A report by the National Institute of Statistics on Friday indicates that electricity was more expensive in November by 62.36% at an annual rate, but decreased by 2.5% compared to the previous month. The report most likely uses the balance of energy bills, and not the price of commodity energy. According to data analyzed by Energynomics from the monthly report of the main energy market operator, OPCOM, it results that the price of commodity energy, at least in the most used segment, the Day-Ahead Market, decreased by 26.1% in nominal terms (lei) and 27.71% expressed in euros, in November 2025, compared to the same month of the previous year. The market share of the DAM also decreased, from 34.35% to 32% during the analyzed period, probably due to the signing of numerous bilateral contracts in the market. The volume of transactions on the DAM decreased by 19.42%, and the value of transactions, expressed in lei, decreased by 45%, to about lei 815 billion.
Thus, the average closing price in November on the DAM was 617.91 lei/MWh, or 121.48 euros.
In November 2025, the main European electricity markets recorded price increases compared to October, with the exception of the Iberian market, which recorded the lowest level since June, according to AleaSoft. Italy was the market with the highest monthly price, at 117.09 euros/MWh. Average prices of European markets rose in November compared to October above the 85 euro threshold, but remain below the DAM average.
The disappearance of the subsidy and the increase in VAT led to an increase in the cost to the consumer, despite the decrease in the price of energy-commodity, in Romania.
Moreover, in relation to purchasing power parity, according to Eurostat, Romania was among the countries with the highest prices for residential consumers in the first half of the year.
High prices, caused by a still dysfunctional market
The cessation of subsidies led to an increase in the final price of invoices, the average energy-commodity price – of about 40% of the total invoice, being effectively lower today than at the date of the launch of the capping system. The cost displayed in the invoices has a regulated component of 60%, which also contains certain taxes increased by the government this year, suppliers say. Thus, from July 1, the cogeneration tax increased from 3.5 to 8.4 lei/MWh, VAT increased from 19 to 21% on August 1, system services increased from 7.04 to 12.79 lei/MWh, and from November 1, the cogeneration tax increased again, to 13.06 lei/MWh. The bill includes distribution, transmission and system services tariffs, contributions for green certificates, CfD and cogeneration, but also taxes, such as excise duties and VAT.
At the same time, competition between suppliers has been strongly felt recently, with those who want to increase their market shares announcing offers that are difficult to sustain for certain periods and certain categories or numbers of new customers. However, the number of suppliers and active market participants has decreased from 48 in December 202, to 26 currently (at the level of July 2025). At the same time, the market is feeling the full brunt of the lack of energy traders, who have much more flexible products and can also enter foreign markets.
“Traders are the only ones who can stand up to producers in the market,” say AFEER officials. The exit of large traders from the market and their reluctance to re-enter, for fear of overcharging, produce distortions and affect competition, liquidity and the final price.
“Many people are reluctant to re-enter Romania, only one large trader has started to act on the market again.”
Other market problems include the lack of transparency of the free market of bilateral contracts, thus making the reference price (benchmark) more difficult to determine, as well as the lack of a Guarantees of Origin market, which, if the government puts all the necessary mechanisms in motion, together with the market arbitrator, could only be launched on January 1, 2027.
