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Romania faces EU fines over stalled oil, electricity reforms

Romania could be fined almost €60,500 ($78,000) a day for failing to implement oil and electricity sector reforms demanded by the European Union, the bloc’s executive said Thursday. The European Commission said Romania had not implemented provisions relating to customer protection and the duties of its energy regulator, dpa news agency reported. Other reforms were already in place, it said. The measures are all part of EU directives aimed at liberalizing the energy market. They should have been implemented in EU member states by March 2011. Romania has agreed in principle with the EU and International Monetary Fund to liberalize its natural gas and energy market, but a law introduced in July will delay the full implementation. It specifies that the country will gradually implement the necessary reforms by 2018, two years later than Bucharest had committed to.