“If we see that we have overestimated the value of investment, the energy regulator (ANRE) could reduce the number of green certificates granted in two years,” Chiritoiu told a seminar.
A law passed this year says that companies investing in renewable energy receive state aid in the form of green certificates, which are granted for energy produced.
Thus, an investor can obtain money by selling energy, as well as by trading green certificates on the market, since electricity suppliers have annual quotes of certificates they need to fill.
Support for renewable energy will ultimately lead to a higher price for energy. This support scheme has already been approved by the European Commission.
The green certificate scheme will be applied until 2021. The greatest impact will be felt in 2016-2017, when consumers may pay up to 30% more for energy.
According to ANRE calculations, electricity consumers in Romania will pay an additional total of EUR10 billion by 2020 in their bills, to support renewable energy.
“This seems like a generous scheme, let’s see if we have the money for it,” Chiritoiu added.
Investors choosing renewable energy in Romania mostly went for wind power, due to the favorable conditions.
At the end of 2010, Romania has wind farms with a total power of 462 MW. Capacity may reach 1,000 MW by the end of this year, and it may double by the end of next year, allowing the supply of electricity to over 7.7 million consumers.