Energy costs are emerging as the biggest “financial surprise” for CEOs globally in 2026, surpassing all other cost pressures, according to PwC’s global CEO Survey Mid-Year Snapshot. Nevertheless, executives remain just as confident as they were at the beginning of the year that their companies’ revenues will grow in 2026.
The survey shows that nearly one in five CEOs (19%) reported increases of more than 10% in energy costs as a result of global shocks.
“In Romania, companies are concerned that energy prices may remain high for longer or fluctuate sharply, driving up production costs, particularly given that ours is an open economy dependent on energy imports. Electricity prices have recorded the largest increase in the European Union, taxes - VAT and excise duties - have been raised, and fuel prices have increased by around 20% since the beginning of the year amid the conflict in the Middle East. As a result, inflation has remained high in recent years - the highest in the EU - making the economy more vulnerable. A new energy shock would therefore have a broader impact across the economy. In conclusion, this is an environment that is testing the competitiveness of companies in Romania,” said Daniel Anghel, Country Managing Partner, PwC Romania.
The Pressure Is Reflected in Industrial Producer Prices
All these increases are reflected in companies’ producer prices and, ultimately, in consumer prices. According to data published by Romania’s National Institute of Statistics (INS) for June 2026, energy producer prices were 23.3% higher than in June 2025. Against this backdrop, a growing number of companies, particularly in industry, are warning about the burden of energy bills.
In its latest Inflation Report, the National Bank of Romania (NBR) warns that higher costs in energy-intensive sectors and transport are being transmitted along value chains, exerting additional pressure on prices, while external price competitiveness is being significantly affected by energy costs.
Global Shocks Are Making Strategic Decisions Increasingly Difficult
More than one in four CEOs, or 27%, say that pricing decisions have become difficult to a large or very large extent, according to the PwC survey. Supply chain management follows closely behind, at 26%.
Meanwhile, AI adoption continues to evolve. Although the average impact of AI on revenues and costs has remained broadly unchanged, individual companies are moving more rapidly. More than half of respondents (51%) experienced a change in AI’s impact over the past eight months, nearly four in ten (39%) already report positive outcomes, and 38% have used AI to capture new opportunities created by global disruption.
CEO Confidence Remains Stable
Despite these pressures, CEOs remain confident in their growth prospects. The PwC survey finds that overall confidence in revenue growth has remained unchanged over the past six to eight months.
Around 42% of CEOs remain very or extremely confident about revenue growth over the next 12 months, broadly in line with the 39% recorded eight months ago, while 51% express the same level of confidence over a three-year horizon. One-third (33%) say that their confidence has actually increased, compared with 26% whose confidence has declined.
The difference will be made by well-prepared companies with high “techno-resilience,” combining long-term thinking with strong AI foundations. These companies are 74% more likely to report success with AI, 55% versus 32%, and 66% more likely to express strong confidence in future revenue growth, 48% versus 29%, than companies with low techno-resilience.
The survey concludes that resilience is becoming a competitive advantage rather than simply a defensive capability.
The CEO Survey Mid-Year Snapshot captures how executive sentiment and business priorities have shifted amid rapidly evolving geopolitical and economic conditions over the past six to eight months.
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