THE IMPACT OF RENEWABLE ENERGY ON THE PRICE OF ENERGY IN ROMANIA

Dragos Paun, Ciprian Adrian Paun

Abstract


In order to meet the targets of the Europe 2020 strategy in the environment sector, the Romanian government has set up several support schemes. The objective of the paper was to analysis how the the introduction of Renewable Energy Sources – Windfarms has affected the price of energy and the sustainability of the measures for the Romanian Economy. For assessing the impact of the RES we have used monthly data from 2008 to 2014 for the wholesale price of energy and the percentage of each energy type that was introduced into the energy grid. In the article we have used the Least Squares methodology and multiple regression analysis to see the impact of each source (coal, nuclear, gas, hydro, etc.). The results provide a very positive approach and could lead to major policy changes and to long-term sustainability of energy production in Romania.   


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Keywords


bio diesel; renewable energy; wind farms; fossils fuels; price;

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