Romania purchases nuclear electricity from Ukraine via Moldova to fill gap left by Cernavoda Unit 1 outage

Romanian state-owned nuclear power company Nuclearelectrica announced on August 3 that it purchased electricity from Ukraine, using Moldova's state-owned power supplier Energocom as an intermediary. Although the specific transaction amount is confidential, the price will be determined at market rates. This purchase is intended to compensate for the power gap caused by the shutdown of Unit 1 at the Cernavoda Nuclear Power Plant, thereby mitigating the impact on Romania's energy market.

According to the statement, the purchase price will reference official prices on regional spot exchanges, particularly during peak demand hours from 7 PM to 10 PM. Given the widespread heatwave and tight electricity demand currently affecting Romania and Europe, market prices could be extremely high, potentially exceeding €1,000 per megawatt-hour — the highest electricity price Romania has paid on the spot market.

Romania has repeatedly been the country with the highest spot market prices within the EU. In September 2024, the country set a record with electricity prices exceeding €1,000 per megawatt-hour, and prior to that, prices frequently reached €328 per megawatt-hour. There is a significant disparity between average spot prices in Western and Eastern Europe. Even during periods of high temperatures and drought, Western European countries maintain average electricity prices of approximately €60 to €120 per megawatt-hour, thanks to well-developed energy storage infrastructure.

Nuclearelectrica and Energocom signed a memorandum of understanding in 2023 aimed at ensuring energy stability and mutual support between Romania and Moldova. Today, this partnership is reflected in inter-company procurement, which not only helps Romania fill the power gap caused by the nuclear plant outage but also indirectly alleviates the impact on Romania's energy market. Given the challenges posed by lower Danube River water levels, both parties recognize that establishing long-term partnerships and reliable trade relations is of critical importance.