ANRE introduces market making on the energy and natural gas markets to increase liquidity and price stability

The National Energy Regulatory Authority (ANRE) approved the implementation of market making activity on organized electricity markets and centralized natural gas markets. The measure will enter into force on July 1, 2025, for electricity and April 1, 2026, for natural gas.

ANRE says this mechanism is essential for increasing liquidity, reducing volatility and transparency of price formation, in accordance with European standards and international best practices.

George Niculescu, President of ANRE, stated: “The introduction of the market maker concept is a necessary and strategic step for the Romanian energy market. We bring more liquidity; more trust and more transparency at a time when price stability and efficient market functioning are essential for energy security and economic competitiveness. In addition, it is a measure to mature the Romanian energy market, and a mature market translates into a stable market. Romania thus aligns itself with European practices in terms of efficiency and transparency on energy markets. States such as Italy, Germany, France, Spain and Portugal, but also the Nordic countries, all offer market making facilities in the energy market. Currently, low liquidity is one of the main challenges of the Romanian electricity and gas markets, affecting trading costs, price predictability and the attractiveness of the markets for investors. By introducing market makers, the conditions are created for a more stable and dynamic trading environment, for the benefit of all participants — producers, suppliers, traders and end consumers.”

Market makers will be appointed by market operators through transparent procedures and will act based on clear contracts and technical parameters – regarding minimum volumes, product types, activity intervals and spread limits.

Holders of licenses for production, supply or trading will be able to carry out this activity, according to national and European regulations.

ANRE will monitor market making activity monthly, monitoring compliance with legal obligations and the impact on the market.