Spring Paradox: Gas Consumption 4% Above Average and Geopolitical Tensions Keep Electricity Prices at 536 lei/MWh — NRG-IA

Macroeconomic Context: An Atypical Winter and Central Bank Warnings The 2025-2026 cold season has officially ended, bringing to the forefront a statistical reality that contradicts initial expectations of moderating demand. According to data aggregated at the end of March, natural gas consumption in Romania between November 1 and March 31 was 4% higher compared to the average of the last three years. This increase was particularly driven by unusually low temperatures recorded in January, which forced accelerated extraction from storage facilities and constant pressure on the national transmission grid. This high level of domestic consumption does not occur in an economic vacuum but overlaps with an extremely fragile global context. The Governor of the National Bank of Romania (BNR), Mugur Isărescu, issued a clear warning regarding the current macroeconomic environment: the escalation of tensions in the Middle East has already generated visible effects on energy markets. Furthermore,…