Romania stands out among the main beneficiaries of the Modernization Fund, but also among the countries that have accessed the most money for investments in fossil fuels, claims an environmental organization. Thus, in the first five years of operation, the Modernization Fund distributed 20.7 billion euros to the beneficiary member states. Romania is the largest beneficiary, with 6.77 billion euros collected by the end of 2025. Romania has so far accessed 47% of the funds available by the end of the financing program, say Bankwatch officials.

At the same time, Romania received the most money for fossil gas projects (891 million euros), followed by the Czech Republic (836 million euros) and Slovakia (180 million euros). Romania has supported two power plant projects, four investments in gas pipelines and a scheme for the modernization of CHPs. The Ministry of Energy withdrew support for one of the power plants (Ișalnița) in June 2026 due to project delays.

Among positive investments, Romania ranks 3rd in energy efficiency projects (1.6 billion euros), especially in the sectors of district heating and transport networks.

In the field of renewable energy, Romania has so far allocated 1.3 billion euros in sustainable projects, ranking 2nd after the Czech Republic (1.4 billion euros). Some schemes dedicated to renewable energy have been classified as “mixed” and have the potential to contain unsustainable projects such as micro-hydropower plants. The list of beneficiary projects under the schemes is not public.

Romania is by far the largest investor in electricity transmission and distribution. The country has so far received 1.6 billion euros for the electricity grid, 76% of all funds allocated to this sector.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.