Articles by Petre Barac

“Energy for Romania” – dialogue among leaders in energy, education, and civil society at the first edition of the event (P)

The first edition of the “Energy for Romania” event, organized by Electrica Group and the Electrica Foundation, took place at Hala Filaret, the site of Bucharest’s first power plant. The event brought together more than 150 participants — representatives of public authorities, leaders in the energy and capital markets, academia, and non-governmental organizations — for an open dialogue on how energy, education, and social responsibility can converge to build a sustainable future for Romania. Alexandru Chiriță, CEO of Electrica Group, stated: “In 2022, when I joined Electrica Group, the share price was 6 lei. Together with my colleagues, we dreamed of what seemed impossible and today, with the share price at 23 lei, I can say that dream has become reality. Many ask me what I did to make this happen. The truth is that I did nothing alone — I simply gave people the freedom to be professionals and to build, day by day, the company we all want. But perhaps most importantly, we are successfully combining investments and economic performance with social and educational projects that give purpose to our development.” In his opening remarks, Mihai Diaconu, Chairman of Electrica’s Board of Directors, emphasized the connection between economic performance and social responsibility: “In 2025, there are still thousands of households in Romania without access to electricity. The energy infrastructure we manage is essential to community development, and our success cannot be measured only by financial indicators, but also by the real impact we have on people.” Radu Burnete, Presidential Adviser, highlighted Romania’s strategic role: “Romania can be a regional leader in energy, but to achieve this we need rapid investments in production, networks, and the market. We need competitive energy prices and a market open to private capital to support the energy transition.” The message was reinforced by Bogdan Ivan, Minister of Energy: “The energy system is not only about electricity or gas — it is about Romania’s economy and about becoming an economic champion. We must ensure that Romania is no longer dependent on energy imports but becomes a net exporter, with final prices for households and companies below the EU average.” Alexandru Petrescu, President of the Financial Supervisory Authority (ASF), brought a capital market perspective: “When we talk about energy, we talk about a whole architecture of trust. Energy means technology, but also the ability to build confidence. These elements form the infrastructure through which a state delivers stability and protection for consumers, whether investors or end-users. Trust remains essential to advancing with confidence.” Supporting this view, Remus Vulpescu, CEO of the Bucharest Stock Exchange (BVB), underlined the role of the capital market in the green transition: “In July, Electrica listed on the Bucharest Stock Exchange the largest corporate, non-financial green bond issue in Romania — €500 million fully dedicated to investments in renewable energy and storage capacities. This transaction is not just a numeric record, but proof that Romania’s capital market is ready to provide sophisticated financing instruments for the energy transition.” From the academic field, Mihnea Costoiu, Rector of the Politehnica University of Bucharest, pointed to the shortage of skilled human resources: “The 2024–2025 university year ended with 3,800 engineering graduates from Politehnica, while the market offered 39,000 job opportunities. This huge gap shows Romania is facing a major engineering shortage and urgently needs well-trained specialists.”

2 days ago

Technology

Allianz-Țiriac Asigurări appoints Codruța Furtună as Deputy CEO

Allianz-Țiriac Asigurări announces the appointment of Codruța Furtună, currently Sales and Distribution Director, as Deputy Chief Executive Officer. The nomination has been approved by the Financial Supervisory Authority (ASF) and will be registered with the National Trade Register Office. Codruța Furtună will continue to oversee the Sales and Distribution area in Allianz-Țiriac, playing a key role in implementing the company’s strategy focused on business growth and customer base expansion. Codruța Furtună is part of the Allianz-Țiriac team since July 2021, overseeing one of the largest own sales networks in the Romanian insurance market, comprising over 2,000 agents and insurance consultants, as well as a significant number of brokerage partnerships. Previously, she was Country Manager for Romania and the Republic of Moldova at Allianz Partners, the Allianz Group division specialized in assistance services and niche insurance lines. Currently, Allianz-Țiriac Asigurări’s management team includes Virgil Șoncutean – Chief Executive Officer, Adriana Matache – Deputy Chief Executive Officer, Codruța Furtună – Deputy Chief Executive Officer, Daniela Covăcescu – Chief Operating Officer, and Aurel Badea – Chief Technical Officer. According to the Financial Supervisory Authority (ASF), at the end of March 2025, Allianz-Țiriac held a market share of over 17%, ranking second among insurance companies in terms of gross written premiums for both general and life insurance. Allianz-Țiriac is a joint-venture company, built on the excellent collaboration between Allianz Group (holding 52.16% of shares) and Țiriac Holding Limited (holding 44.79% of shares).

