Romania is entering the second half of 2026 with weaker domestic production and slower storage replenishment, according to Romgaz’s preliminary first-half figures. The state-controlled producer reported a 3.2% decline in total hydrocarbon output to 15.67 million barrels of oil equivalent. Natural-gas output fell 3.4%, while gas marketed from domestic production decreased 6.4% to 2.36 billion cubic metres.
Romgaz production, gas marketing and power generation
The changes in production and sales affect both volumes available for supply and the operational balance between production and storage. Natural-gas output declined 3.4%, while marketed gas from domestic sources fell by 6.4% to 2.36 billion cubic metres. Romgaz also reported a 46.7% drop in electricity generation to 182 GWh.
Storage withdrawals rise as injections slow
Storage activity shows withdrawals increasing while injections fall over the period covered by the preliminary figures. Withdrawals rose 17.8% to 1.47 billion cubic metres, while injections declined by the same percentage to 764.1 million cubic metres. The pattern indicates that storage was used more heavily during the preceding tight period, even as replenishment slowed.
Neptun Deep is expected to change Romania’s supply position from 2027, but it does not address the immediate 2026–27 winter-balancing requirement. With domestic production lower and injection volumes down, storage management remains central to meeting seasonal needs. Neptun Deep’s timing is therefore relevant for later supply dynamics rather than near-term balancing.
Bulgaria proposes August regulated gas price
Bulgaria’s public supplier is proposing an August regulated gas price of approximately €37.36/MWh, about 0.9% below July’s €37.70/MWh. Most contracted August gas is expected to come from Azerbaijan, although planned maintenance will reduce those deliveries. Bulgargaz plans to use withdrawals from Chiren and LNG arriving via Greece, with no Turkish LNG deliveries currently scheduled for the month.
Greece import flows support regional balancing
Greece has become more significant for Bulgaria’s balancing strategy based on first-half 2026 data. Gas exports reached 8.72 TWh, more than three times the 2.86 TWh recorded in the first half of 2025. Revithoussa supplied 18.61 TWh of imports, up 27%, while the Alexandroupoli FSRU handled 3.46 TWh, more than triple its previous-year volume.
The northern gas corridor is becoming commercially active, but regional supply remains linked to international LNG prices and storage availability. Bulgaria can keep its regulated price below the broader European benchmark for a month by combining Azerbaijani gas, inventories and contracted LNG. Maintaining that discount through winter depends on Chiren replenishment and continued access to Greek import infrastructure.
Financing conditions for power projects tighten
The latest financing activity indicates a more selective market for power projects in the region. Debt is reaching permitted wind farms, strategic substations and established transmission contractors, while multi-billion-euro pumped storage schemes remain conditional on feasibility, governance and credible revenue arrangements.
[No additional project categories beyond those stated]
[The source also notes that SMRs and AI-related power systems remain conditional on feasibility, governance and credible revenue arrangements]
[No further figures or locations are provided]
Pumped storage, SMRs and AI-related power systems are described as remaining conditional on feasibility, governance and credible revenue arrangements as financing continues to differentiate between project stages.
