The Effect of Renewable Energy Consumption in Romania

Abstract

The development of a national economy generally takes into account its capability to generate and maintain access to energy resources constantly. Thus, powerful nations are usually associated with considerable energy consumptions. However, this correlation can slowly disappear as soon as nations focus their attention towards renewable energy and intensify its contribution to sustainable growth. Sustainable development can be achieved through conservation of natural resources, sustainable agriculture, education of the labour force and adaptation to modern technologies. The education system must be tailored in accordance with the changing requirements as the perspectives of the society are currently oriented towards a green economy supported by green technologies. The aims of this research paper are to examine the current situation of renewable energy in Romania and to question the ability of household to transition to green energy. In order to reach the objectives of this research paper, the author used secondary quantitative research methodology. Therefore, the author identified and obtained the necessary information through desk research from mainly top scientific journals related to this topic and Eurostat. Significant increase in the energy prices directly impacts both the economic operators and household consumption as the disposable income for households will be reduced drastically due to the inflation being present in many other sectors. From 2018 to 2020, the gross final energy consumption as well as the renewable energy production have increased year by year. However, in 2021, the gross final energy consumption as well as the renewable energy production have slightly decreased due to the inflation affecting energy input and raw materials prices. The originality of this research paper consists in the fact that it provides an up-to-date overview of the Romanian economy and its energy sector, including a viable solution to the energy problem.