Romania became one of the most expensive electricity markets in Europe after May 11, 2026, following the near-simultaneous shutdown of both nuclear reactors at Cernavodă.
The surge in spot-market prices demonstrated how dependent Romania’s energy system is on the constant output of nuclear power and how vulnerable the market has become in its absence.
According to an analysis, after May 11 electricity prices on the Day-Ahead Market (PZU), operated by OPCOM, rose to levels typically seen in January, a period traditionally considered the most expensive of the year for electricity consumption.
First stage of the crisis
The crisis began on May 4, when Unit 2 of the Cernavodă Nuclear Power Plant automatically disconnected from the grid due to a fault in a power evacuation transformer. Just a few days later, on May 10, Unit 1 also entered a scheduled shutdown for maintenance work, according to the previously established timetable. As a result, Romania lost approximately 1,400 MW of constant nuclear generation capacity.
The market reacted immediately. While the average electricity price stood at 461 lei/MWh on May 3, it rose to 570 lei/MWh one day later. The increases continued rapidly: 611 lei/MWh on May 5, 684 lei/MWh on May 6, and 761 lei/MWh on May 8. The average price for the week of May 4–10 reached nearly 643 lei/MWh, more than 43% higher than during the previous week.
Second stage of the crisis
The situation worsened after the complete shutdown of both reactors. On May 12, Romania recorded the highest electricity price in the European Union, surpassing even Hungary and Bulgaria. During certain hours of the day, electricity prices exceeded 1,500 lei/MWh, especially in the evening, when solar generation disappears and consumption rises sharply. The difference between the lowest and highest prices on the same day was nearly fivefold, a situation considered unusual for a spring month.
Energy experts say Romania no longer has sufficient low-cost energy sources to cover demand during critical periods. Otilia Nuțu, an analyst at Expert Forum, explained that the extremely high prices are generated by the lack of low-cost electricity production sources such as nuclear and hydropower.
Normally, May is one of the cheapest periods for the electricity market due to high renewable-energy production and moderate temperatures. In 2024, the average electricity price in May was approximately 406 lei/MWh, while in 2025 it was estimated at between 430 and 450 lei/MWh. In contrast, in May 2026 prices steadily climbed toward 700 lei/MWh, approaching winter levels.
The economic impact is significant. According to calculations presented by fanatik.ro, the additional cost generated by the energy crisis amounts to approximately €2 million per day for electricity traded on the spot market. If the situation continues for a month, the additional costs could exceed €60 million.
Consumers ultimately pay the extra costs
Specialists warn that these costs will not remain confined to the balance sheets of energy companies but will be passed through the economy and ultimately to consumers.
“Energy and fuel are like the heart of the economy; their costs are felt in every type of activity,” explained energy expert Cezar Narea.
Transelectrica stated that the National Power System continues to operate safely but acknowledged a high degree of operational pressure following the shutdown of the Cernavodă reactors. Authorities say system operators are continuously monitoring the grid and implementing technical measures to prevent major problems.
Nuclearelectrica’s management estimates that Unit 2 could return to operation at the beginning of June following the replacement of the defective transformer, while Unit 1 is expected to restart after the completion of its scheduled maintenance outage. Until then, however, Romania remains exposed to further episodes of record electricity prices, especially during periods of low solar and wind generation.
