Thread by @ASabadus

Energy companies are braced for the collapse of the #Romanian electricity and gas markets and a supply blackout after the government introduced a series of punishing taxes./1

As of 1 September, electricity and gas traders will have to pay a 98% tax on net revenues. The tax is in place for a year and will have to be paid both by resident and non-resident companies./2

For producers, the government has set a reference price of RON450.00/MWh (€93.00/MWh). If producers have a profit above that level, it will be taxed 100%./3

For suppliers, the government has also set a limit of New Lei 1,300/MWh, which means if their costs to purchase electricity has been higher they will be reimbursed only New Lei 1,300/MWh. The tax applies to suppliers of last resort./4

Speculative trading is punished by 5% tax on turnover. This means that electricity and gas can only be traded for physical delivery. /5

Non-resident companies will have to submit proof of bank guarantees/cash collateral amounting to the equivalent in New Lei of €1m. /6

Several companies interviewed by ICIS said the measures will prompt banks to pull the plug on financing energy companies, triggering a chain of bankruptcies, court cases against the government and possibly EU infringement proceedings. /ENDS

CC-ING in @EU_Commission, @Energy4Europe , @eu_acer , @EFET_Europe , @Dehessel , @NicolasKuen , @Ener_Community

Important to add, traders expect the latest measures to block exports and imports of natural gas and electricity just as winter is approaching