Increasing Investment in Renewable Energy Sources in the Republic of Moldova

Abstract

In recent years, Moldova has faced an energy crisis, both in terms of energy resource prices and the possibility of energy supply. There is a significant need for the development of domestic energy sources. This primarily concerns renewable energy sources (RES). This article examines the generation of electric power from RES in the Republic of Moldova, analyzes the changes in dynamics, determines the proportion of the total generated electric power in the Republic of Moldova, as well as in relation to the total purchased electric power. Let's determine how this intersects with investments in the energy sector and overall investments in the Republic of Moldova. Let's analyze how investments in the energy sector are changing by types of ownership. Let's also identify how the growth of renewable energy production intersects with the prices of purchased electricity in Moldova as a whole and from renewable energy suppliers. Let's determine the share of renewable energy sources (RES) in the perspective of 2025 according to the government-established capacity for purchasing electric power at a fixed price. Let's identify the opportunities, forecasts, and risks for the development of the renewable energy sector. As a result, investments in renewable energy sources represent a promising direction for Moldova. This strategy will allow the country to reduce its dependence on imported electricity, ultimately leading to lower electricity prices for consumers. Moreover, it will significantly improve the environmental situation within the nation. The development of the renewable energy sector will also create opportunities for growth in related economic fields, generate additional employment opportunities, and contribute to an increase in the Gross Domestic Product (GDP). DOI: https://doi.org/10.53486/cike2023.55; UDC: 620.97:330.322(478); JEL: Q42, Q43, Q47.