IS: Economic Governance in a New Energy Era

Why It Matters

Strong economic governance bridges policy and private capital, enabling resilient, low‑carbon energy systems essential for regional stability and growth.

Key Takeaways

• Reforms and transparent tenders attract renewable investment in Uzbekistan.
• Latvia synchronized with Europe, creating a regional balancing capacity market.
• Moldova cut Russian energy dependence, emphasizing agile governance.
• Ukraine protects substations, prioritizes rapid repair amid war attacks.
• Effective governance links infrastructure, markets, and regulation for energy resilience.

Summary

The panel titled “Economic Governance in a New Energy Era” examined how volatile energy markets can be turned into versatile, resilient systems through coordinated policy, regulation, and investment. Speakers highlighted case studies from Uzbekistan, Latvia, Moldova and Ukraine, illustrating how reforms, market design and infrastructure upgrades are reshaping the region’s energy landscape. Key insights included Uzbekistan’s open tenders and tax exemptions that unlocked private renewable projects, Latvia’s rapid synchronization with the continental European grid and the creation of a cross‑border balancing capacity market, and Moldova’s swift elimination of Russian gas imports by establishing level‑playing‑field rules for private investors. Ukraine, operating under active war conditions, emphasized hardening substations, maintaining spare equipment, and enforcing disciplined operational procedures. Notable moments featured the quote “be agile, not fragile,” Latvia’s award‑winning project‑management achievement, Moldova’s claim of zero Russian gas imports by end‑2022, and Ukraine’s report that over 80% of its substations now have secondary protection, limiting damage from attacks. The discussion underscored that investment alone is insufficient; robust institutions, transparent markets and agile governance are essential to accelerate the green transition, safeguard grids, and attract capital across the EBRD’s regions.

Original Description

At a time of profound geopolitical shift and in a climate emergency, energy security is a defining challenge which demands decisive action. This session will explore how integrating investment with robust economic governance and proactive public-sector leadership can advance the energy transition and strengthen energy security. Participants will discover how bold reforms and innovative strategies from state-owned enterprises are helping to transform the energy sector across the EBRD regions. By fostering independent sector regulation within a supportive policy framework, countries can accelerate the adoption of renewable energy and storage technologies, reduce exposure to external shocks and secure a stable path to a low-carbon future. Join us for practical insights into how sound economic governance can turn crises into catalysts for resilience and growth.

Speakers:

HE Eugeniu Osmochescu, EBRD Governor and Deputy Prime Minister and Minister of Economic Development and Digitalisation, Moldova

Jeppe Kofod, Supervisory Board Chair, NPC Ukrenergo

Rita Ruduša, Regional Director for Eastern Europe, International Fund for Public Interest Media

Melis Ekmen Tabojer, Managing Director, Policy Strategy Delivery, EBRD

Rolands Irklis, Chairman of the Management Board, AST