In just one quarter, the structure of Moldova's gas market has changed almost beyond recognition. Back in January–March, free-market suppliers accounted for only 5.8% of retail gas supplies. In the second quarter, that figure had risen to 52.7%. The Herfindahl-Hirschman Index (HHI), which measures how concentrated the market is in the hands of a few major players, fell from 8,867 to 2,881 points. The closer the index is to 10,000, the more the market depends on one or a few suppliers; the lower it is, the more evenly market shares are distributed. For the Moldovan gas market, 2,881 points is the lowest value ever recorded by NARE.
The sharp growth in the competitive segment occurred primarily because, as of April 1, 2026, the government transferred the largest non-residential consumers to that segment. Therefore, the current statistics reflect not only increased competition among suppliers but also the first result of the preplanned gas market reform.
As of April 1, enterprises consuming more than 100,000 cubic meters of gas per year no longer have access to supplies under the public service obligation and must purchase gas at contract prices. NARE identified 203 such consumers. By the time of the transition, 193 of them had signed contracts on the free market, while another 10 seasonal consumers decided to temporarily disconnect. The next phase is scheduled for April 1, 2027, when medium-sized non-residential consumers with annual consumption ranging from 10,000 to 100,000 cubic meters are set to transition to the free market. Residents, small businesses, and institutions providing essential social services will retain the right to purchase gas at a regulated price.
It was this transition that shifted the balance of power. In the first quarter, suppliers operating under public service obligations controlled 94.2% of the retail market. In the second quarter, their share fell to 47.3%, while the free market's share rose from 5.8% to 52.7%.
Energocom Trading emerged as the main new player in the competitive segment. The company entered the market only this year, having received its gas supply license on February 24. By the second quarter, it already accounted for 19.3% of the total retail market—more than any other supplier in the free market segment. This corresponds to approximately 37% of the competitive segment itself. It is followed by ERU Aurora with a 13.6% share of the total market, Transautogaz with 5.9%, Navitas Energy with 5%, and Gas & Power Trading with 4.7%.
Energocom Trading, however, is not an independent competitor of Energocom. It is a subsidiary specifically created to serve large consumers at unregulated prices. Energocom itself explicitly explained that the company was created with the intention of entering the free market while simultaneously fulfilling its obligations as a public service provider. The state owns 100% of Energocom's capital.
This results in an unusual structure. In the regulated segment of the market, Energocom is one of the public service providers. In the liberalized segment, its subsidiary, Energocom Trading, became the largest individual supplier in the second quarter. This in itself does not eliminate competition: other suppliers operate alongside it, and market shares have indeed been distributed much more evenly than before. But liberalization does not yet mean a reduction in the state's role in the gas business.
This is particularly evident not in the retail sector, but in imports. In the first half of the year, Moldova imported 597.1 million cubic meters of gas. Energocom accounted for 82.5% of this volume. Energocom Trading imported another 4.3%. The remaining suppliers held significantly smaller shares: Transautogaz—3.75%, ERU Aurora—3.45%, and Natural Gaz D.C.—2.51%.
At the same time, the market is indeed becoming more complex both technologically and institutionally. In the first half of the year, imports were supplied by nine suppliers and two traders, and seven companies already held trader licenses.
On the Bursa Română de Mărfuri Est spot market, 729 transactions were recorded in the first half of the year, compared to 88 a year earlier. However, their total volume amounted to only 68,300 MWh—the equivalent of approximately 6.5 million cubic meters of gas, or about 1.1% of total imports for the half-year. In other words, trading activity on the exchange has surged in terms of the number of transactions, but in terms of volume, it still accounts for only a small portion of the market. The very fact that actual exchange transactions and several active suppliers have emerged shows that competition is no longer merely theoretical.
The record decline in the HHI indicates that the gas market is no longer almost entirely concentrated in the regulated segment: more than half of retail supplies now come from the free market. Several companies are now competing for large end-users, while key import volumes remain concentrated with the state-owned Energocom. Further competition will depend on whether independent companies can sustainably increase their market shares, obtain gas on comparable terms, and compete for customers. //14.08.2026 – InfoMarket.