As a response, developers of wind and solar farms put a brake on investments.
Since last July, when the postponement of some green certificates was decided, and until late April, 2014, around 4.8 million green certificates were not granted, with wind project investors taking the hardest hit, according to Transelectrica data.
According to data published in OPCOM’s (energy bourse) 2013 annual report, the price average for green certificates traded on the bourse stood at EUR42.6. In the first four months of this year, though, the average dropped to EUR37 as there is already a certificate surplus on the market.
Considering these values and the number of issued certificates, investors should get around EUR200 million in 2017-2020 period for the July 2013-April 2014 period alone.
For the time being, it is not clear how exactly the delayed certificates will be recouped. The effect of this legislative change has also been reflected in the trend of investments.
According to Transelectrica data, around 296 MW were installed in the first four months of this year, mostly in solar projects, with the value of investments revolving around EUR460 million. However, most projects are not new ones, but investments started last year.
Beside the postponement of green certificates, which should be recouped by investors starting 2017, the Romanian state brought other changes as well to the support scheme. All the green energy projects set to become operational this year will benefit from a reduced support scheme.
However, the national energy watchdog ANRE called on the European Commission to speed up approval for a new support scheme set to guarantee the price of energy for units of below 1 MW, as well as for those of up to 2 MW that also have a high-efficiency co-generation component.
(English version by Catalina Apostoiu)