.
At a stage when trading volumes on the DAM are low, the rigidity of the trading schedule is not conducive to market efficiency. On the contrary, it generates additional costs and accumulation of imbalance penalties.
Interconnection to the European market: a goal without practical application
The ultimate goal of the reform: the interconnection of the Moldovan energy market with the single European market. OPEM received a mandate from ANRE to achieve international interconnection of PZU and PI/PPZ within four years. The first cross-border transactions were scheduled for the first half of 2026, a deadline that does not appear to be met.
Interconnection requires: functioning of the Euphemia algorithm based on real market data (not on empty intervals), minimum liquidity in both markets, functioning electricity interconnections, and coordinated allocation of cross-border capacity. Moldova should finalize in parallel the transposition of the Clean Energy Package – Directive (EU) 2019/944 and Regulation (EU) 2019/943.
Energy Minister Dorin Jungietu has repeatedly stated that delays in the implementation of reforms directly affect the process of integration with the Romanian market and, in the long term, integration into the EU internal market. But without real volumes on the OPEM digital platform, integration remains an institutional rather than operational challenge.
Structural reasons for the deadlock
The correlation of elements – institutional statements, business requirements, OPEM data, regulatory framework – reveals five structural causes:
Excessive market concentration. Independent suppliers own less than 2.1% of the energy supply market. “Energocom operates under a public service obligation. Volumes traded on the free market are insufficient to ensure the functioning of the organized market.
Lack of balancing mechanisms at the domestic level. Balancing was carried out through cooperation with Ukrenergo in the MD-UA block. Without internal reserve auctions, the balancing market remains theoretical.
Discrepancy between installed renewable capacity and system absorption capacity. More than 1000 MW of installed capacity, of which 72% is PV: huge surplus during peak solar hours, without energy storage and without sufficient export capacity.
Regulatory framework designed for mature markets. The renewable energy systems listed in RPEE were developed following the European model, but applied in transition, without transitional protection mechanisms. Result: unpredictable financial consequences for participants.
Limited interconnectioncapacity. Energy export remains technically challenging. The 400 kV Straseni-Gutinash overhead transmission line (funded by the U.S. government) will not be operational anytime soon.
Business needs: three horizons of action
Immediate: price cap/minimum price level mechanisms for imbalances as a stabilizing filter during the transition period. Changing the DAM closing time from 12:00 to 10:00. Creation of a working group at ANRE with the involvement of market participants to analyze the methodology for calculating uniform prices for imbalances (deficit and surplus) and their impact on participants and end users.
Medium-term: commitment of Energocom – and, subsequently, universal service providers – to purchase a share of the required supply volume on organized markets. Implementation of commitments to maintain market liquidity and a minimum supply price. Recognition of Moldovan guarantees of origin in EU countries. Unblocking of direct export procedures.
Long-term: development of storage capacities. Completion of interconnections of electricity grids. Effective interconnection of DAM/PI markets with the European market through OPEM-OPCOM. Identification of universal service providers and suppliers of last resort by July 8, 2026 through competitive procedures organized by ANRE. Full liberalization of the market for large and medium-sized non-household consumers, scheduled for January 1, 2027.
The May 25, 2026 consultation revealed a number of pressing challenges, without addressing which EU integration risks becoming an eternally postponed prospect. And private investment in the renewable energy sector – a strategic resource for the country’s energy security – could be irreversibly undermined.
