The energy sector uses legislation from 2004 and investors are postponing their plans to develop renewable energy capacities, said Frank Hajdinjak, FIC board member and head of the council’s Energy Working Group.
According to the FIC official, the renewable energy segment “has a potential of more than EUR5 billion in the upcoming 3 years.”
“But, as the average investment in renewable capacity is in the range of EUR100 million, no investor is able to make a bankable business plan and to finance a project of this magnitude without a clear, stable and friendly regulatory framework,” Hajdinjak said.
To this end, the council proposed a set of “urgent actions needed to attract investments.”
Measures proposed include the urgent implementation of regulations that require Brussels approval, setting guarantees for the minimum price of green certificates after 2016 and procedures for excess certificates.
Furthermore, FIC believess measures should be taken to ensure a stable legal framework on the long term.
Romania is urged to invest in national power grid operator Transelectrica (TEL.RO), so that new capacities can have access to the network. Grid availability, according to the FIC, is especially important in Moldova, where new plants face the same grid access problems as those in Dobrogea did.
The Foreign Investors Council represents 125 companies with an overall local investment of EUR36 billion.