2 days ago

Technology

Cushman & Wakefield Echinox: The new supply of retail projects during the first 9 months of the year exceeded the level recorded in the entire 2024

The new supply of retail projects in the first 9 months of the year exceeded the level recorded in the entire 2024, as 2025 is shaping up to be the second most prolific year over the past decade in terms of new retail space deliveries, according to a report released by the Cushman & Wakefield Echinox real estate consultancy company. Developers completed 186,000 sq. m of new retail spaces in the Q1 – Q3 period, compared with 180,000 sq. m delivered across the entire 2024. Moreover, an extra 30,000 sq. m are due to be delivered by the end of the year, resulting in a total annual supply of approximately 217,000 sq. m. In Q3 2025, 3 new projects were completed, all of them located in the broad Transilvania region (Arad, Cisnadie and Sibiu). Agora Arad (formerly Galleria Arad) is the largest project delivered in Q3 (36,000 sq. m) and it opened following a significant process of refurbishment and market repositioning. The Cushman & Wakefield Echinox retail team provided strategic consultancy during the leasing process, attracting a wide range of retailers, including the first Senic supermarket in Romania. Zacaria Retail Park Cisnadie (8,600 sq. m) and the 3rd phase of Prima Shops Sibiu (4,500 sq. m) were also delivered in Q3 2025. Dana Radoveneanu, Head of Retail Agency Cushman & Wakefield Echinox: “The retail market performance throughout 2025 reflects resilience and a significant potential of this segment, even in a challenging economic context. The fact that in the first 9 months alone we have already surpassed the total 2024 new supply shows the confidence developers and retailers have in the local market. We are pleased to notice important investments in cities across Transilvania and an ever-increasing diversification of the offer for consumers. Although the relatively complicated macroeconomic context, characterized by high inflation and a series of fiscal measures adopted to tackle the rising budget deficit, the positive evolution of the retail sector confirms that Romanians remain eager for new shopping and social experiences, and developers are responding with modern projects adapted to the needs of local communities.” The modern retail stock in Romania is of 4.80 million sq. m (a density of 252 sq. m/ 1,000 inhabitants), while projects exceeding 700,000 sq. m GLA are currently in different construction and planning stages, being due for delivery by the end of this decade. There have been no significant rental movements pertaining to the prime headline rents in dominant shopping center and high street locations in Romania during Q3, as flagship units on Calea Victoriei in Bucharest are still quoted at around € 70 / sq. m/ month, while major shopping centers in Bucharest and in the main secondary locations can achieve rental revenues ranging between € 50 – 90 / sq. m/ month for 100 – 200 sq. m spaces located at the ground floor.

2 days ago

Technology

Andreea Dăncilă, Wipro: “We are focusing on leadership involvement in employee wellbeing”

Someone said that artificial intelligence cannot take all our jobs, but someone who knows how to use artificial intelligence might come and take your job. Therefore, I believe it’s very important to focus on AI learning and on optimizing work processes. At Wipro, we have a strong focus on AI training, dedicated to specific specialty levels. Even for HR, we have separate modules on AI, including training on how to use, and what tasks to provide, for example, to Copilot, which you can work with daily so it can help you streamline your work. We conduct employee engagement surveys and implement action plans, but I think what is very important here is the personal connection—not only from HR but also from leadership, which should be involved throughout the whole process. We treat wellbeing as part of the company’s strategy, built on 3 pillars: mind, body, community. We also address aspects of diversity and inclusion. We are focusing on leadership involvement in employee wellbeing. I recently read a study showing that around 58% of responding employees said they would leave their job if they did not get along with their manager. This is a warning signal regarding wellbeing and leadership involvement, and I believe this is essential. What we do is involve leadership and have them lead wellbeing programs. We have sessions where leaders come and talk about personal experiences, they open up, they show vulnerability in front of people.

2 days ago