The visit of BRM President Gabriel Purice to Chisinau and his discussions with Prime Minister Alexandru Munteanu and Energy Minister Dorin Junghietu mark a new milestone in the development of local markets. The dialogue focused on the results of BRM EST, the Moldovan subsidiary launched three years ago, as well as possible directions for expansion into new economically relevant products and services.
The Moldovan government has explicitly welcomed BRM’s contribution to gas market liberalization and strengthening energy security. At a time when the Republic of Moldova is diversifying its energy sources and access, the fact that BRM EST has reached a trading volume of over €650 million—covering natural gas, fuels, metals, and construction materials—indicates not only commercial appetite but also confidence in transparent price formation mechanisms. The fiscal impact on the state budget is also significant: approximately €52 million in taxes, VAT, and duties in a short period of time, confirming the institutional usefulness of a functional exchange.
For the Minister of Energy, the discussions went straight to one of the most sensitive areas of the gas market: balancing. BRM’s intention to develop and operate a platform dedicated to balancing the transmission system is seen as a necessary step towards aligning Moldova with regional practices, where market references – TTF or Central European benchmarks – are essential for transparency and fair pricing. Such a platform would provide Moldova with modern tools for managing imbalances in a context of increasing regional interconnections.
The authorities have also examined scenarios for extending BRM transactions to other types of products, which would allow the same stock exchange infrastructure to be used in non-energy areas, where digitization and standardization of auctions can bring efficiency and reduce operational risks. For a transforming economy, access to such mechanisms represents a competitive advantage.
BRM EST is well positioned in this ecosystem. Designated by ANRE as the wholesale natural gas market operator for 10 years, the subsidiary has managed to attract over 35 participants in various segments and broker the trading of over 130 million cubic meters of natural gas between 2024 and 2025. These figures show both the increase in confidence and the institutional maturation of the Moldovan market.