Energy #6 Legislative focus

After several days of discussions, revisions and political negotiation, the Government adopted GEO No. 19/2026, declaring a crisis situation on the crude oil and petroleum products market until 30 June 2026 and introducing a temporary package of measures covering commercial margin caps, controls on exports and intra-EU deliveries, a derogation on biofuel content and monthly reporting obligations. The final text differs in relevant ways from the version published earlier in the week. Most importantly, the prior approval regime now covers both diesel and crude oil, rather than diesel alone. At the same time, the margin cap was revised from 50% of the 2025 average commercial margin to the full average annual margin applied in 2025 by each operator. This was followed by a joint order of the Ministry of Economy and the Ministry of Energy approving the procedure under which exports and intra-EU deliveries of diesel and crude oil may take place only on the basis of prior written approval. The procedure also covers certain contracts already in force and requires supporting documentation, an assessment of the impact on domestic supply and issuance of the approval within a maximum of three working days from submission of a complete file.

This is the clearest immediate exposure point of the week for companies active in the import, production, distribution and sale of petroleum products. The measures go beyond a temporary cap on margins and introduce an administrative gatekeeping mechanism for certain commercial flows, backed by significant sanctions, including turnover-based fines and confiscation of goods in cases where operations are carried out without prior approval. The effect is both financial and operational, as contract execution, stock management and monthly reporting now sit under a more restrictive control framework.

Prime Minister Ilie Bolojan has also announced that the Government will examine a second intervention, with an excise cut appearing to be the most likely option. This suggests that the measures adopted now are also seen by the Government itself as unlikely to ease market pressure on their own.

Affected companies should immediately review the contracts in scope, the logistics flows concerned and their internal reporting capacity, given that the measures are already in force and will be reassessed periodically by the authorities.

The Ministry of Environment has published a draft order establishing the procedure for issuing and revising greenhouse gas emissions authorisations for entities placing excisable fuels on the market, as part of ETS2 implementation. The procedure applies to upstream operators such as warehouse keepers, importers and other fuel suppliers, and the authorisation would be conditional on the submission of a monitoring plan. The draft also provides for annual reporting obligations and the surrender of allowances corresponding to the quantity of fuel released for consumption. Operating without such an authorisation would prevent the release of fuels for consumption.

The file shifts ETS2 from a future compliance theme into a market access issue. For the operators concerned, preparation is no longer limited to tracking a European framework that will apply later on. It becomes an administrative process linking commercial activity to emissions monitoring, reporting and allowance surrender. This creates pressure across compliance, operations, tax and reporting functions, especially for businesses that have not yet converted ETS2 obligations into concrete internal systems and workflows.

Affected operators should follow the public consultation until 5 April 2026 and assess in advance their data systems, reporting flows and overall readiness for authorisation.

The Ministry of Economy has published a draft emergency ordinance establishing a legal framework for protecting and preserving strategic economic capacities, especially where they are affected by financial difficulties or face the risk of ceasing operations. The draft defines the concept of a “company of strategic interest”, sets criteria for the systemic relevance of activities and infrastructure and creates an interinstitutional mechanism for assessment and designation. It also grants the state a pre-emption right over transfers of stakes or strategic assets and allows intervention through the acquisition of stakes or assets, including in the case of companies in difficulty or insolvency. Energy and energy infrastructure are explicitly listed among the sectors covered.

This draft does not create immediate compliance obligations, but it changes the frame within which transactions, restructurings and the continuity of assets considered systemically relevant may be assessed. For companies operating in electricity, gas, oil, fuels and infrastructure, it signals a broader role for the state that goes beyond regulation and towards potential direct intervention in cases treated as sensitive for economic security. From a business perspective, that matters for investments, due diligence, corporate governance and the assessment of asset-related risk.

Companies whose assets or operations could fall within the scope of “strategic interest” should follow the public consultation until 4 April 2026 and assess the possible implications for transactions, restructurings and investment plans.

ANRE has updated the framework governing the determination and fulfilment of the minimum natural gas storage obligation for the transmission system operator, in order to align it with European storage filling requirements and the storage trajectory for 2026. The order preserves the TSO’s option either to build the minimum stock physically or to secure the necessary quantities through supply contracts, including imports. Where the TSO chooses to build the stock, the obligation becomes binding, and the TSO must comply with intermediate targets and notify ANRE within short deadlines after each stage. For 2026, the relevant information must be submitted within a maximum of five days from the entry into force of the order.

The file is relevant for supply security and for the signal authorities are sending ahead of the next storage cycle. Although the order applies directly to the TSO, its implications extend across the gas market through the way procurement, storage and system balancing are organised. For companies active in the gas market, the framework still leaves flexibility on how the required volumes are secured, including through imports. At the same time, ANRE is tightening the procedural discipline around storage, especially through intermediate targets and notification obligations.

Relevant gas market players should monitor the practical implementation of the new storage trajectory and the way it shapes planning for the 2026 injection cycle.