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The present report focuses on macroeconomic impacts of CO2 reduction measures and resulting changes of fuel choice and energy flows. The work benefited from the discussions in the Group on Trade and Transit as well as from comments by member states and the International Energy Agency.

Although Romania has the largest oil and gas resources in Central Europe, it is nonetheless a net importer of hydrocarbons, and the efficient use of energy along the entire energy chain from production to consumption has been a consistent feature of Romanian policy in recent years.

As Georgia makes progress with reform of its energy sector, the contribution that energy efficiency can make to its overall energy security will become increasingly visible. This was one of the main conclusions of the Energy Charter's in-depth review of Georgia's energy efficiency policies and programmes, which was completed in 2005.

Tariffs charged for transit of natural gas differ widely across the countries of Eurasia that make up the constituency of the Energy Charter. This is a main finding of a study, released by the Energy Charter Secretariat, which analyses tariff-setting methodologies and tariff levels across the main EU and non-EU gas transit countries.

Kazakhstan is renowned for its abundant oil and gas reserves, but the national Development Strategy to 2030 also dedicates several sections to the issues of energy efficiency and energy saving; this is the focus for the PEEREA regular Review of Kazakh energy efficiency policies and programmes.

Investment Arbitration and the Energy Charter Treaty provides the first authoritative analysis of investment arbitration and its relationship to the Energy Charter Treaty (ECT). This book is based on a conference co-organised in Stockholm on 9 and 10 June 2005 by the Energy Charter Secretariat and the Arbitration Institute of the Stockholm Chamber of Commerce and reflects the growing importance of investment arbitration for international commerce. This was the first international conference specifically addressing questions of investment arbitration in relation to the ECT and this publication will no doubt contribute to raising awareness about the Treaty and its provisions. 

The Review describes measures taken by the Macedonian authorities to meet their commitments under the Charter's Protocol on Energy Efficiency and Related Environmental Aspects, for example through the certification of energy auditors, and the establishment of energy codes for facilities and equipment standards.

Extraction and processing of oil and gas-related activities already make up more than 30% of Azerbaijan's Gross Domestic Product, and hydrocarbons account for 85% of exports. The energy sector has the potential to be a crucial driver of economic and social development.

Iceland stands out among Energy Charter member states for its extensive use of renewable energy sources. Its electricity and heating comes from hydroelectric power and the geothermal water reserves, providing energy that is accessible, renewable, relatively inexpensive and from which pollution is minimal.

Despite significant hydrocarbon reserves, Uzbekistan has yet to make its mark on the international energy scene. Foreign investment has been limited, and Uzbekistan has no direct access to international markets for its energy products. 

Improvements in energy efficiency and increases in the use of renewable energy sources are important in order to achieve reductions in greenhouse gas emissions (GHG) and improvements in security of supply. Against this background, the objective of this report is to draw the attention of policy makers to the advantages of exploiting the synergies between policies promoting energy efficiency and renewable energy.

Croatia is adapting its energy legislation to relevant EU Directives, also in the field of energy efficiency and renewable energy. While specific legislation and regulation in these areas have been initiated, many of the proposals still await adoption and implementation.

Armenia is in the process of defining a national energy saving programme which will determine the main directions for its national energy efficiency policy. This report provides a preliminary review of the policy options that will need to be implemented against a background of growing energy demand and increasing dependence on energy imports.

This in-depth review was initiated and carried out in April 2004. The purpose of the review was to assess the progress of the country in fulfilling its commitments under the Protocol on Energy Efficiency and Related Environmental Aspects (PEEREA), and also to enhance the level of cooperation among PEEREA Parties and promote continuous dialogue and transfer of experience and information.

The review demonstrates how Armenia, following several years of severe power shortages, now has an improving environment for the operation of its energy sector. At the same time, there remain concerns about the implementation of existing legislation, and establishing a record of good governance and completing investment-related legislation is crucial.

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